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Jakarta Post

Five things you need to know about omnibus bill on taxation

  • Adrian Wail Akhlas

    The Jakarta Post

Jakarta   /   Wed, February 26 2020   /  01:58 am

The upcoming government-initiated landmark bill on taxation is expected to simplify tax regulations and boost investment in Indonesia as it proposes corporate tax cuts and requires internet companies to pay taxes, albeit at the expense of lower tax revenue.The bill will introduce several major changes to the 2008 Income Tax (PPh) Law, the 2009 Value-Added Tax (PPN) Law, the General Taxation System (KUP) Law and the Regional Tax and Fees Law.These changes aim to deregulate existing tax requirements to create a more open business climate and attract foreign funds.The following are among main points of the 29-article bill summarized by The Jakarta Post.Corporate income tax cutThe sweeping omnibus bill, if passed into law, will cut corporate income tax to 22 percent in 2021 and 20 percent in 2023 from the current 25 percent.World Bank acting country director for Indonesia Rolande Pryce said ...