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Finance Ministry adjusts property tax cut regulation
The Finance Ministry has introduced some regulatory changes in its property tax reduction cut law.
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High-rise buildings are seen on March 14, 2021, in the Sudirman central business district of Jakarta. (AFP/Adek Berry)
T
he Finance Ministry issued additional rules regarding the property tax reduction program on Sunday with the new regulations outlined in Finance Ministerial Regulation (PMK) No. 129/2023.
“The improvements include adjustments to the tax objects that can be given property tax reductions, the addition of electronic channels for submitting and completing applications and arrangements related to granting property tax reductions by position,” the ministry Taxation Directorate General’s dissemination, services and public relations director Dwi Astuti said in a press release.
This new law improves PMK No. 82/2017, which was deemed insufficient to accommodate the regulatory adjustments as intended.
Dwi clarified that the new rules aim to assist taxpayers facing challenges settling property tax obligations because of natural disasters or other exceptional reasons affecting their taxable properties.
Those encountering commercial losses and liquidity challenges for two consecutive years will qualify as taxpayers having trouble in property tax payments.
The application process is straightforward, including the process of claiming commercial losses and liquidity challenges.
Moreover, taxpayers with overdue property tax payments will see a reduction in their property tax dues.
