Gov't Officially Cuts Tax for Luxury Properties

Translator

Dewi Elvia Muthiariny

Editor

Petir Garda Bhwana

Selasa, 25 Juni 2019 10:31 WIB

TEMPO.CO, Jakarta - The government has officially released a regulation (Finance Ministerial Regulation or PMK) No.92/PMK.03/2019 concerning the drop in income tax (PPh) 22 for luxury goods sale from five percent to 1 percent.

Based on the regulation, the 1 percent tax of luxury goods is valid for the house and the land that has a selling value above Rp30 billion and buildings with an area of over 400-meter squares.

The policy, that was issued on June 19, 2019, also takes effect to apartment, condominium, and other similar properties with a selling value above Rp30 billion and an area of more than 150-meter squares.

Read: Indonesia Prepares Tax Incentives for Manufacturers

As stipulated in the regulation, the tax cut aimed at supporting business in the property industry.

“To continuously boost the growth in the property sector, an adjustment is required on the tax collection, criteria, characteristics, and amount for luxury goods sale,” as quoted by Bisnis from the policy, Monday, June 24.

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