KONTAN.CO.ID - JAKARTA. Indonesia's President Joko Widodo launched measures on Tuesday to support growth in Southeast Asia's largest economy, after assuring businesses that the rupiah's recent rate of depreciation against the dollar was still "safe". Economic growth is expected to slow this year in the resource-rich nation as exports slump on falling commodity prices and weakening global trade, while staples such as rice become more expensive for Indonesians grappling with drought. In a statement, the presidential office said the government would scrap the value added tax (VAT) of 11% on purchases of homes worth less than 2 billion rupiah ($126,000) until June 2024, after which it will be halved for an unspecified time.
Indonesian President Unveils Measures to Support Economy
KONTAN.CO.ID - JAKARTA. Indonesia's President Joko Widodo launched measures on Tuesday to support growth in Southeast Asia's largest economy, after assuring businesses that the rupiah's recent rate of depreciation against the dollar was still "safe". Economic growth is expected to slow this year in the resource-rich nation as exports slump on falling commodity prices and weakening global trade, while staples such as rice become more expensive for Indonesians grappling with drought. In a statement, the presidential office said the government would scrap the value added tax (VAT) of 11% on purchases of homes worth less than 2 billion rupiah ($126,000) until June 2024, after which it will be halved for an unspecified time.