Tuesday, April 16, 2024

Indonesia Issues Incentives for New Capital City Project

Indonesia has issued various incentives to attract investments into its new capital city project, Nusantara, which is estimated to cost US$35bn to construct. The central government is expected to begin operations in the new city in 2024, and it is proposing to use public funds for only 20% of the project, with the remainder coming from foreign investors. Among the incentives it is offering for investors is corporate income tax exemptions, tax holidays, and personal income tax exemptions for investments in priority projects in the new capital, such as ports, airports, renewable energy systems and healthcare services. The incentives also include 95-year land use permits and exemptions on import duties of goods used for construction and development within the new capital.

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