JAKARTA. Considered to be the cause of the decline in tax revenue realization, the restitution or refund of tax overpayments during the first quarter of 2024 reached IDR 83.51 trillion.
Compared to the restitution payment in the same period in 2023 or year on year, the revenue jumped by 96.72%.
Quoting Kontan.co.id, the amount of restitution consists of domestic Value Added Tax (VAT) restitution of IDR 71.3 trillion or an increase of 101.32% and corporate Income Tax Article (ITA) 25/29 of IDR 11.04 trillion or an increase of 101.15%.
Read: Tax Refund: A Right or An Obligation?
Restitution Mechanism
The provision of restitution is carried out through several mechanisms. First, through the accelerated restitution facility mechanism, normal restitution occurs due to legal efforts.
For restitution originating from the acceleration facility, the realization reached IDR 34.33 trillion. Then normal restitution amounted to IDR 44.44 trillion and those that occurred due to legal efforts amounted to IDR 4.74 trillion.
Read:Terms Amended, Collective Investment Contracts Can Apply for Preliminary Restitution
Declining Performance
As previously stated, the performance of tax revenue during the first quarter of 2024 did decline when compared to the same period in 2023. Cumulative revenue realization during January-March was only IDR 393.91 trillion. This figure decreased by 8.9% against the realization of January-March 2023.
In detail, the tax revenue consists of Non-Oil and Gas Income Tax of IDR 220.42 trillion, Oil and Gas Income Tax of IDR 14.53 trillion, Value Added Tax (VAT), and Sales Tax on Luxury Goods (VAT and STLG) of IDR 155.79 trillion, then Land and Building Tax (L&B Tax) and other taxes recorded at IDR 3.17 trillion. (ASP/KEN)
