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INDONESIA: New Business Sectors Now Opened Up To 100% Overseas Ownership

An additional 54 industry sectors have been approved for 100% overseas ownership, including medical devices manufacturing, textile printing and weaving, steel, chemical and petrochemical production, offshore oil drilling, and dairy farming. Previously, overseas ownership was either prohibited in such sectors or capped at 67%. The change follows the revision of the Negative Investment List, one of the measures outlined in the country’s 16th Economic Stimulus Package.

The Package also includes plans to offer a 50% corporate income tax (CIT) exemption over a five-year period to Special Economic Zone-sited investment projects valued at a range between Rp20 billion and Rp100 billion (US$1.31 million-US$6.56 million). At present, only projects valued at Rp100 billion (US$6.56 million) or more are qualified for the 50% CIT cut, while those valued at Rp500 billion (US$32.84 million) or more are fully exempted.

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