Jumat, Oktober 19, 2018

Improved Fiscal Facilities Introduced in Bid to Boost Investment and Exports

In a bid to boost the country's industries, investments and exports, the Minister of Finance (“Minister”) has improved several new fiscal facilities, specifically: 1) Tax holiday; 2) Tax expenditure; and 3) Customs and excise facilities.
The new tax-holiday (income-tax deduction) facility, based on Regulation of the Minister No. 35/PMK.010/2018 on Corporate Income-Tax Deductions (“Regulation 35/2018”), has been granted to seven taxpayers operating within the electricity and metals-related industrial sector.
The Minister has also introduced the Tax Expenditure Report, which will function as a record of estimations of non-collected taxes due to the provision of tax-exemption facilities in order to improve fiscal transparency and accountability.
In relation to customs and excise, the following measures have been introduced by the Minister: 1) The issuance of Regulation of the Minister No. 131/PMK.04/2018 on Bonded Zones, which basically reduces procedures for the entry and release of goods from a total of 45 processes down to only three licensing processes; and 2) Simplification of requirements for invoking bonded zones, export-oriented import facilities (“KITE”) and excisable goods business identification numbers (“NPPBKC”).

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In a bid to boost the country's industries, investments and exports, the Minister of Finance (“Minister”) has improved several new fiscal facilities, specifically: 1) Tax holiday; 2) Tax expenditure; and 3) Customs and excise facilities.
The new tax-holiday (income-tax deduction) facility, based on Regulation of the Minister No. 35/PMK.010/2018 on Corporate Income-Tax Deductions (“Regulation 35/2018”), has been granted to seven taxpayers operating within the electricity and metals-related industrial sector.
The Minister has also introduced the Tax Expenditure Report, which will function as a record of estimations of non-collected taxes due to the provision of tax-exemption facilities in order to improve fiscal transparency and accountability.
In relation to customs and excise, the following measures have been introduced by the Minister: 1) The issuance of Regulation of the Minister No. 131/PMK.04/2018 on Bonded Zones, which basically reduces procedures for the entry and release of goods from a total of 45 processes down to only three licensing processes; and 2) Simplification of requirements for invoking bonded zones, export-oriented import facilities (“KITE”) and excisable goods business identification numbers (“NPPBKC”).

......