TheJakartaPost
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The government has expanded its temporary luxury tax (PPnBM) cut for new cars to include those with engine capacities of up to 2,500 cc starting on April 1 to boost consumer spending and accelerate the automotive sector’s recovery.
The government projected its budget deficit to reach Rp 310.8 trillion (US$22.28 billion) this year, equal to 1.93 percent to gross domestic product (GDP), slightly higher than the Rp 296 trillion deficit targeted in the 2019 state budget, which would have been 1.84 percent of GDP.
In front of thousands of businessmen who flocked to Senayan sports complex in Jakarta recently, President Joko “Jokowi” Widodo gave a campaign speech in which he promised to reduce corporate income taxes if he is reelected as president, a promise that was warmly welcomed by the audience.
The Association of Indonesian Automotive Manufacturers (Gaikindo) has expressed its support of an Industry Ministry suggestion to decrease the added value-tax for luxury goods (PPnBM), particularly sedans, to increase sales both in domestic and international markets.
