Indonesia is planning to extend a luxury tax break on the sale of sedans and two-wheel drive cars with engine power of less than 1,500 cc to August to support its pandemic-hit automotive industry.
Jakarta (VNA) – Indonesia is planning to extenda luxury tax break on the sale of sedans and two-wheel drive cars with enginepower of less than 1,500 cc to August to support its pandemic-hit automotiveindustry.
Indonesian Industry Minister Agus Gumiwang Kartasasmitasaid the extension of the lifting of the tax was at revitalizing demand for anindustry "that has consistently contributed significantly to the nationaleconomy".
A spokesperson at the Finance Ministry said the plan wasbeing discussed.
Indonesia in March announced tax break for car saleswhich is estimated at 2.99 trillion IDR (over 209.9 million USD) in a bid toboost its pandemic-hit economy. Thanks to the move, its car sales grew aftermonths of sluggish sales due to the pandemic.
Total sales in 2020 were just over 532,000 units, abouthalf the previous year.
According to Coordinating Minister of Economic AffairsAirlangga Hartarto, car sales in May rocketed 228 percent from a year earlier,while motorbike sales also saw a 277-percent surge year-on-year./.
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