VAT on imported textile machinery abolished
The finance ministry has officially abolished the value added tax (VAT) on textile machine imports as part of the country's restructuring program in the textile industry, Asia Pulse reported.
The abolition of the VAT was in reply to a request by the Indonesian textile association (API) late last year, The Jakarta Post said.
API chairman Benny Soetrisno said he would seek further details on the announcement as he did not know whether the decision is retroactive.
Last year the government launched a revitalization program providing soft loans and subsidies for banks lending to modernize and improve the competitiveness of the industry.
The abolition of the VAT was in reply to a request by the Indonesian textile association (API) late last year, The Jakarta Post said.
API chairman Benny Soetrisno said he would seek further details on the announcement as he did not know whether the decision is retroactive.
Last year the government launched a revitalization program providing soft loans and subsidies for banks lending to modernize and improve the competitiveness of the industry.