Jakarta (VNA) – After Indonesia's Kura-Kura Bali was officially designated as a special economic zone (SEZ) on April 5, investors and business owners investing in the region will be exempt from paying income tax (PPh) for a certain period of time.

Moreover, they will also enjoy other incentives such as exemption of value-added tax (PPN), luxury goods sales tax (PPnBM), special consumption tax, and import duties, as well as benefits related to the circulation of goods, employment, immigration, business permits, land, and spatial planning.

President-Director of Kura Kura Bali Tuti Hadiputranto said in a statement released on April 11 that with a variety of existing facilities and conveniences, Indonesia invites investors and business owners to open their businesses at Kura Kura Bali, especially in tourism and creative industries.

The tax-free policy aims to encourage investment and economic development in Kura-Kura Bali, including increasing economic growth, opening more job opportunities, and improving people's welfare, she said.

Investors and business owners can gain more incentives such as the 10-year PPh exemption for investments with a value ranging from 100-500 billion Rp (6.7-33.6 million USD).

The PPh-free policy will vary depending on the size of the investment made, she said, adding that the larger the investment value is, the longer the PPh-free period will be, up to a maximum of 20 years.

The Kura Kura Bali real estate development project covering nearly 500 ha is Bali's new integrated tourism destination, which is targeted to attract investment of 104 trillion Rp and 99,000 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.

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./.