Indonesia's President, Susilo Bambang Yudhoyono, has promised to offer the country's oil and gas industries greater tax incentives in a bid to increase investment in the sector.
Speaking in front of oil and gas stakeholders at the 33rd annual convention and exhibition of the Indonesian Petroleum Association (IPA), Mr Yudhoyono announced that, whilst he is keen to increase investment opportunities in the sector, he is aware that the tax problems surrounding the industry are making it increasingly difficult to do so.
Last February, it was revealed that five oil and gas firms had significant income tax arrears. 32% of state revenues come from the taxation of the oil and gas sector.
Commenting on his pledge to boost the industry, Mr Yudhoyono said:
"We have developed a package of investment incentives and established a prudent fiscal policy. We are formulating ways to overcome tax problems in oil and gas resources investment."
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