Kementerian Keuangan (Kemenkeu) resmi menerbitkan Peraturan Menteri Keuangan (PMK) Nomor 61 Tahun 2024 tentang perpanjangan insentif Pajak Pertambahan Nilai Ditanggung Pemerintah (PPN DTP) untuk pembelian rumah hingga Desember 2024.
“Dalam rangka akselerasi pertumbuhan pada sektor properti di empat bulan terakhir 2024, melalui PMK 61 Tahun 2024, diberikan tambahan fasilitas PPN DTP 100% mulai 1 September 2024 hingga 31 Desember 2024,” kata Kepala Badan Kebijakan Fiskal (BKF) Kemenkeu Febrio Kacaribu di Jakarta, baru-baru ini.
Dalam aturan sebelumnya, Pemerintah memberikan fasilitas PPN DTP sebesar 100% hingga Juni 2024 dan 50% sampai Desember 2024. Sementara melalui PMK 61/2024, insentif PPN DTP 100% diperpanjang hingga Desember.
Ketetapan insentif masih sama seperti yang diatur dalam PMK sebelumnya. Pemerintah menanggung PPN untuk pembelian rumah tapak dengan harga maksimal Rp5 miliar. Sementara jumlah PPN yang ditanggung untuk dasar pengenaan pajak (DPP) sampai dengan Rp2 miliar.
“Dalam rangka akselerasi pertumbuhan pada sektor properti di empat bulan terakhir 2024, melalui PMK 61 Tahun 2024, diberikan tambahan fasilitas PPN DTP 100% mulai 1 September 2024 hingga 31 Desember 2024,” kata Kepala Badan Kebijakan Fiskal (BKF) Kemenkeu Febrio Kacaribu di Jakarta, baru-baru ini.
Dalam aturan sebelumnya, Pemerintah memberikan fasilitas PPN DTP sebesar 100% hingga Juni 2024 dan 50% sampai Desember 2024. Sementara melalui PMK 61/2024, insentif PPN DTP 100% diperpanjang hingga Desember.
Ketetapan insentif masih sama seperti yang diatur dalam PMK sebelumnya. Pemerintah menanggung PPN untuk pembelian rumah tapak dengan harga maksimal Rp5 miliar. Sementara jumlah PPN yang ditanggung untuk dasar pengenaan pajak (DPP) sampai dengan Rp2 miliar.
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TVTranscript
00:00Thank you for joining us in the second session of Market Review.
00:22The government has adopted the Ministry of Finance Regulation No. 61 for 2024 on the
00:28extension of the government's added value tax incentive for households until December 2024.
00:34This policy is expected to be able to give a significant multiplier effect
00:38to accelerate economic growth in Indonesia.
00:44The Ministry of Finance officially adopted the Ministry of Finance Regulation No. 61 for 2024
00:50on the extension of the government's added value tax incentive for households until December 2024.
00:57Thus, the policy of freeing the Ministry of Finance for the construction of houses
01:01has been in force since September 1 until December 31, 2024.
01:06The latest regulation revised the previous regulation
01:09which stated that the government provided 100% of the Ministry of Finance's additional tax incentives
01:13until June 2024 and 50% until December 2024.
01:20Even though the incentive settlement in the Ministry of Finance Regulation No. 61 for 2024
01:24is still the same as the previous regulation in the Ministry of Finance Regulation No. 61
01:28where the government paid the Ministry of Finance for the purchase of households
01:32with a maximum price of 5 billion rupiah
01:34while the amount or value of the Ministry of Finance that is paid for the base of tax receipt
01:39is up to 2 billion rupiah.
01:42The head of the Ministry of Finance's fiscal policy body, Febrio Natan Kacaribu, said
01:47this policy is expected to be able to give a significant multiplier effect
01:51which is significant to accelerate economic growth
01:54as well as strengthen national economic resilience
01:57amid the worsening of global dynamics.
02:01In addition to extending the implementation of the PPNDTP incentive
02:04the government also increased the allocation of households subsidy credit
02:08for low-income communities as much as 34,000 units.
02:13The incentive is provided through the program of housing financing liquidity facilities
02:18or FLPP.
02:21With the addition of the allocation, the MBR that can make use of this year's KPR subsidy
02:26increased from 166,000 families to 200,000 families.
02:31Various sources of IDX channel.
