Indonesian President Susilo Bambang Yudhoyono has announced plans for cuts in taxation in an attempt to entice more foreign investment and revive flagging economic growth.
The proposals, announced by Yudhoyono in a speech to parliament on the eve of Indonesia's 60th Independence Day, entail tax cuts for publicly traded companies and a 300% increase in the threshold at which personal income tax becomes payable.
The government is targeting an additional US$15 billion in investment over the coming five years to help finance various infrastructure projects such as new roads and power plants, and to lift some 40 million Indonesians out of poverty. Economic growth is set to increase by 0.2% to an estimated 6.2% next year.
"Foreign investment is expected to increase with an improvement of international trust," stated Yudhoyono.
He added that the tax income to GDP ratio is expected to rise to 13.4% in 2006 from the 13.2% estimated for this year.
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