Indonesia issues tax break on property sales targeting middle class

JAKARTA, March 1 (Reuters): Indonesia has issued a new tax break worth around $350 million applied to some property sales in a bid to boost consumer confidence and help support its pandemic-hit economy, government ministers said on Monday.

Starting this month until August, the government will remove a 10% value added tax for sales of houses priced below 2 billion rupiah (US$140,351) and charge only half of such a tax for sales of homes priced between 2 billion rupiah to 5 billion rupiah, Finance Minister Sri Mulyani Indrawati said a virtual news conference with other ministers.