- Indonesia announced economic measures to counteract the impact of a VAT increase
- Measures include electricity tariff cuts, incentives for labor-intensive industries, and VAT exemption on some property sales
- VAT will rise to 12% from 11% in January 2025, affecting goods and services like premium rice, meat, fish, international schools, and some hospitals
- Certain staple foods will be exempt from VAT
- Government-provided cheap cooking oil and industrial sugar will not face the increased VAT rate
- Senior economic minister Airlangga Hartarto provided the details at a press conference
Source: marketscreener.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.
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