Developers Await Government-Funded Housing VAT Details

Property developers are anticipating the release of detailed stipulations of the new government-borne VAT incentive for commercial housing under IDR2 billion.

Yanita Petriella

3 Nov 2023 - 02.39
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Developers Await Government-Funded Housing VAT Details

Illustration - Cluster area./Bisnis.

Bisnis, JAKARTA — The government-borne value-added tax (VAT) incentive on the property sector for houses priced below IDR2 billion, scheduled for launch this month, is expected to relieve some burden from developers. The 100% VAT-free incentive will be provided for 14 months until June 2024. Subsequently, from July 2024 to December 2024, the VAT incentive will be reduced to 50%.

This policy aims to help invigorate the property sector. Government data indicates that the property sector provides employment for 13.8 million people and contributes up to 9.3% to tax revenues. Furthermore, the property sector contributes up to 31.9% to regional revenue.

Adrianto P. Adhi, president director of PT Summarecon Agung Tbk (SMRA), welcomed the government's incentive. He likened this stimulus to the previous one during the pandemic, which significantly boosted property sales, and its extension yielded fruitful results.

“Until the end of the extension period of the government-borne VAT incentive in 2021–2022, Summarecon's sales of houses and apartments utilizing the VAT Incentive amounted to around IDR1 trillion,” he told Bisnis on Wednesday (11/1/2023).

Cek Berita dan Artikel yang lain di Google News dan WA Channel
Editor: Yusuf Waluyo Jati
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Developers Await Government-Funded Housing VAT Details

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