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Indonesia to gradually cut its corporate tax rate to below 18%

Move is meant to discourage firms from booking profits in lower-tax countries such as S'pore: President Joko's aide

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Economic growth could recover to 5.3 per cent this quarter after the government started to spend its budget in April, Mr Luhut says

Jakarta

INDONESIA will gradually cut its corporate tax rate to discourage companies from booking profits in lower-tax countries such as Singapore, President Joko Widodo's top aide said.

The government will cut the rate from 25 per cent currently to "maybe 17.8 or 17.5 per cent",