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Economy

Indonesia expands tax holiday to woo capital for growth

Bigger tax cut and simpler approval process seek to support manufacturing

Indonesia hopes to woo investors with an expansion of its tax holiday for growth industries.   © Reuters

JAKARTA -- Indonesia's Finance Ministry on Monday announced a new policy that will exempt new businesses in 17 "pioneering industries" from paying corporate tax while also slashing the procedures involved.

The policy, which will provide companies with tax relief when they apply for investment permits, extends the number of industries eligible for the tax holiday from the current eight.

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