Illustration (Photo:Medcom.id/M Rizal)
Illustration (Photo:Medcom.id/M Rizal)

Govt Lowers Income Tax on Luxury House and Car Sales

English macroeconomics (en) indonesian economy (en)
Wahyu Dwi Anggoro • 26 Juni 2019 14:22
Jakarta: The Government has decided to lower Income Tax (PPh) on the sales of homes and apartments worth above Rp30 billion and motor vehicles worth above Rp2 billion to 1 percent and 5 percent respectively.
 
The decision is stated in Regulation of Minister of Finance Number 92/PMK.03 of 2019 on the Second Amendment to Regulation of Minister of Finance Number 253/ PMK.03 of 2008 on Certain Entity Taxpayers as Collector of Income Tax from the Purchase of Goods Sales classified as Very Luxurious.
 
Under the regulation, goods classified as very luxurious which are subject to one percent of income tax include houses and their land with a selling price of the transfer price of more than thirty billion rupiah over a building area of ??more than four hundred square meters; apartments, condominiums and the like with a selling price or its transfer of more than thirty billion rupiah over a building area of ??more than one hundred fifty square meters.

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Meanwhile, four-wheeled motorized vehicles transporting people less than 10 people with a selling price of more than two billion rupiah or with a cylinder capacity of more than 3,000cc; and two- and three-wheeled motorized vehicles with a selling price of more than three hundred million rupiah or with a cylinder capacity of more than 250cc are subject to five percent of tax.
 
Income tax as intended may be calculated as payment of income tax in the current year for taxpayers who purchase goods classified as very luxurious.
 
“This Regulation of Minister of Finance shall take effect from the date of its promulgation,” Cabinet Secretary's website quoted Article 2 of the regulation.
 
The regulation was signed by Minister of Finance Sri Mulyani on 19 June 2019 and was promulgated by Director General of Laws and Regulations Widodo Ekatjahjana on June 19 2019.
 

(WAH)
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