Indonesia showers property buyers with waivers to spur economy

Jakarta

INDONESIA slashed income tax on the sale of luxury properties in the latest bid to spark a revival in its stagnant property sector and support growth in South-east Asia's largest economy.

The tax on income from sales of luxury houses and condominiums priced at 30 billion rupiah (S$2.87 million) or more was reduced to 1 per cent from 5 per cent, according to a statement issued by the Cabinet Secretariat on Tuesday.