Indonesia has published Government Regulation No. 55 of 2019, which came into force on 12 August 2019 and provides for a reduction of the income tax rate on bond income received by collective investment contracts in the form of infrastructure investment funds, real estate investment funds, and asset-backed securities recorded at the Financial Services Authority. This includes that income received in the form of interest or discount on bonds by such collective investments is subject to a 5% tax rate through 2020 and subject to a 10% rate from 2021. The reduced rates also apply for bond income received by mutual funds, although mutual funds were already eligible for these rates. The regulation also sets the general tax rate for bond income at 15% for residents and 20% for non-residents, which is unchanged.