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PR Newswire
24-08-2013, 12:09 PM
President Yudhoyono in action ...
Indonesia unveils new steps to boost economy
JAKARTA — Indonesia yesterday announced fresh measures to boost investment in labour-intensive industries and reduce imports, seeking to revive confidence and consumer spending in South-east Asia’s largest economy.
The intervention by President Susilo Bambang Yudhoyono comes after a punishing week for emerging markets, which were hit hard by fears of higher global borrowing costs and a reduction of cheap funds from the United States.
The Indonesian government will provide tax relief to companies that employ a lot of workers, including garment and toy makers that export at least 30 per cent of their output, Economic Minister Hatta Rajasa said at a news conference after a Cabinet meeting chaired by Mr Yudhoyono. Details will be announced at a later date.
To address a widening current account deficit, the government will phase out a luxury tax imposed on certain products made locally to cut imports. On the other hand, the government will increase taxes on imported, completely built-up cars and luxury goods to between 125 and 150 per cent from an average 75 per cent now, Mr Rajasa said.
The government will open more domestic industries to foreign investment and speed up investment licensing, he said.
Meanwhile, the quota imposed on raw mineral exports will be “temporarily” scrapped. Consumption of biodiesel will be boosted to reduce reliance on crude-based fuels, which Indonesia mostly imports, said Mr Rajasa.
http://www.todayonline.com/business/indo...st-economy
Indonesia unveils new steps to boost economy
JAKARTA — Indonesia yesterday announced fresh measures to boost investment in labour-intensive industries and reduce imports, seeking to revive confidence and consumer spending in South-east Asia’s largest economy.
The intervention by President Susilo Bambang Yudhoyono comes after a punishing week for emerging markets, which were hit hard by fears of higher global borrowing costs and a reduction of cheap funds from the United States.
The Indonesian government will provide tax relief to companies that employ a lot of workers, including garment and toy makers that export at least 30 per cent of their output, Economic Minister Hatta Rajasa said at a news conference after a Cabinet meeting chaired by Mr Yudhoyono. Details will be announced at a later date.
To address a widening current account deficit, the government will phase out a luxury tax imposed on certain products made locally to cut imports. On the other hand, the government will increase taxes on imported, completely built-up cars and luxury goods to between 125 and 150 per cent from an average 75 per cent now, Mr Rajasa said.
The government will open more domestic industries to foreign investment and speed up investment licensing, he said.
Meanwhile, the quota imposed on raw mineral exports will be “temporarily” scrapped. Consumption of biodiesel will be boosted to reduce reliance on crude-based fuels, which Indonesia mostly imports, said Mr Rajasa.
http://www.todayonline.com/business/indo...st-economy
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