Indonesia will introduce new tax breaks on property and automotive sales this year in a bid to accelerate its economic recovery from the COVID-19 pandemic, the country's Coordinating Minister of Economic Affairs Airlangga Hartarto has said.
This aerial picture shows dense settlements seen in downtown Jakarta, Indonesia. (Photo: AFP/VNA)
Jakarta (VNA) - Indonesia will introduce new tax breaks on property and automotive sales this year in a bid to accelerate its economic recovery from the COVID-19 pandemic, the country's Coordinating Minister of Economic Affairs Airlangga Hartarto has said.
Speaking at a virtual briefing on January 16, he said the Indonesian government will provide a 50 percent discount on value-added tax (VAT) for sales of homes valued under 2 billion rupiah (140,000 USD) and a 25 percent discount on VAT for homes valued between 2 billion rupiah to 5 billion rupiah until June.
Several schemes of tax cuts will also be given for sales of cars worth under 250 million rupiah, Airlangga said.
The Indonesian government had provided tax breaks for property and car sales last year under different schemes, which had expired in December.
In addition to the moves aiming at stimul𒅌ating economic recovery, Indonesia is also responding to theꦜ spread of the Omicron variant.
New coronavirus infections in Indonesia rose to 1,054 on January 15, the highest in three months, amid reports of local transmission of the more contagious Omicron. The country reported 855 new infections on January 16, taking its total COVID-19 case tally to 4.27 million.
Health Minister Budi Gunadi Sadikin told the same briefing his government is preparing the capital Jakarta as its “first battleground against Omicron”.
The government has prepared 400,000 tablets of Molnupiravir and planned to coordinate with US-based Merck & Co Inc and Ridgeback Biotherapeutics for production in Indonesia by March or April, Budi said, adding that the country is also in the process of bringing in Pfizer’s Paxlovid drug, which is exp🃏ected to be available next month./.
Indonesian President Joko Widodo has agreed to allocate 14.1 trillion rupiah (over 985 million USD) for four new schemes within the framework of the 2022 National Economic Recovery Programme.
Along with the goal of escaping the middle class trap in the medium and long terms, Indonesia needs structural reform that are key to the success of a sustainable economic transition, according to Coordinating Minister for Economic Affairs Airlangga Hartarto.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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This aerial picture shows dense settlements seen in downtown Jakarta, Indonesia. (Photo: AFP/VNA) 
