Indonesia will lower income tax rate for individuals: finance minister
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
[JAKARTA] Indonesia plans to lower income tax rates for individuals, the finance minister said on Tuesday, in its latest bid to get better tax compliance.
"We will make income tax for individuals and companies more competitive," finance minister Bambang Brodjonegoro said.
Previously, the minister has said some rates for companies should be lowered.
Current tax rates for individuals range from 5 to 30 per cent.
He said the current income tax law will be revised, but did not give any details of what changes he would seek or on a possible timeline for submitting proposals to parliament for changing tax laws.
Indonesia faces a significant budget revenue shortfall this year, which has spurred efforts to increase tax collection from individuals.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
There are only 27 million registered taxpayers in Indonesia when there should be 120 million, according to the tax office.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
StarHub hands Ensign InfoSecurity control back to Temasek in S$115 million deal, books S$200 million gain
Singaporeans can now buy record amount of yen per Singdollar
Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss
Keppel DC Reit posts 13.2% higher Q1 DPU of S$0.02833 on strong portfolio performance
