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Jakarta Post

Govt unveils new fiscal policies

  • Esther Samboh

    The Jakarta Post

Jakarta   /   Tue, March 1 2011   /  01:51 am

The Finance Ministry announced on Monday six new policies termed the “February policy package”, which includes new tax regulations to spur growth and grants to the poor.

“With the new policies our mission is for the Finance Ministry to be active in fighting for the real sector and investment that in turn will spur Indonesia’s economic growth,” Finance Minister Agus Martowardojo said.

Highlights of the new regulations include removing the value added tax (VAT) for the sales of houses worth less than Rp 70 million (US$7,910) compared with the previous Rp 55 million; eliminating taxes on the sales of cooking oil and bulk cooking oil for the poor; and providing in advance 50 percent of the funds needed by the State Logistics Agency (Bulog) for the rice for the poor program.

Deputy Finance Minister Anny Ratnawati said the increase in the ceiling of VAT house sal...