Taxpayers' Cashflow Needs Surge: January 2024 Restitution Rose 183%

Tuesday, 05 March 2024

Taxpayers' Cashflow Needs Surge: January 2024 Restitution Rose 183%

JAKARTA. The amount of tax refund or restitution during January 2024 rose sharply by 182.7% compared to the same period in 2023 to IDR 30.88 trillion.

According to the Directorate General of Taxes (DGT), the increase in restitution is a result of the moderation in commodity prices. So, it has implications for the taxpayers' financial performance. Therefore, they submit restitution to cover cash flow.

Quoting, the restitution given was dominated by tax refunds for domestic Value Added Tax (VAT) overpayments amounting to IDR 26.63 trillion.

This figure increased by 221% when compared to the domestic VAT refund in January 2023. This is in line with the stronger purchasing power or public consumption.

Meanwhile, the restitution of Income Tax articles 25/29 as of January 2024 was recorded at IDR 3.74 trillion or an increase of 163.5%. Then other tax refunds amounted to IDR 513.53 trillion or decreased by 57.52%.  

However, DGT sees that the weakening of commodity prices only occurs sectorally. This is because the contribution of the mining sector to tax revenue was only 9.4% last year.

In addition, it is necessary to watch out if the moderation of commodity prices has an impact on other industrial sectors. If so, the implications will be broader. 

For information, until the end of January 2024, the realization of tax revenue decreased by 8% to IDR 149.25 trillion compared to January 2023. (ASP/KEN)


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