Nickel Mines’ Indonesian partner will not have to pay income tax for the first seven years of operation of its stainless steel project. The corporate income tax relief is for the RKEF Project currently under construction in Indonesia’s Morowali Industrial Park. Nickel Mines holds 60 per cent of the project.
The ruling means Indonesian operator PT Hengjaya Nickel will pay no corporate income tax for the first seven years of production, and then only 50 per cent for the following two years.
Morowali Industrial Park is the world’s largest vertically integrated stainless steel hub, with production capacity ramping up to 3 million tonnes per annum.
Source : STOCK HEAD
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