02:38And for our topic, in the second half of the market review
02:41the purchase of free households PPND extended until the end of 2024
02:44has been connected by video conference with Mr. Daniel Jumali
02:47who is the Secretary General of the Association for Development, Housing
02:50and Resettlement of Indonesia or APRC
02:53and also Mr. Panangian Bano Kalit, Founder of Panangian School of Property.
02:57Good morning, gentlemen.
03:00Good morning.
03:01Thank you for joining us, Mr. Panangian.
03:04It looks like you're on your way. Be careful, sir.
03:07Yes, I'm ready.
03:08I'll go to Mr. Daniel first.
03:09Mr. Daniel, regarding the PPNDTP
03:12which was extended until the end of 2024
03:16what do you think about this?
03:18It looks like the momentum is very positive for the property industry
03:21because yesterday, Bank Indonesia also lowered its reference rate.
03:25What do you think, Mr. Daniel?
03:27Yes, indeed, the two latest policies
03:31from the Ministry of Finance or from the government
03:34are highly anticipated by the business world.
03:37First, regarding the PPNDTP
03:40the PPNQ was also issued on November 61, 2024
03:44from September 21 until December 2024.
03:48It has been issued.
03:49But there's one thing that hasn't been issued yet.
03:52It hasn't been implemented yet.
03:53What is it, sir?
03:54It's the increase in incentives for subsidized housing quotas.
03:58Last year, the implementation budget was Rp229,000.
04:08But it was estimated by TAPERA that this year it will be Rp166,000.
04:14So, there's still a shortage of Rp34,000 for Rp200,000.
04:18Whereas, if we look at last year's implementation
04:22it was Rp229,000 per unit.
04:25So, with Rp34,000, it's not bad.
04:29Minimum, if we look at the sand, we can get a bottle of water.
04:32But it's not enough, actually.
04:34Well, this is later...
04:36But the Rp34,000 hasn't been issued yet.
04:39But it's not bad.
04:41Hmm, okay.
04:43If we look at the implications
04:47for the achievement of the target of the property industry
04:50with the two government policies that have been issued
04:54and also have a positive impact on the property industry
04:58what does it look like, Mr. Daniel?
05:01Yes, for PPNDTP, it's definitely very good.
05:07Especially if we look at the market in Indonesia
05:13the biggest market is for subsidized houses.
05:17Houses of type Rp36,000 and below.
05:22With a land area of Rp200,000 and below as well.
05:25Mostly Rp60,000.
05:26Well, that's the most.
05:29Maybe around 35-40% of the entire market for flat houses.
05:34Second, medium-sized houses.
05:36Medium-sized houses from Rp500,000 to Rp500,000 are also very much needed.
05:42That's more or less, from Rp500,000 to Rp750,000
05:46that's more or less around 30% as well.
05:5030-35%.
05:52That means that two-thirds of the market for flat houses
05:56is actually filled with houses of type Rp20,000 and below and medium-sized houses.
06:04That's the biggest market.
06:05Okay, so that means that there will be improvement
06:12and achievement from the target of friends in the property industry.
06:16Okay, let's go to Mr. Panangian.
06:17Mr. Panangian, what is your opinion
06:20related to the various incentives given by the government recently?
06:24How long has it been enough to be a fresh wind for friends in the property industry?
06:35It looks like you're still on mute, Mr. Panangian.
06:43Hello, sir.
06:44It looks like you're still on mute, Mr. Panangian.
06:46I'm sorry.
06:49Hello, sir.
06:52We still can't hear you.
06:57Okay, I'll go to Mr. Daniel first.
07:00Yes.
07:01Okay, Mr. Daniel,
07:03regarding the hope for an increase in the subsidy property quota,
07:08how long has it been?
07:12Even though the two incentives have clearly had a positive impact,
07:15but the other hope is the increase in the quota for subsidized houses.
07:19How long has it been since it was announced to the government?
07:24Yes.
07:25Yesterday, Mr. Adi Shabto and I talked to TAPERA.
07:30They said that we just have to wait a little longer.
07:34If there are 10 stages, it will be in stage 8.
07:36But actually, the government's promise was released in September.
07:43And actually, since August, the quota has run out.
07:45So, a lot of houses have been provided,
07:49there are already buyers,
07:50and there will always be buyers.
07:52Well, the bank is also ready,
07:54but the government quota is not yet available.
07:58We hope that this week,
08:00it should be the latest,
08:01because this is the last week in September,
08:04the realization should have been released,
08:08so that banks can implement a credit increase
08:11to receive houses from consumers.
