Massive stimulus plan

Indonesian Financial Minister Sri Mulyani Indrawati said Tuesday at the House of Representatives' Commission that the package was aimed at increasing people's purchasing power, the competitiveness and sturdiness of businesses facing the economic downturn, and labor-intensive infrastructure spending.
The new stimulus includes tax savings worth 43 trillion rupiahs (about 3.8 billion dollars); waived taxes and import duties for businesses and certain households worth 13.3 trillion rupiahs (about 1.2 billion dollars); and subsidies and government spending businesses, worth 15 trillion rupiahs (about 1.3 billion dollars).
Of the waived taxes and import duties for businesses and certain households, 3.5 trillion rupiahs (about 0.3 billion dollars) are for value-added taxes on oil and gas exploration, andcooking oil; 2.5 trillion rupiahs (about 0.2 billion dollars) are for import duties on raw materials and capital goods; 6.5 trillionrupiahs (about 0.6 billion dollars) are for income taxes of employees; and 0.8 trillion rupiahs (about 70.7 million dollars) are for income taxes for geothermal.

Petrochemical industry

The proposed package will be submitted to the State Council for approval soon. Sources with China Petroleum and Chemical Industry Association (CPCIA) said it is expected to be announced after the Chinese Lunar New Year.
The nation had earlier announced stimulus packages for steel and auto industries recently.
"The package will focus on oil products restructuring and improvement on technology," an industry insider, who declined to be named, said.
Under the package China plans to invest 60 billion yuan this year to improve the quality of 60 million tons of gasoline to the level of China III and China IV standards, which are equivalent to Euro III and Euro IV standards, according to the report.