Indonesia gives huge tax exemption to deal with corona epidemic

 18 Jul 2020 ( IBTN Bureau )

The economy of countries around the world has been affected by the corona virus epidemic. Indonesia has decided to increase the tax exemption for businesses to limit the impact of the epidemic on its economy.

Indonesia's tax office said on Saturday that tax relief was ending in September, which has been extended to December. In this, tax breaks will be provided to manufacturing sector and medium-small-scale industries.

In addition, corporate tax installments will also be exempt. Indonesia's government has given a $ 50 billion package to deal with the Corona epidemic. Indonesia's budget deficit for the year 2020 is expected to increase three times more than anticipated due to the relief package and declining revenue.

It can reach 6.34 percent of Indonesia's GDP. Indonesia's Finance Minister Srimulayani Indravati had earlier said that tax breaks have been provided to companies to avoid bankruptcy.


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