Indonesia: Full tax break for property purchases

28 Aug 2024 CW Team

Indonesia intends to reinstate the full tax break on property purchases valued up to $323,000 for the second half of 2024 in an effort to boost demand, according to the country's chief economic minister on Tuesday.

The policy involves the government covering the cost of value-added tax on up to 2 billion rupiah of the price for eligible landed houses or apartment purchases.

Previously, the policy of covering 100% of the VAT had ended in June, with the government only rebating 50% of the tax until the end of the year.

Chief Economic Minister Airlangga Hartarto stated that the change is aimed at supporting the purchasing power of the middle class, which has been declining due to the ongoing effects of the COVID-19 pandemic.

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