Commodity Normalization, Tax Payment in May 2023 Slows Down

Monday, 26 June 2023

Commodity Normalization, Tax Payment in May 2023 Slows Down

JAKARTA. The realization of tax revenue until the end of May 2023 was recorded at IDR 830.29 trillion or grew 17.7% compared to the same period in 2022.

However, this growth rate shows that the performance of tax revenues in 2023 is in a slowing trend.

This is because, in the last five months or from January to May 2023, the growth in tax revenues grew 48.6%, 40.4%, 33.8%, 21.3%, and 17.7% respectively.

In fact, when compared between months, tax revenue in May 2023 only grew by a single digit of 2.9% from April which grew by 4.8%.

According to Minister of Finance Sri Mulyani, the slowdown in tax revenue growth was due to the decline in commodity prices, slowing imports, and the absence of the Voluntary Disclosure Program (VDP).

"At the same time, tax revenue also follows fluctuations in consumption, government spending, imports and commodity prices," wrote an explanation from the Ministry of Finance in a tax revenue realization data broadcast, Monday (27/6).

Meanwhile, when viewed based on the type of taxes, revenue is still dominated by Corporate Income Tax with a share of 28.7%.

The Corporate Income Tax revenue received was influenced by the recovery of economic activity which then improved the financial performance of corporations.

Meanwhile, Domestic Value Added Tax (VAT) has a contribution rate of 22%, Income Tax Article (ITA) 21 11.1%, Income Tax on Import 3.7%, Individual Income Tax 1.1%, ITA 26 has a share of 3.9%, Final Income Tax 5.7% and VAT on Import 12.6%.

The Ministry of Finance sees that the trend of tax revenue will still be moderated by the normalization of commodity prices that will continue and the absence of a VDP program. (ASP/KEN)


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