The Indonesian government has granted tax incentives to four companies, including Unilever Olechemical, as part of a scheme aimed at boosting growth in the economy by making the country appear attractive to investors, according to a report published by Deal Street Asia.
The tax incentives awarded to Unilever have an investment value of Rp1.15 trillion (US$81.92 million). The move is in accordance with the revised tax holiday regulations, which allow for income tax reductions for institutions that provide investment in pioneer industries.
“We can’t rely on commodity exports for too long. We should push downstream policy in the natural resources-based industry as well as in those that have big domestic markets such as the maritime, telecommunications and oil and gas sectors,” said Finance Minister Bamberg Brodjonegoro.