Indonesia highly incentivizes investors of COVID-19 vaccine as cases rise

Source: Xinhua| 2020-07-16 18:45:43|Editor: huaxia

JAKARTA, July 16 (Xinhua) -- Indonesia has provided a huge tax break for investors involved in developing a novel coronavirus vaccine as the country has been scrambling to rein the transmission of the virus which remains afloat as of late.

Indonesian Chief Economic Minister Airlangga Hartarto said on Thursday that the super tax deduction facility is given to investors or firms conducting research, developing vocation, and investing in the development of the vaccine for the COVID-19.

"They (companies, entrepreneurs and stakeholders) can use this super tax deduction facility," Hartarto remarked.

One of the items in the facility is a reduction of the amount of gross income to be taxed, according to him.

Indonesia has been developing a novel coronavirus vaccine. Eight phases of trials have been successfully passed and seven other examinations will be carried out, according to the country's COVID-19 Task Force.

In cooperation with China's firm, Sinovac Biotech Ltd, Indonesian President Joko Widodo said that the vaccine would most likely be produced early next year with a total of about 170 million doses of vaccine.

The number of daily infection cases in Indonesia is still afloat as of late, albeit more areas have nearly obliterated the transmission of the virus.

On Thursday, the Health Ministry reported 1,574 additional cases across the country, bringing the total to 81,668 with 3,873 fatalities. Enditem