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Indonesia offers tax incentives to attract investors to new capital

Indonesia has unveiled a host of tax breaks to attract companies and people to move to its new capital Nusantara in the heart of Borneo.
Indonesia offers tax incentives to attract investors to new capital ảnh 1Nusantara - the new capital city of Indonesia (Source: futuresoutheastasia.com)
Jakarta (VNA) - Indonesia has unveiled a hostof tax breaks to attract companies and people to move to its new capital Nusantarain the heart of Borneo.

According to the local investment ministry, banks andinsurers operating in Nusantara will have to pay no income tax for up to 25 years if theyinvest before 2035. Those investing before 2045 can get up to 20 years of taxbreak.

These are only one of the various incentives being offered bythe government to get businesses to support President Joko Widodo’s 600trillion rupiah (39.5 billion USD) plan to move the nation’s capital from Jakarta.

The incentives would only be offered until 2045, whenNusantara, expected to be entirely renewable-powered and technologicallyadvanced, is set to be completed.

So far, 20 companies including local and foreign ones haveshown interest in investing in Nusantara, with a few of them having signeddeals, said Investment Minister Bahlil Lahadalia.

The government has begun building basic infrastructure inthe new capital, including a water dam, roads and presidential and vicepresidential buildings. The target is for public officials to start relocating nextyear./.
VNA
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