Indonesia plans to cut its corporate tax rate starting next year, in an attempt to spur investment and growth, Minister for Economic Affairs, Aburizal Bakrie, has announced.
Under the government proposals, the corporate tax rate will be cut by one percentage point to 29% next year, which will be followed by further cuts to 25% over the course of the government’s five year term.
"This has been put on the tax reform draft to be presented to Parliament," explained Bakrie during a meeting of the Association of South East Asian Nations (Asean) in Vientiane on Tuesday.
The tax cuts form part of a policy introduced by the new president, Susilo Bambang Yudhoyono, to create jobs and stimulate foreign investment, which has been on the decline in recent years.
The tax cut would also bring Indonesia’s corporate tax rate more in line with other regional economies, such as Singapore and Hong Kong.
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