- Just five hours before a New Year’s Day tax increase, Indonesia’s VAT rate was set to rise from 11% to 12%
- President Prabowo Subianto announced a significant scale-back of the planned increase
- The new VAT rate of 12% will now only apply to luxury goods and services
- Announcement made at the Ministry of Finance by President Prabowo Subianto due to public doubt and misunderstanding
Source: asia.nikkei.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.
