The Finance Ministry is revising regulations that pertain to the ownership of luxury apartments and houses to boost the country’s property and construction businesses.
Finance Minister Sri Mulyani Indrawati said in Jakarta on Wednesday that under the prepared regulations, the government would revise the minimum price of goods subject to the luxury tax (PPNBM) from Rp 20 billion (US$1.37 million) to Rp 30 billion.
“With it, we hope business activities in the construction sector increase,” said Sri Mulyani as quoted by kontan.co.id.
The PPNBM is currently ruled under Finance Ministerial Regulation No.35/2017 on types of goods deemed luxury items, excluding automotive products and Ministerial Regulation No. 90/2015 on the revision of Ministerial Regulation No. 253/2008 on taxpayers of luxury goods. (bbn)