08:14Because the houses are already available, Mr. Wiki.
08:17Yes.
08:18Okay, and 2024 is just a moment away.
08:22If everything can run in parallel,
08:26it will have a very positive impact for friends in the property industry.
08:30Okay, Mr. Bapak, we will take a short break.
08:32We will continue in the next segment.
08:33And Mr. Prasad, stay with us, we will be right back.
08:52Thank you for staying with us.
08:54Before I continue to discuss with both of you,
08:58both of you in the market review,
09:00I will show you some data that has been prepared by my fellow editors,
09:05which are related to the period of PPNDTP grant incentives in the property sector.
09:09In the previous regulation,
09:10from January 1st to June 31st, 2024,
09:13PPNDTP was given 100 percent.
09:15Then from July 1st to December 31st, 2024,
09:18PPNDTP was given 50 percent.
09:21Then there is the latest regulation,
09:22which is a revision of the previous regulation.
09:26The latest regulation,
09:27from September 1st to December 31st, 2024,
09:30PPNDTP was given 100 percent.
09:33Then the next is the data on the sale of property in 2024
09:38year-on-year.
09:41We will also provide the data quarterly.
09:44In the first quarter of 2024,
09:4731.16 percent.
09:50Then in the second quarter of 2024,
09:537.3 percent year-on-year.
09:57Then the next is related to the PPNDTP tariff line in Indonesia.
10:02From 1983 to 2021,
10:0610 percent.
10:08Then from 2021 to 2024,
10:1111 percent.
10:13And in 2025,
10:1512 percent.
10:17We get the data from Kemenkoperekonomian.
10:20And next, I will continue the discussion with Mr. Panangian Simanungkali first.
10:23Mr. Panangian, your opinion on the PPNDTP tariff line
10:27until December 2024.
10:31What is it like?
10:32Positive for the movement of the property sector.
10:35Because for several years,
10:39the sales have decreased,
10:41especially after COVID, right?
10:42So the recovery of the property sector is not 100 percent total.
10:48With the existence of the PPNDTP,
10:51gradually,
10:53there is a recovery of the property sector,
10:55even though it is not full yet.
10:56Later, after 2025,
10:59it will start to be full.
11:01Because the new government has a program to build 3 million houses.
11:06Directly or indirectly, it will have a positive impact on the market in 2025.
11:15Okay.
11:17Then, about the response to the city's fulfillment,
11:23which this year has decreased from 229,000 last year to 166,000.
11:29The government has committed to add about 34,000 to 200,000.
11:34I think it will be soon.
11:36As Mr. Daniel said earlier,
11:39it is already in the eighth stage.
11:41In a few weeks, I think it will be completed.
11:44And it will increase sales until the end of December this year.
11:51Next year, with the existence of a new government program,
11:56you also mentioned that the deficit fund rate will decrease,
11:59and there is a possibility that it will decrease before December.
12:02Once again,
12:04hopefully,
12:05because it is getting clearer,
12:06the deficit fund rate will continue to be sure that inflation with a 2% target will occur in the next 2-3 years.
12:13This will be positive for the development of the property industry in Indonesia.
12:17So, total recovery will occur around 2026.
12:22Later, the boom can occur in 2027-2028.
12:25Okay. That's how you project it.
12:28Yesterday, the Indonesian Bank also reduced the deficit rate to 6%,
12:32or a total of 25 basis points.
12:34As a projection,
12:36the sale of property from you, Mr. Nangian, until the end of 2024,
12:41of course, with this incentive,
12:43and also the momentum of the decrease in the Bung Acuan tribe from the Indonesian Bank yesterday,
12:47how many percent do you think the increase will be, and how much will it be in total?
12:51Usually,
12:53the normal growth of property is one and a half times that of GDP growth.
12:58Indonesia's GDP has reached approximately 5% today.
13:01So,
13:02the growth of property is approximately 8%.
13:05With the existence of PPNDTP,
13:08continued until December,
13:10the effect will only be seen around the first quarter of 2025.
13:14At the same time,
13:17on October 20, it will be announced that the Ministry of Housing and Urban Development
13:24will give a positive effect to the market
13:28because the target of housing development by the elected president is 3 million houses.
13:362 million in the village, 1 million in the city.
13:38This is where the momentum of the economy is pulling,
13:43and there is even a target from the elected president to reach 8% in 2-3 years,
13:483 years, meaning 2028.
