Tax Holiday on Sale, Corporations Rejoice
The government recorded that up to 62 companies were the recipients of the tax holiday. The total investment realization was up to Rp 1,153 trillion and successfully gave 65,000 people jobs. One of the tax holiday beneficiaries is Rosneft, a Russian-based oil company with up to Rp 136 trillion of investment. Meanwhile, one of the sectors receiving the tax exemption for a certain period is the chemical industry.
Industry Ministry’s director-general of chemical, pharmaceutical, and textile industry Muhammad Khayam told Kontan on Wednesday (1/22) that the tax holiday was efficient enough to alleviate the investment level in the chemical industry. PT Chandra Asri Petrochemical Tbk, Nippon Shokubai Co Ltd, Cabot Corporation, and PT Enerco RPO Internasional are among the chemical companies benefiting from the policy. The chemical industry, especially its upstream sector, is capital and energy-intensive, not to mention using advanced technology.