Nickel Mines announced on January 6 that PT Angel Nickel Industry has offered substantial corporate tax relief for the Angel Nickel Iron project in the Vidabe Industrial Park, Indonesia.
Angel Nickel is an Indonesian-registered company with a project comprising four RKEF production lines and a 380 MW power plant in which the company holds an 80% interest through Singapore-registered Angel Capital Private Limited.
Investment in investment/coordinating committee conducted a study to assess whether the project "conform to the tax credit standards and requirements, the finance minister of the republic of Indonesia by official decree to convey to the company tax breaks to inform" the granting of enterprise income tax reduction of 130 / PMK number 010/2020 finance minister has stipulated in article 3, Grant the following tax benefits:
To enjoy 100% reduction of corporate income tax for ten tax years starting from the tax year of commercial production; For the two tax years beginning at the end of the first ten years, the enterprise income tax shall be reduced or reduced by 50% of the income tax payable; Sales income that would normally be remitted to the Indonesian Tax Office are exempt from third party withholding and taxation for 10 tax years.
The company's existing Hengjaya Nickel and Ranger Nickel RKEF projects (both 2 production lines) are currently benefiting from a 7 year, 100% corporate tax deduction. Angel Nickel's 10-year tax holiday is due to its greater size and investment value. It should be noted that these offers may be withdrawn, modified or adjusted if any of the six conditions are not met, the most important being the minimum investment realisation of not less than 100 billion rupiah (about 4.43 million yuan).
