January 2024 Tax Revenue Realization Contracts 8%

Friday, 23 February 2024

January 2024 Tax Revenue Realization Contracts 8%

JAKARTA. Minister of Finance Sri Mulyani Indrawati revealed that the realization of tax revenue until the end of January 2024 was recorded at IDR 149.25 trillion or experienced an 8% contraction compared to the realization in January 2023.

The contraction or decline was quite high in Value Added Tax (VAT) and Sales Tax on Luxury Goods (STLG) revenues, which amounted to 22.6%. In fact, VAT and STLG are one of the largest contributors to tax revenue.

The amount of tax revenue realization until January 2024 is also equivalent to 7.50% of the tax revenue target set in the 2024 State Budget (APBN) of IDR 1,988.9 trillion. 

Here are the details of revenue realization for each tax group. Non-oil and gas income tax revenue of IDR 83.69 trillion, oil and gas income tax of IDR 6.99 trillion, VAT and STLG of IDR 57.76 trillion, and Land and Building tax (L&B Tax) and other taxes of IDR 0.81 trillion.

According to Sri Mulyani, the performance of tax revenue up to January was positive. Especially, if it is compared with the performance of tax revenue in 2021 and 2022 which is fairly high as a baseline.

Meanwhile, when viewed based on the types of tax, the realization of revenue is still dominated by domestic VAT revenue with a contribution of 23.9% with a nominal value of IDR 35.6 trillion.

Then, the second largest contributor was Income Tax Article (ITA) 21, with the realization reached IDR 28.3 trillion or 18.9% of the total revenue.

Meanwhile, when viewed by the sector, the largest contribution came from the trade sector (26.6%) with a realization of IDR 38.8 trillion. The second largest contribution came from the processing or manufacturing industry (26.2%) with a realization value of IDR 38.1 trillion.
For information, several tax policies that will be carried out by the government to support revenue in 2024 include the implementation of the Population Identification Number (NIK) as a Taxpayer Identification Number (Tax ID Number), tax intensification, and conducting targeted supervision.

The government will also focus on optimizing the potential for tax revenue from high-wealth individual taxpayers, business groups, and the digital economy.

In addition, the implementation of the core tax system, which is planned to be launched in 2024, is expected to boost revenue and several other policies, such as optimizing untruth disclosure, utilizing digital forensic activities, and providing targeted and measurable fiscal incentives. (ASP/KEN)


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