Jakarta mulls tax cuts to nurture oil production

 

Jakarta: With oil production in southeast Asia’s largest economy consistently down Jakarta is mulling cutting taxes for firms involved in oil and gas exploration at new sites in the archipelago. 
 
Indonesia has been a net oil importer since 2008 and managed just 898,000 bpd last year, around half of its total from 1996. 
 
The government is contemplating slashing rates for income tax, value-added tax and import duties on exploration equipment.
 
Meanwhile, the nation’s oil and gas regulator BPMigas has called on the government to abolish all import duties on oil exploration equipment such as oil rigs and OSVs.  [08/10/12]

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