Indonesia plans to extend tax breaks on two-wheel drive cars

JAKARTA: Indonesia aims to extend a luxury tax break on the sale of sedans and two-wheel drive cars with engine power of less than 1,500 cc to August to support its pandemic-hit automotive industry, the industry ministry said on Sunday.

The tax was fully removed in March and was supposed to be re-imposed at 50per cent from June. The 50per cent discount will now apply from August to December.Industry Minister Agus Gumiwang Kartasasmita said the extension of the lifting of the tax was aimed at revitalising demand for a industry"that has consistently contributed significantly to the national economy".

In April, the government introduced a 12.5per cent-50per cent tax discount on the sale of four-wheel drives and cars with engine capacity of up to 2,500 cc manufactured with at least 60per cent domestically sourced components.Indonesia's car market is dominated by Japanese brands such as Toyota, Daihatsu , Mitsubishi and Honda.

Indonesia's gross domestic product contracted for the first time since the 1998 Asian financial crisis last year, by 2.07per cent with household consumption and investment declining.

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