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Tax for Luxury Goods to Drop from Five to One Per Cent

The tax for luxury goods will be valid for houses and land.

The decrease in tax for luxury goods sales from five to one per cent will officially be initiated by a Finance Ministerial Regulation or PMK No.92/PMK.03/2019. The policy was issued on 19th June 2019.

According to the regulation, the 1 per cent tax for luxury goods will be valid for houses and land with a selling value above Rp30billion, and buildings with an area of over 400 square metres.

The rules will also apply to apartments and condominiums with a value of above Rp30billion and an area of 150 square metres. The tax cut aims to support businesses that operate in the property industry.

Source: Kompas
Image: Furnirizing

See: Sri Mulyani: Corporate Tax Rates to be Cut to Attract Investment

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