Indonesia Parliament Approves 2022 Budget, Pushes Tax Reform Law

Indonesia's Parliament has approved a US$190 billion state budget for 2022. - Reuters

JAKARTA (Bloomberg): Indonesia’s parliament approved a US$190 billion state budget for next year, while moving closer to passing sweeping reforms to the country’s tax system that should help fund spending and cut reliance on debt.

Lawmakers passed the 2022 budget into law at a plenary meeting on Thursday (Sept 30), with state spending seen at 2,714.2 trillion rupiah, slightly lower than the 2,750 trillion rupiah set for this year. It set a faster economic growth forecast of 5.2% for 2022, while reducing its budget deficit to 4.85% of gross domestic product from a projected 5.8% this year.