Indonesia's Finance Ministry expects the newly passed tax law

Finance Minister Sri Mulyani Indrawati. - Jakarta Post/ANN

JAKARTA, Oct 12 (Jakarta Post/ANN): Indonesia's Finance Ministry expects the newly passed Harmonized Tax Law (UU HPP) to raise its annual tax collection between 9.23 and 17.94 per cent over the next four years, bringing in the much-needed funds to reconsolidate Indonesia's fiscal position.

New provisions introduced in the law are expected to add between Rp 140 trillion (US$9.86 billion) and Rp 353 trillion in annual tax revenue between 2022 and 2025, raising the total annual revenue to between Rp 1.64 quadrillion and Rp 2.32 quadrillion over the same time period, according to a Finance Ministry presentation shown at an online press conference on Oct 7.