The 2024 Tax Target Agreed to Rise Slightly to IDR 1,988.8 trillion

Tuesday, 19 September 2023

The 2024 Tax Target Agreed to Rise Slightly to IDR 1,988.8 trillion

JAKARTA. The government and the Working Committee (Panja) of the House of Representatives (DPR) agreed that the tax revenue target for 2024 will increase by IDR 2 trillion to IDR 1,988.8 trillion.

The increase occurred in the Land and Building Tax (PBB) target to IDR 27.1 trillion, as well as Value Added Tax (VAT) and Sales Tax on Luxury Goods (STLG) to IDR 811.3 trillion.

Quoting, the increase occurred due to several factors. First, there is an expansion of the tax base as a result of the implementation of the Law on Harmonization of Tax Regulations (HPP Law).

Second, there is an extensification and more focused regional-based supervision. Third, the implementation of the preparation of the Tax Revenue Supervision Priority Target List (DSP4), high-wealth individual (HWI) taxpayers and their groups, affiliated transactions, and the digital economy.

The fourth factor is the optimization of the core tax system. Fifth, law enforcement uses digital forensic activities. Sixth, the provision of targeted and measurable fiscal incentives.

Meanwhile, the government and the House of Representatives also agreed to set a central government spending target of IDR 2,467.52 trillion, up from the 2024 Draft State Budget of IDR 2,446.54 trillion.

Thus, the 2024 state budget deficit is targeted at IDR 522.82 trillion or 2.29% of GDP with an estimated 2024 nominal GDP of IDR 22,830.8 trillion.

Quoting, this deficit level is the same as that set in the Financial Note and the 2024 Draft State Budget submitted by President Joko Widodo last August. (ASP/KEN)


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