HomeBusinessIndonesia to introduce new tax breaks on property, car sales

Indonesia to introduce new tax breaks on property, car sales

JAKARTA: Indonesia will introduce new tax breaks on property and automotive sales this 12 months in a bid to speed up its financial restoration from the COVID-19 pandemic as authorities put together for the unfold of the Omicron variant, prime officers mentioned on Sunday (Jan 16).

New coronavirus infections in Indonesia rose to 1,054 on Saturday, the best in three months, amid reviews of native transmission of the extra contagious Omicron. The nation reported 855 new infections on Sunday, taking its whole COVID-19 case tally to 4.27 million.

The authorities will present a 50 per cent low cost on value-added tax (VAT) for sales of properties valued underneath 2 billion rupiah (US$140,000) and a 25 per cent low cost on VAT for properties valued between 2 billion rupiah to 5 billion rupiah till June, Coordinating Minister of Economic Affairs Airlangga Hartarto mentioned in a digital briefing.

Airlangga mentioned a number of schemes of tax cuts may even be given for sales of automobiles value underneath 250 million rupiah, a few of which can expire on the finish of March, whereas others on the finish of September.

The authorities had offered tax breaks for property and car sales final 12 months underneath completely different schemes, which had expired in December.

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