Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Economy

Indonesia’s president says VAT hike to apply only on luxury goods

admin by admin
December 31, 2024
in Economy
0
Indonesia’s president says VAT hike to apply only on luxury goods
0
SHARES
6
VIEWS
Share on FacebookShare on Twitter

JAKARTA (Reuters) – Indonesia’s President Prabowo Subianto on Tuesday said a planned increase in value-added tax (VAT) rate by one percentage point to 12% effective Wednesday, Jan. 1, will apply only to luxury goods and services.

Prabowo said the decision should end speculation over which items and services would be affected by the VAT increase.

The decision also reversed an announcement by finance ministry officials in December. Authorities at the time had said the VAT hike would apply across the board except for cooking oil sold under a government programme, sugar for industry and wheat flour, which would still be subject to an 11% VAT rate.

“Today, the government has decided that the increase of VAT rate from 11% to 12% will apply only to luxury goods and services that are the subject of luxury sales tax and are consumed by those with higher income, such as private jets, yachts and luxury homes,” Prabowo said.

Prabowo said the government will still move forward with planned support measures intended to soften the blow from the VAT hike, worth 38.6 trillion rupiah ($2.40 billion), which include electricity discounts and other tax breaks.

($1 = 16,090.0000 rupiah)

This post appeared first on investing.com

Previous Post

China’s GDP to hit government’s target for 2024: President Xi

Next Post

Chinese manufacturing, Bitcoin’s monthly fall, Gold gains – what’s moving markets

admin

admin

Next Post
Chinese manufacturing, Bitcoin’s monthly fall, Gold gains – what’s moving markets

Chinese manufacturing, Bitcoin’s monthly fall, Gold gains – what’s moving markets

Trending News

Italian lender UniCredit proposes $10.5 billion acquisition of rival Banco BPM

Italian lender UniCredit proposes $10.5 billion acquisition of rival Banco BPM

November 25, 2024
Delta profits beat expectations but company warns of slowing growth, scales back expansion plans for second half

Delta profits beat expectations but company warns of slowing growth, scales back expansion plans for second half

April 9, 2025
Can Latin America’s dLocal challenge Stripe in the UK after FCA approval?

Can Latin America’s dLocal challenge Stripe in the UK after FCA approval?

January 7, 2025
Subscribe to Insightful Word


    Recent News

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    June 6, 2025
    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    June 6, 2025
    Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

    Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

    June 6, 2025
    Starlink reportedly secures key licence in India, moves closer to launching services

    Starlink reportedly secures key licence in India, moves closer to launching services

    June 6, 2025

    Recent News

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    June 6, 2025
    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    June 6, 2025

    Latest News

    • China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll
    • FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more
    • Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.