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WB President backs Indonesia’s tax reform

President of the WB Group, Jim Yong Kim, has expressed his support to the Indonesian government’s plan on tax reform in an effort to increase the state budget, reported Antara News Agency.
WB President backs Indonesia’s tax reform ảnh 1President of the World Bank Group Jim Yong Kim. (Photo: EPA/VNA)

Jakarta(VNA) – President of the World Bank Group, Jim Yong Kim, has expressed hissupport to the Indonesian government’s plan on tax reform in an effort toincrease the state budget, reported the country’s Antara News Agency on July25.

Speaking at theIndonesia Infrastructure Finance Forum in Jakarta on July 24, he said theenforcement of the tax reform would be challenging but it is crucial tocontribute to the infrastructure development of the country.

He suggested thatIndonesia should double its infrastructure investment to 500 billion USD in thenext five years.

Kim went on to saythat in spite of its large potential, Indonesia’s tax revenue only amounted toless than 50 percent against the Gross Domestic Product (GDP), lower than thatof the Philippines and Cambodia which shared similar problems as Indonesia.

Therefore, anyattempts to reform the country’s tariff system should be supported in order toensure the finance for infrastructure development.

Besides the lack oftax revenues, the country’s growth was also hindered due to inefficient publicspending and the budget deficit that has been kept around 3 percent of theGDP.-VNA
VNA
#President of the World Bank Group#Jim Yong Kim#World Bank#Indonesia#tax reform#state budget#Indonesia Infrastructure Finance Forum#infrastructure development#public spending#budget deficit#Vietnamplus
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