Wednesday, August 17

Indonesian parliament passes major tax overhaul bill

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JAKARTA — Indonesia’s parliament on Thursday passed into law the government’s proposals to overhaul tax regulations, deputy speaker Muhaimin Iskandar said, including raising the value added tax rate next year and scrapping a planned corporate tax cut.

The law also brings in a 35% income tax for those earning more than 5 billion rupiah ($351,000) a year, a new carbon tax and a tax amnesty program. ($1 = 14,245.0000 rupiah) (Reporting by Gayatri Suroyo and Fransiska Nangoy)