13:50So, between 2025 and 2028, it will continue to increase
13:57the graph,
13:58not even a single digit,
14:01as you said, 2025 is around 8%,
14:04this will be able to reach 10% or even 20%
14:09between 2025 and 2028.
14:12Okay, as long as various kinds of incentives and government programs
14:17run in a connected way
14:19and cumulatively will give a positive impact
14:21even more on the property sector.
14:24I'll go to Mr. Daniel.
14:26Mr. Daniel, from the price point of view, a house with a price of up to 5 billion rupiah,
14:305 billion rupiah is the incentive target
14:34from what is given by the government.
14:36Is it true that in this segment,
14:38this is one of the main contributors
14:40in the sale of property, Mr. Daniel?
14:44Yes, indeed,
14:48PPNDTP has a value of up to 5 billion rupiah.
14:50But the biggest market,
14:52as explained by Mr. Panengian earlier,
14:54later,
14:56in addition to the city,
14:58in the city itself,
15:00the most is actually
15:02Sucidi House,
15:04the city house for MBR or Millennial.
15:06It's maybe around 35-40%.
15:0830% to 35% more,
15:12the big market is also in Rumah Menengah.
15:16Up to,
15:18PPP is up to around
15:20200 more,
15:22200 million more,
15:24starting from Rp166,000, Rp185,000 to Rp200,000
15:26for the Papua area,
15:28and Rumah Menengah,
15:30maybe up to around Rp600,000-Rp700,000.
15:34The fattest is below Rp500,000.
15:36That's the biggest market.
15:38Maybe Rp34,000-Rp80,000
15:42is in that market.
15:44After that,
15:46Rumah Menengah goes up.
15:48So, in my opinion,
15:50the two policies of the government
15:52are already good.
15:54As long as the real estate is accelerated,
15:56the lack of power is added,
15:58to support the new government
16:02since October 20.
16:04Okay.
16:06So, this will be a policy that will give a booster
16:08to the energy sector and the property sector.
16:10Yes.
16:12But then,
16:14do you find there are still challenges,
16:16sir?
16:18There are still challenges.
16:20In terms of property in Indonesia,
16:22so that the road can't be too fast?
16:24Actually, if we look at the investment,
16:26the house is already there.
16:28The buyer is already there. The bank is ready.
16:30The only thing left is the city
16:32for the subsidized houses.
16:34That's all.
16:36Everything is ready.
16:38In fact, since August until now,
16:40because there is no increase,
16:42the cash flow of the developers
16:46is automatically the cash flow of the workers,
16:48the cash flow of the contractors,
16:50and also
16:53the related sectors.
16:55For example, starting from houses,
16:57from stones, from cement,
16:59to cables, all of that
17:01is delayed.
17:02So, in fact,
17:04tens of millions of workers
17:07are waiting for the realization
17:09of the expansion of the government's promise
17:12that has fallen.
17:13Especially for the next year.
17:15Because
17:17it has been proven,
17:19during the pandemic,
17:21that subsidized houses
17:23are very much needed.
17:26How can they work
17:28if they don't have a house?
17:29Moreover, it's called a walk from home.
17:31This is it.
17:33So, this has a huge impact.
17:35The faster the realization
17:37of the city's expansion,
17:39depending on all the banks
17:41to run it,
17:43the faster the economic wheel turns.
17:45Okay.
17:47That has an impact on 180 other industries.
17:49Okay. One of the challenges
17:51is to be able to enjoy
17:53all kinds of positive impacts
17:55from this incentive.
17:57That's the challenge.
17:59So that it can be maximized.
18:01But from a more macro point of view,
18:03Mr. Panangian,
18:05what are the challenges
18:07that the property industry
18:09still faces in Indonesia, Mr. Panangian?
18:11Well, as Daniel Jumali
18:13has said,
18:15the biggest challenge
18:17has already passed.
18:19If the government
18:21commits to release
18:23Rp33,000 by the end of this month.
18:25By the end of this month,
18:27I mean by the end of September.
18:29So, even though there is a slight delay
18:31in the cash flow from the developers,
18:33the developers are experienced.
18:35The important thing is there is certainty.
18:37So, the developers are just one.
18:39The certainty is...
18:41The process, if possible, the bureaucracy
18:43will be cut off.
18:45But if the government has committed,
18:47there should be no problem.
18:49The biggest challenge
18:51has already been experienced.
