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As of November, Tax Revenue Reached 95% of 2023 Outlook Target

Friday, 15 December 2023

As of November, Tax Revenue Reached 95% of 2023 Outlook Target

JAKARTA. Minister of Finance Sri Mulyani stated that the realization of tax revenue until the end of November 2023 was IDR 1,739.84 trillion. This means that the realisation of tax revenue has reached 95.65% of the 2023 outlook target, but exceeded the 2023 State Budget (APBN) target.

The tax revenue performance was supported by strong domestic economic conditions, in addition to various policies and efforts of the Directorate General of Taxes (DGT) as a form of extra effort. Among them is forming a compliance committee.

Throughout 2023, DGT also conducted supervision as a follow-up to the implementation of the Voluntary Disclosure Programme (VDP) and supervised trade through electronic systems (PMSE) and fintech.

Another effort is to improve services, for example by accelerating the provision of preliminary refunds for individual taxpayers with overpayments below IDR 100 million to only 15 days.

Growth Trend Improves

Meanwhile, when compared to the realization in the same period in 2022 or on a Year on Year (YoY) basis, this figure grew by 6.5%. This growth rate is above the growth of tax revenue in August, September and October on a YoY basis.

In fact, according to the Ministry of Finance's records until 12 December 2023, tax revenue growth has reached 7.3%. This means that the trend of tax revenue growth is reversing. 

In detail, the realization of tax revenue consists of Non-Oil and Gas Income Tax (PNBP) of 951.83 trillion or grew 6.72% YoY. Then the revenue of Value Added Tax and Sales Tax on Luxury Goods (VAT and STLG) amounted to IDR 683.32 trillion or increased by 8.76% YoY. Then, the revenue of land and building tax (PBB) and other taxes amounted to IDR 40.34 trillion or increased by 38.99%, and oil and gas income tax of IDR 64.36 trillion or corrected by 11.85%.

Based on the type of tax, tax revenue until November 2023 is still dominated by domestic VAT with a contribution of 23.8% and a growth of 18%, then the second largest contributor is corporate income tax at 22.3% with a growth of 16.6%.

Sectorally, tax revenue performance was supported by the manufacturing industry with a contribution of 27.1%. The sector that made the second largest contribution was trade at 24.3%. (ASP/KEN)



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