Tax Payment Supports Indonesia's Official Reserve Assets in August 2022

JAKARTA. Tax revenues were able to support Indonesia's Official Reserve Assets in August 2022, which was recorded at US$ 132.2 billion or remained the same as the July 2022 period.

Quoting Bisnis Indonesia Thursday (8/9) edition, besides being supported by tax revenues, the position of official reserve assets is also influenced by service payment and foreign exchange from oil and gas.

However, in general, Bank Indonesia (BI) said that the position of Indonesia's Official Reserve Assets was influenced by Indonesia's stability and economic prospects which are still maintained as well as various government policies in the context of economic recovery.

According to BI, the value of the official reserve assets position is well above the international adequacy standard of three months' imports.

The value of Indonesia's official reserve assets was equivalent to finance 6, 1 months of imports or 6 months of imports and servicing the government's external debt.

Bank Indonesia views that the official reserve assets remain adequate in the future. This is due to the stability and solid domestic economic outlook, in line with the policy responses to stimulate macroeconomic and financial system stability. economic recovery.

Up to now, the government has not released the realization of tax revenues until 31 August 2022. However, until the end of July 2022, the realization of tax revenues was recorded at IDR 1,028.5 trillion.

That number grew by 58.8% compared to the same period in 2021 and is equivalent to the 69.3% target set by the government.

The realization of tax revenue consists of non-oil and gas income tax of IDR 595 trillion, oil and gas income tax of IDR 49.2 trillion, Value Added Tax (VAT) and Sales Tax on Luxury Goods (STLG) of IDR 377.6 trillion, and; Land and Building and other taxes amounting to IDR 6.6 trillion.