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Jakarta Post

Publicly listed firms, service companies to get tax cuts

  • Aditya Suharmoko,

    The Jakarta Post,

Jakarta   /   Sat, January 24 2009   /  03:24 pm

The deepening global economic slump has forced the government to act fast to implement its pledged stimulus package to limit adverse impacts on local companies. Finance Minister Sri Mulyani Indrawati recently issued a regulation making publicly listed companies eligible for a 5 percent cut in income tax to help them reduce their costs. Finance Ministry Regulation No. 238/2008, effective since Dec. 30, 2008, says companies are eligible for this if their shares are at least 40 percent owned by the public, with at least 300 parties holding shares and no single shareholder having more than 5 percent of total holdings. Under the regulation, companies must meet this requirement for at least six months within any one year if they want to get the concession. The companies are also required to attach a letter from the Stock Administration Bureau when submitting their tax repo...