VIVAnews - The government will exempt the entire financial sector from value-added tax (PPN). Bank mergers will also be tax-free.
The plan is attached in the PPN and value-added & luxurious goods tax (PPnBM) Law amendment.
Director General of Taxes Darmin Nasution said the government would give a confirmation in the often-troubled field of restitution and dispute in the PPN and PPnBM Law.
“In the PPN and PPnBM Law, which is being discussed, the entire financial sector will be given an equal playing field”, Nasution said during the initiation of second reform at the Finance Department office in Jakarta on Monday, June 22.
While currently PPN exemption only applies in banking sector, the Law will make the exemption valid in the entire financial sector including in the financial institutions and sharia banking.
“Mergers will also be exempted from PPN so that banking consolidation will be easier and cheaper,” he said.
Nasution also said that besides the Law, the government had amended the Basic Regulation on Taxes (KUP) and the Income Tax (PPh) during the first reform phase.
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Translated by: Nataya Ermanti
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