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Indonesia announces plan to spur property market

The Indonesian government has announced a plan to boost the property market by covering the value-added tax (VAT) and the 4 million IDR (252 USD) administration fee for low-income home buyers.
Indonesia announces plan to spur property market ảnh 1This aerial picture shows residential areas near the city center in Jakarta. (Photo: AFP)

Jakarta (VNA) –The Indonesian government has announced a plan to boost the property market by coveringthe value-added tax (VAT) and the 4 million IDR (252 USD) administration feefor low-income home buyers.

Indonesia will provideincentives for the property sector but the plan has not yet been finalised,President Joko Widodo said on October 24 at the BNI Investor DailySummit 2023.

Widodo said that tax revenue inOctober was up 5.6% from last year’s baseline. The increase indicated thatlocal businesses were also growing, according to the president.

However, he noted that Indonesiawas still facing challenges such as El Nino, which was affecting rice harvestsaround the world, thus, many countries had curbed rice exports to securedomestic needs, which might also cause a rice shortage in Indonesia.

The VATwaiver will apply until mid-2024 to purchases of properties costing less than 2billion IDR, Coordinating Economic Minister Airlangga Hartarto said at the sameevent./.

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