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Contraction Widened, Tax Growth of July 2020 Minus 14.7%

Tuesday, 25 August 2020

Contraction Widened, Tax Growth of July 2020 Minus 14.7%

JAKARTA. The government announced the realization of tax revenue until July 2020 was recorded at IDR 601 trillion or grew minus 14.7% compared to July 2019. This contraction was bigger than in June, which contracted 12.01% from June 2019.

Quoting Bisnis.com, tax revenue is under pressure since the performance of economic recovery in 2020 due to the Corona Virus Disease 2019 (Covid-19) pandemic is not optimal.

When viewed more specifically, the widening contraction occurred in almost all types of taxes.  Especially Income Tax (PPh) and Value Added Tax (VAT/PPN).

For Income Tax, contraction occured in both oil and gas and non-oil and gas income tax. The realization of oil and gas income tax until July 2002 according to the government recorded at IDR 19.8 trillion or grew minus 44.22%, higher than the June contraction which grew minus 40.13%. 

A very significant widening occurred in the non-oil and gas income tax, which in July grew minus 43.82%, whereas in June 2020 the contraction was only 10.1%.  Meanwhile, VAT revenue contracted by 12%.

For information, the government estimates that 2020 tax revenue will be IDR 1,198.81 trillion, with details of the income tax revenue target of IDR 670.37 trillion, VAT and Sales Tax on Luxury Goods (PPnBM) IDR 507.52 trillion and Land and Building Tax (PBB) and Other Taxes of IDR 20.92 trillion.

 



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