Tax incentives for debtors<\/p>\n
JAKARTA (JP): The government will give tax relief to companies
\nrestructuring their debts through the Jakarta Initiative Task
\nForce (JITF).<\/p>\n
The Ministry of Finance said on Saturday the tax relief would
\nbe given to companies that were able to settle their debts in
\n2000, 2001 or 2002 through JITF.<\/p>\n
The task force is a government-sponsored agency formed in 1998
\nto help accelerate the restructuring of the country's private
\nsector debt by acting as a mediator.<\/p>\n
The tax incentives will be given upon the recommendation of
\nthe Financial Sector Policy Committee, which comprises several
\neconomic ministers and oversees the country's bank and corporate
\nrestructuring program.<\/p>\n
The ministry said the incentives would include a 30 percent
\ndeduction in income tax payments for the debt reduction the
\ncompanies received from creditors.<\/p>\n
The remaining 70 percent can be paid within five years.<\/p>\n
The ministry said any transfer of assets made as part of the
\ndebt restructuring program, such as an equity-to-asset swap or a
\ndebt-to-equity swap, would be exempt from income tax. (03)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/tax-incentives-for-debtors-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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