UAE’s $35 Billion Egypt Deal Marks Gulf Powers’ Buying Spree
Crown jewels including resorts and a gas station chain are up for grabs. Saudi Arabia mulls purchases.
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Crown jewels including resorts and a gas station chain are up for grabs. Saudi Arabia mulls purchases.
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Jun 25, 2019
Bloomberg News
,(Bloomberg) -- Indonesia slashed income tax on the sale of luxury properties in the latest bid to spark a revival in its stagnant property sector and support growth in Southeast Asia’s largest economy.
The tax on income from sales of luxury houses and condominiums priced at 30 billion rupiah ($2.1 million) or more was reduced to 1% from 5%, according to a statement issued by the Cabinet Secretariat Tuesday. The threshold for the application of the lower tax, effective from June 19, was raised from 10 billion rupiah previously, it said.
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To contact the reporter on this story: Tassia Sipahutar in Jakarta at ssipahutar@bloomberg.net
To contact the editors responsible for this story: Thomas Kutty Abraham at tabraham4@bloomberg.net, Karlis Salna
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