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The Government Decided To Prolong Tax Breaks And The Electric Vehicle Initiative
Thursday, 07 Nov 2024
Economic Affairs Coordinating Minister Airlangga Hartarto shared some exciting news about incentives that will carry on under President Prabowo Subianto's leadership. These key incentives are designed to help boost public purchasing power and stimulate economic growth in the years ahead. They include things like the Government-Borne Value Added Tax (PPN DTP), Luxury Goods Tax (PPnBM), and perks for electric vehicles.
"Some of the priority incentives are set to continue into next year, and we'll be discussing them with the Ministry of Finance. This includes PPN DTP, PPnBM, and PPN DTP for cars and electric vehicles," Airlangga mentioned during a press conference in Jakarta on Sunday (November 3, 2024).
On top of that, the government is looking to keep the People's Business Credit (KUR) program going and provide investment loans to help revive labor-intensive industries. This initiative aims to boost the industrial sector's capacity and strengthen the national economy. In terms of Human Resource Development, there are plans for a job loss guarantee program, a Ready Worker program, and a Worker Village initiative to enhance the quality and competitiveness of the Indonesian workforce.
Airlangga pointed out that it's vital to keep these incentive programs running since public purchasing power is still quite low. "To drive economic growth, incentives like PPN DTP are crucial for everyone," he added.
Finance Minister Sri Mulyani Indrawati pointed out that the five social assistance programs started during President Joko Widodo's term will keep going under President Prabowo's leadership. She shared this during a discussion about the 2025 State Budget Draft. Sri Mulyani mentioned that the 2025 budget will prioritize improving human resources, focusing on areas like education, health, food security, and energy.
"While there are new priorities to think about, we’ll also keep some continuity in the 2025 budget," she said in a meeting with the Budget Agency of the House of Representatives on Tuesday (August 27), as reported by the Ministry of Finance. The government is looking to stimulate economic growth and ensure stability during this transition period with various incentives and ongoing programs.
