The Indonesian government has decided to extend the maximum value added tax (VAT) discount of 50 percent for housing from January 1 to September 30, 2022.
Jakarta (VNA) - The Indonesian government has decided to extend the maximum value added tax (VAT) discount of 50 percent for housing from January 1 to September 30, 2022.
In a statement issued on February 8, head of the Fiscal Policy Agency of the Indonesian Ministry of Finance Febrio Kacaribu said the VAT discount is applied to new landed houses and apartments.
According to Febrio, each person is only allowed to buy a maximum of one house and is not allowed to sell it to others within one year. To enjoy the tax incentive, the house must be handed over at the time of signing the sale-purchase contract.
Accordingly, the VAT will be cut by 50 percent on houses valued at 2 billion rupiah (139,000 USD), and 25 percent on those valued between 2-5 billion rupiah.
The programme is expected to boost the purchasing power, while supporting the housing sector, which impacts significantly on the national economy, Febrio said.
The housing tax incentive is also part of the Indonesian government's efforts to maintain a sustainable economic recovery in 2022, especially in the first and second quarters, the official remarked.
ꦰ Last year, Indonesia approved a series of tax incentives, including VAT reduction for houses, excise tax for vehicles, corporate income tax, and personal income tax for employees in some fields./.
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