Indonesia intends to grant corporate income tax exemptions to eligible companies for a period of up to 50 years, according to a draft law for establishing a financial center that has received approval from a parliamentary committee and the government, as said by Herman Sahiruddin, who serves as a director general at the Ministry of Finance on Monday.

Bloomberg News reported that details of the incentives will be outlined in government and ministerial regulations and rules.

Sahiruddin added that parliament will hold a public voting session on the draft law to establish the financial center tomorrow, Tuesday, according to the German news agency dpa.

On the other hand, the Indonesian government is preparing to implement a comprehensive package of financial and market-related measures to curb inflation, with a particular focus on volatile food prices and rising industrial production costs.

Coordinating Minister for Economic Affairs Airlangga Hartarto said the government continues to monitor a number of key commodities that could cause inflationary pressures.

Airlangga added: 'We are monitoring a number of commodities that may affect inflation... In the previous period, we saw gold prices rise, but we see that these prices have since declined, and volatile food prices continue to rise.'

According to the minister, controlling inflation of volatile food prices is a key priority, to prevent them from causing excessive pressure on national inflation.

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