JakartaGlobe-May 25, 2021

The government has proposed a plan to add a new income tax bracket imposing a 35 percent tax rate on any annual income above $348,000 as part of a sweeping move to revamp Indonesia’s tax code and boost state revenue. Finance Minister Sri Mulyani Indrawati told the House of Representatives members on Monday that the government sought to add the new income tax rate for personal income of above Rp 5 billion ($348,000) per year. Last year, there were 21,430 high net worth individuals in Indonesia with net assets worth more than $1 million, property consultancy firm Knight Frank estimated in a recent report. That is, about eight in 100,000 people in Indonesia are millionaires. Still, Indonesia’s millionaire ratio was low compared to the Asia region, which has 228 millionaires in 100,000 people. Read more at: https://jakartaglobe.id/business/govt-to-increase-top-earners-income-tax-to-35