Indonesia Bins land tax on oil and gas exploration

Indonesia Bins land tax on oil and gas exploration

Indonesia has reportedly scrapped a land tax that companies pay while exploring for oil and gas, a move that might encourage exploration at a time of concern that it could fall sharply due to tumbling oil prices.

According to a ministerial decree posted on the Finance Ministry’s website, the tax office is no longer assessing a 0.5 percent ‘land and building tax’ charged on the area in which companies are carrying out exploration activities, effective from Jan. 1.
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Source: Reuters report.

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