Indonesia's Ministry of Finance has announced that the House of Representatives approved the Law on the Harmonization of Tax Regulations on 7 October 2021, which contains the tax reform measures recently agreed to with the government for the 2022 Budget. The measures include: An increase in the standard VAT rate from 10% to 11% from 1 April 2022 with a further increase to 12% from 1 January 2025; The removal of VAT exemptions so that only certain goods and services are exempt, including basic goods that are necessary for the community, as well as health services, educational services, social services,...