In a bid to attract more investment to the electric vehicle (EV) sector, the Indonesian government has announced new regulations offering tax incentives to automakers planning to establish EV plants.
A worker cleans an electric-powered car Neta V, that is displayed during the Gaikindo Indonesia International Auto Show in Tangerang, near Jakarta, Indonesia, Aug, 2023. (Photo: reuters.com)
Jakarta (VNA) - In a bid to attract more investment to the electric vehicle (EV) sector, the Indonesian government has announced new🌳 regulations offering tax incentives to automakers planning to establish EV plants.
The presidential regulation, signed on December 8 and announced this week, extends tax benefits to companies already invested in EV manufacturing, those planning to enhance their EV investments, or those intending to make new investments in the sector. The new regulations will grantautomakers that plan to build electric vehicle plants tax incentives on theirimports of completely built EVs until 2025. The new rules willremove the import duties and the luxury-goods sales tax on the built-upvehicles brought into the country and give incentives on taxes collected byprovincial governments. Earlier rules onlygranted these incentives to imports of knocked-down vehicles, which aredelivered in parts and assembled in the country where they are sold. Indonesiais Southeast Asia's biggest auto market. However, the number of vehicles companies can import will dependon the investment size and development progress of the plant, and must beapproved by the investment ministry.
Speaking at a webinar on Indonesia's economic prospects on December13, Rachmat Kaimuddin, a deputy at the Coordinating Ministry of Investment andMaritime Affairs, said the new decree would help automakers build their marketin the country through EV imports.
Indonesia's government has set an ambitious target of producingsome 600,000 EVs by 2030. That would be more t𓆉han 100 times the number sold inIndonesia in the first half of 2023.
Some companiesincluding Hyundai have invested in Indonesia followed by investment commitmentsby China's Neta EV brand and Mitsubishi Motors. Indonesia is also wooing Teslaand China's BYD./.
Indonesia's Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan on May 30 revealed that the country can receive an estimated 31.9 billion USD in investments for project tied to battery supply chain by 2026.
Indonesian President Joko Widodo on September 14 announced that a battery plant for electric vehicles (EV) in Karawang, West Java, is expected to become the largest of its kind in Southeast Asia.
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A worker cleans an electric-powered car Neta V, that is displayed during the Gaikindo Indonesia International Auto Show in Tangerang, near Jakarta, Indonesia, Aug, 2023. (Photo: reuters.com) 
