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May 26, 2021, 01.14 AM

Indonesia Plans to Increase Wealthy Individuals’ Income Tax to 35 Percent

Indonesia’s Finance Minister Sri Mulyani Indrawati has proposed a plan to add a new 35 percent income tax bracket for individuals who earn over five billion rupiahs ($348,900) annually to collect more revenue.

Currently, the high-income individuals earning more than 500,000 million rupiahs ($34,900) pay a 30 percent tax rate a year.

“We plan to increase the income tax bracket for the wealthy individuals,” Sri Mulyani said in an online meeting with the House of Representatives Commission XI overseeing finance affairs on Monday, May 24.

The minister said that for the wealthy individuals who earn five billion rupiahs a year, the increase from 30 percent to 35 percent is not too significant.

“Only a few Indonesians who are included in this group,” she said. Taxpayers who earn up to 50 million rupiahs ($3,500) a year pay a five percent tax rate and those who earn between 50 million rupiahs and 250 million rupiahs pay a 15 tax rate.

Meanwhile, the taxpayers whose salaries are between 250 million rupiahs ($17,400) and 500 million rupiahs ($34,900) pay a 30 percent tax rate a year.

Source: https://go.kompas.com/read/2021/05/25/165714074/indonesia-plans-to-increase-wealthy-individuals-income-tax-to-35-percent.

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