18:53So, the developers are just waiting
18:55when the new government
18:57with the Rp3 million program,
18:59the developers should be
19:01ready to take
19:03the opportunity
19:05with a very large amount.
19:07Rp2 million in the villages,
19:09Rp1 million in the cities.
19:11So, there is no longer a challenge
19:13for the developers.
19:17Only, maybe,
19:19the upcoming government
19:21has to
19:23invent
19:25any problems
19:27for the developers,
19:29in order to speed up.
19:31For example, the licensing is still
19:33very bureaucratic.
19:35There are many things about licensing.
19:37This is what has to be addressed
19:39by the upcoming new government.
19:41Okay.
19:43Because, sir, in the last 10 years,
19:45when he was joined by PU and Pera,
19:47they complained a lot.
19:49But after they invented,
19:51what was the complaint?
19:53It must be related to the supply process.
19:55Licensing,
19:57financing.
19:59But there are more administrative problems,
20:01not fundamental problems.
20:03Technical problems.
20:05Okay. What efforts
20:07or what kind of advocacy
20:09have you done
20:11from the point of view of the developers
20:13in the property,
20:15so that this process
20:17can continue to be maintained
20:19and monitored
20:21so that the approval
20:23can be quick,
20:25related to the subsidized houses
20:27that the city is still waiting for.
20:29From Mr. Panangian first,
20:31then I'll go to Mr. Daniel.
20:33Once again, we are waiting
20:35for the Ministry of Housing
20:37that was proposed
20:39by Mr. Hasim
20:41as the head of the Indonesian Housing Ministry
20:43in the elected
20:45presidential government.
20:47What we are waiting for
20:49is how the structure is,
20:51how
20:53the priority
20:55of the target
20:57will be completed.
20:59Because this Ministry of Housing
21:01has met with all stakeholders,
21:03starting from BTN,
21:05BP Tarung,
21:07TAPERA, APRC,
21:09REI, HIMPERA,
21:11then SMF.
21:15All stakeholders have
21:17consolidated like that, right?
21:19Yes, it has been consolidated
21:21and has delivered a list
21:23of what must be done by the government
21:25when the Ministry of Housing
21:27exists
21:29on October 20th.
21:31So, once again,
21:33there is almost no business
21:35because it has been handed over to the government.
21:37Now the ball is left
21:39to the Ministry of Housing
21:41and Development.
21:43Okay.
21:45The same question, I will continue
21:47to Mr. Daniel, but we will take a break
21:49and we will be back soon.
21:51Oh, okay.
21:53It looks like at the end of the event
21:55there will be no more breaks
21:57to
21:59conclude.
22:01So, Mr. Daniel,
22:03what do you think, Mr. Daniel?
22:05Yes.
22:07Actually, like what
22:09Mr. Pananian said earlier,
22:11if we look at the government's programs
22:13now and in the future,
22:15they are very good.
22:17The One Million Houses Program is good,
22:19especially the Three Million Houses Program.
22:21And our association is ready
22:23to support and support
22:25all of those programs,
22:27from cities to villages.
22:29Mr. Pananian knows exactly
22:31our readiness. We are very ready.
22:33Well, it's just this.
22:35Sometimes this bureaucracy,
22:37like the Ministry of Finance
22:39has already announced,
22:41but we ourselves
22:43are the ones who help.
22:45Starting from the Ministry of Finance to the PPPR.
22:47So, besides that,
22:49for example, the classic issue of
22:51permission,
22:53both in the ATR-BPN and
22:55in
22:57Pemda-Pemda.
22:59This is what needs to be improved.
23:01Including also
23:03the ease and speed of time.
23:05So, like now,
23:07this is a city of 34,000.
23:09I'm sure in two months.
23:11If two months are up,
23:13what about this
23:15September-October? November-December
23:17will be less.
23:19This must be prepared again.
23:21Maybe a subsidy for flowers
23:23or something that
23:25doesn't absorb a lot of
23:27budget from the PPPR,
23:29but more can be
23:31moved by the atmosphere.
23:33This is what must be done.
23:35We are ready to go there.
23:37Okay, from the developer is ready,
23:39the bank is ready,
23:41then the community is also ready to absorb.
23:43Then the government knocks on your head like that.
23:45I will make a statement that was
23:47delivered by Mr. Pananian as a closing statement
23:49from you. Mr. Daniel, Mr. Pananian,
23:51thank you for joining us.
23:53I always see you.