Indonesia will temporarily remove a luxury tax on sales of some cars to bolster its automotive industry, which has been badly hit by mobility restrictions to contain the coronavirus epidemic, its economic ministry said.
In the next 3 months after that, the government will give a 50% discount for luxury tax payments and the following 3 months, the discount will be halved, the ministry said, adding that the scheme would be evaluated every 3 months. The economic ministry said the auto industry is important for Indonesia's economy, with carmakers, dealers, and workshops providing employment for 1.5 million people. The tax incentive could boost production by 81,752 units, the ministry said.contracted for the first time since the 1998 Asian financial crisis last year, by 2.07%, as the pandemic dealt a blow to household consumption and investment.
Source: News Formal (newsformal.com)
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