Shortfall Expected: Sri Mulyani Projects 96.6% Tax Revenue in 2024

JAKARTA. Minister of Finance Sri Mulyani estimates that the realization of tax revenue until the end of 2024 will only be 96.6% of the target set in the 2024 State Budget (APBN).

This was conveyed by Sri Mulyani when attending a joint meeting with the Budget Committee of the House of Representatives, on Monday (8/7).

Quoting kompas.com, the outlook for tax revenue until the end of the year will only reach IDR 1,921.9 trillion. Meanwhile, in the 2024 State Budget, the tax revenue target is set at IDR 1,988.88 trillion.

This means that the achievement of tax revenue according to the government's outlook will experience a shortfall after the last three years always reaching the target stated in the state budget.

However, when compared to the realization of tax revenue in 2023, the outlook for tax revenue in 2024 is still growing by 2.9%. As an illustration, the realization of tax revenue last year amounted to IDR 1,867.9 trillion.

Signs of a tax revenue shortfall are reflected in the performance of tax revenue in the first six months. During January-June 2024, the realization of tax revenue was recorded to have contracted 7% compared to the realization in the same period last year.

The nominal value of tax revenue realization until the first semester of 2024 was IDR 893.8 trillion or 44.9% of the target set in the 2024 State Budget.

According to the government, the decline in tax revenue was caused by falling commodity prices, which led to a contraction in corporate income tax revenue. (ASP/KEN)