HARIAN.NEWS, JAKARTA – The Indonesian government has officially announced a fiscal incentive package as an effort to reduce the impact of the increase in Value Added Tax (VAT) to 12 percent, which will take effect on January 1, 2025.
Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto emphasized that goods and services for public staple needs remain exempt from VAT. Meanwhile, a number of other goods and services subject to 12 percent VAT will receive certain incentives.
Airlangga said the government has prepared 12 types of fiscal incentives for 2025. This policy is divided into three main categories, namely incentives for low-income people, the middle class, and MSMEs and industry players.
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Incentives for Low-Income Communities
For low-income communities, the government provides three main types of incentives. First, a 1% VAT subsidy for basic necessities such as Minyakita cooking oil, wheat flour, and sugar. Thus, consumers will only be charged 11% VAT for these goods, while the rest is borne by the government.
Second, food assistance in the form of 10 kilograms of rice per month will be given to 16 million Beneficiary Families (KPM) for two months. Third, people with an installed electricity capacity of up to 2,200 VA will enjoy a 50% electricity discount for two months.
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Incentives for the Middle Class
For the middle class, the government has set six types of fiscal incentives. One of them is a VAT subsidy of up to IDR 2 billion for property purchases with a maximum value of IDR 5 billion.
In addition, the automotive sector also receives various incentives, including a 10% VAT subsidy for battery-based electric vehicles, both those assembled domestically (CKD) and imported in complete condition (CBU). Hybrid vehicles will also receive a 3% PPnBM subsidy.
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Other incentives include a 50% electricity discount for households with power up to 2,200 VA, Article 22 Income Tax subsidies for workers in labor-intensive sectors with salaries of IDR 4.8 million to IDR 10 million, and access to job loss insurance programs and pre-employment cards for workers who are laid off. The government also provides a 50% discount on work accident insurance contributions for six months.
Incentives for MSMEs and Industry
Micro, small, and medium enterprises (MSMEs) and the industrial sector are also a priority. The government has extended the Final Income Tax policy of 0.5% of turnover until 2025. MSMEs with a turnover of less than IDR 500 million per year are also exempted from income tax.
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In addition, the government is offering a financing scheme for the labor-intensive industrial sector, including a 5% investment credit interest subsidy for the purchase of machinery in the People’s Business Credit (KUR) program. This scheme is expected to boost the productivity and competitiveness of the national industry.
Government Commitment
According to the Coordinating Minister for the Economy, this policy is designed to provide justice for all levels of society and maintain people’s purchasing power amidst the increase in VAT rates. “The government is committed to ensuring that people, especially those with low and middle incomes, remain protected from the impact of tax increases,” he said at a press conference in Jakarta, on Monday, December 16, 2024.
With this step, the government hopes to maintain economic stability while supporting growth in various strategic sectors. ***
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