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VAT Target for 2024 Rises 9.2%, Here is MUC Tax Research Institute's Note



VAT Target for 2024 Rises 9.2%, Here is MUC Tax Research Institute's Note

JAKARTA. In the 2024 Financial Note and State Budget and Expenditure Budget Draft (RAPBN), the revenue target for Value Added Tax (VAT) and Sales Tax on Luxury Goods (STLG) amounted to 810.4 trillion, up 9.3% from the 2023 outlook.

Citing Kontan.co.id, the increase in the target is based on the solid increase in public consumption and domestic demand, which is closely related to VAT and STLG as taxes on consumption.

In addition, the government is also optimistic that the tax increase is the result of efforts to expand the tax base that is being encouraged by the authorities, for example, the matching of the Single Identity Number (NIK) with the Taxpayer Identification Number (NPWP).

Relevance of State Civil Apparatus Salary Increase

In addition, the Executive Director of MUC Tax Research Institute Wahyu Nuryanto gave his notes. He said, one of the keys in encouraging public consumption next year is related to the planned salary increase for the State Civil Apparatus (ASN).

The plan was conveyed by President Joko Widodo in his speech at the annual session of the People's Consultative Assembly on Wednesday (16/8).

Wahyu thinks that in the concept of encouraging people's purchasing power, the statement is very relevant.

General Election Impact

In addition, Wahyu also noted that the momentum of the general elections (elections) that will be held next year can also encourage the achievement of the VAT and STLG revenue targets.This is because election activities can trigger public demand.

Meanwhile, regarding the option to increase the VAT rate from 11% to 12%, according to Wahyu, this option is not urgent to use.

As is known, in Law Number 7 of 2021 concerning Harmonization of Tax Regulations (HPP), there is room for the government to increase the VAT rate to 12% by 1 January 2025.

For information, the MUC Tax Research Institute is a non-profit organization that carries out educational missions and disseminates positive information related to taxation, through various activities such as discussions, training, and seminars. (ASP/KEN)


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