The VAT rate will be increased to 12% only for premium goods and services like private jets, yachts and luxury houses, President Prabowo Subianto said in a speech on Tuesday (Dec 31) after unexpectedly attending the yearend meeting of the finance ministry. - AFP
JAKARTA (Bloomberg): Indonesia scaled back its planned increase in the value-added tax rate just hours before it was set to take effect on January 1 amid escalating public outcry.
The VAT rate will be increased to 12% only for premium goods and services like private jets, yachts and luxury houses, President Prabowo Subianto said in a speech on Tuesday after unexpectedly attending the yearend meeting of the finance ministry.
