Jakarta (ANTARA) - Investors and business owners investing in Kura-Kura Bali will be exempt from paying income tax (PPh) for a certain period of time following the region’s designation as a special economic zone (SEZ) on April 5, 2023.

Apart from income tax, investors and business owners at Kura Kura Bali will also enjoy other incentives such as exemptions on value-added tax (PPN), luxury goods sales tax (PPnBM), corporate income tax, excise, and import duties, as well as benefits related to the traffic of goods, employment, immigration, business permits, land, and spatial planning.

"With a variety of existing facilities and conveniences, we invite investors and business owners to open their businesses at Kura Kura Bali, especially for tourism and creative industries," President Director of Kura Kura Bali Tuti Hadiputranto said in a statement received here on Tuesday.

She explained that the tax-free facility aims to encourage investment and economic development in Kura-Kura Bali, including increasing economic growth, opening more job opportunities, and improving people's welfare.

"We thank the Indonesian government for granting Kura Kura Bali SEZ status. Thus, investors and business owners can gain more facilities such as the PPh free facility for 10 years for investments with a value ranging from Rp100 billion to Rp500 billion,” she said.

The PPh-free facility will vary depending on the size of the investment made, she added. The larger the investment value, the longer will be the PPh-free facility period, up to a maximum of 20 years.

Kura Kura Bali was officially designated as an SEZ through Government Regulation Number 23 of 2023 concerning Kura Kura Bali SEZ.

The real estate development project covering nearly 500 hectares is Bali's new integrated tourism destination, which is targeted to attract investment of Rp104 trillion and absorb 99 thousand workers in the next 30 years.

The SEZ will prioritize the tourism and creative industry sectors and focus on the construction of marinas, resorts, grand outlet malls, and supporting sectors, such as intercultural schools, technology parks, and health and wellness centers, Hadiputranto explained.

The project is expected to help build a new, exclusive, and quality image for the tourism industry, while highlighting the local wisdom of the Balinese culture, which emphasizes keeping the balance between nature and human activities, she added.

Hadiputranto said that the Kura Kura Bali SEZ will have leading educational facilities, a health and wellness center, as well as an international-standard marina.

"Foreign yachts that usually stop by in Singapore, Thailand, or Darwin, can stop in Bali as well," she remarked.

The development of Kura Kura Bali is also in line with the Kerthi Bali Economic Transformation Road Map prepared by the Ministry of National Development Planning/National Development Planning Agency (Bappenas) and the Bali provincial government. The road map was launched by President Joko Widodo in December 2021.

According to Hadiputranto, the development of Kura Kura Bali is a part of the implementation of the road map and is expected to help Bali recover and grow fast, based on the values of the local wisdom of Sat Kerthi and the spirit of Tri Hita Karana.

Related news: Minister optimistic of regions emulating Sanur SEZ hospital
Related news: Open to hiring local, foreign workers at Sanur SEZ hospital: IHC

Translator: Ade Irma J, Resinta S
Editor: Rahmad Nasution
Copyright © ANTARA 2023