Reforms of Indonesia's easily-sidestepped luxury property taxes may be on ice, but the taxman is likely still coming for the wealthy, analysts said.
"I don't think it's because of an income gap or anything like that," Wellian Wiranto, an economist at OCBC, said. The delay is to work out the economic impact and give the industry time to adjust, he said.
Others agree the change is coming.
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"This is more being postponed because of pushback from property developers and the real estate association on discussion on specific clauses," said an analyst at a global investment bank who declined to be named. But he believes the government is determined to push through changes and broaden its tax collections.
The luxury property tax gets sidestepped fairly frequently and the government wants to change the calculation to one based on value rather than the current use of the apartment size.
"Any apartment beyond 150 meters square is counted as luxurious," noted Finance Minister Bambang Brodjonegoro at the Credit Suisse Asian Investor Conference last month. "Luxurious is about value, not about the size," he said.