- VAT facility on sale of residential properties extended by Indonesia’s Minister of Finance
- Regulation Number 7 of 2024 extends facility previously introduced by PMK-120 of 2023
- Facility extended to 31 December 2024, with government bearing 100% of VAT for transfers between 1 January 2024 and 30 June 2024
- Government bears 50% of VAT for transfers between 1 July 2024 and 31 December 2024, with VAT base up to IDR 2 billion and selling price up to IDR 5 billion
- Individuals who have remaining payments with VAT due in 2024 can utilize VAT facility under PMK-7
- Individuals who have already benefited from VAT facility under PMK-120 cannot use facility for purchase of another residential property.
Source: www2.deloitte.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
