Indonesia Gazettes Omnibus Tax Law

The Indonesian Official Gazette Oct. 29 published Law No. 7/2021, an omnibus tax law. The law includes measures: 1) increasing the individual income tax threshold to 60 million Indonesian rupiahs (US$4,217) from 50 million rupiahs (US$3,514) for the 5 percent tax rate; 2) introducing a new tax rate of 35 percent on individual income exceeding 5 billion rupiahs (US$351,761); 3) revising the corporate income tax rate to 22 percent, beginning tax year 2022; 4) exempting basic goods, health services, and other social services from VAT; 5) increasing the VAT rate to 11 percent, beginning April 1, 2022, and 12 percent, ...