Tax Update May 2020
Due to the increasingly impact of Corona Virus Disease 19 (“Covid-19”) to many sectors including the medium and small entrepreneur, the tax incentive should be extended. It is considered that the Ministry of Finance Regulation No.23/PMK.03/2020 (please see our news alert period March 2020) is not appropriate to the current situation.
The Ministry of Finance has issued a new regulation No. 44/PMK.03/2020 to extended many industry sectors that are entitled for tax incentives. In addition, there is also the incentive for small medium enterprise that is subject to 0.5% Final Income Tax. The MoF-44 is effectively applied starting 27 April 2020.
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