VIVAnews - Steel industry is being granted the second largest stimulation package. The government bears value-added tax of steel raw materials's purchase amounting to Rp 1.2 trillion (US$109 million).
Based on data from the Coordinating Minister for the Economy's office, the government will grant tax incentives and import duties for 31 sectors.
The incentives include policies on value-added tax for 17 sectors and import duties for 14 sectors that the government will undertake.
Industry Minister Fahmi Idris acknowledged that the Department of Industry has met with 16 technical industry associations to discuss about the incentives that should be granted to producers. "We've met with steel industry association," said Idris.
From the discussion, the government agreed to grant value-added tax to producers.
Steel industry is one of the industries that is seriously affected by the global financial crisis. The price decreases of commodity and steel raw materials abroad have caused domestic steel industry to fall, taking into account the collapsing steel market.
Translated by: Bonardo Maulana Wahono.
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