Finance Minister Sri Mulyani claimed that the luxury goods tax exemption (PPnBM) incentive for the purchase of a new car had a major impact on the automotive sector, which had been severely depressed by the COVID-19 pandemic. Based on the data it has, the policy has pushed car sales up to 863.3 thousand units in 2021 yesterday. The sales increased compared to 2020 or at the beginning of the pandemic which was only 578.3 thousand units. He added that the increase in sales was not only driven by the PPnBM exemption policy. The increase was also driven by the collaboration of several policies carried out by the government, BI, and OJK. One of them is the easing or exemption of down payments for car and motor vehicle loans by BI from March 1, 2021, to December 31, 2021. She added that the policy had pushed the realization of motor vehicle loans to reach Rp97.45 trillion until December 2021 yesterday. "The PPnBM incentive, which is collaborated with the easing of financing advances by the OJK and the easing of credit advances by BI, has pushed the realization of motor vehicle loans up to Rp. 97.45 until December 2021. This achievement is in line with the increase in car sales in 2021 which reached 863.3 thousand units, up compared to 2020 which was 578.3 thousand," she said in Jakarta Wednesday (2/2).
Sri Mulyani added that in addition to the automotive sector, several incentives launched by the government, BI, and OJK to boost the domestic economy from the pressure of COVID-19 have also yielded results. One of them is the relaxation of Risk-Weighted Assets (RWA), insurance premiums, and advances for finance companies. This policy was able to encourage the realization of property loans up to Rp 465.5 trillion until the end of December 2021 yesterday.
Based on these successes, Sri Mulyani stated that several policies would be continued. One of them is PPnBM incentives for the automotive sector. Sri Mulyani added that she had signed the regulation of the minister of finance which became the legal umbrella for the provision of incentives. "All you have to do is get a number from the Ministry of Law and Human Rights. If it's finished today, it will be announced," she said.
