- Technical regulations for the Government-Borne Value Added Tax (VAT) incentive in Indonesia are being prepared and will take effect in November 2023.
- The VAT incentive will only apply to house purchases priced under Rp2 billion.
- Buyers can only receive the VAT incentive for one house per National Identity Number or Tax Identification Number.
- The incentive program will run from November 2023 to December 2024, with the VAT incentive amount being 100% from November 2023 to June 2024 and then reduced to 50%.
- The Ministry of Finance has allocated a budget of Rp3.2 trillion for incentives in the property sector, with Rp0.6 trillion for 2023 and Rp2.6 trillion for 2024.
- The incentive aims to strengthen the housing sector and support economic growth in the face of global economic uncertainty.
Source: en.antaranews.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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