Indonesia finance minister: govt considering cutting corporate tax rate to 20%

[JAKARTA] Indonesia is considering cutting the corporate income tax rate to 20 per cent from 25 per cent in the upcoming revision to the income tax law, the finance minister told lawmakers on Monday. "We are still doing our review, but 20 per cent looks adequate," Bambang Brodjonegoro said in a meeting with the parliamentary commission overseeing taxes.

Last week, he said the government planned to also cut income tax rates for individuals, but did not disclose details. The current income tax brackets for individuals range from 5 per cent to 30 per cent.

He did not give a timeframe when the government would propose changes to the income tax law to parliament.

REUTERS