Taxes Still Up, Until July Collected Rp1,109.1 Trillion

Illustration (Photo: Freepic)

JAKARTA - The Ministry of Finance revealed that tax revenues until July 2023 amounted to Rp1,109.1 trillion.

Minister of Finance (Menkeu) Sri Mulyani said that the score was equivalent to 64.56 percent of the target set by the 2023 State Budget of IDR 1,718 trillion.

"Tax revenue from January to July 2023 continues to grow positively supported by good economic activities in the first half of this year," he told reporters, Friday, August 11.

The Minister of Finance explained that the slick trend of tax revenues was maintained even though it only recorded single digit growth.

"Tax revenue grew 7.8 percent year on year (yoy) last month," he said.

The Minister of Finance revealed that the growth rate was lower than in the previous months. It was stated that tax growth in January reached 48.6 percent.

Then February was 40.4 percent, March 33.8 percent, April 21.3 percent, May 17.7 percent, and June with a growth of 9.9 percent.

"Tax revenue performance continues to experience a slowdown, which is mainly due to a significant decline in commodity prices, a decrease in import value, and a non-recurrence of the Voluntary Disclosure Program (PPS) policy," he stressed.

In detail, the Minister of Finance said that last month's tax revenue consisted of non-oil and gas income tax of IDR 636.5 trillion (growing 6.98 percent yoy), VAT and PPnBM of IDR 417.6 trillion (growing 10.6 percent).

Then the PBB and other taxes amounted to Rp9.6 trillion (growing 44.76 percent), and PPn oil and gas of Rp45.3 trillion (contracted minus 7.99 percent).

"In the future, tax revenues will be moderated to follow fluctuations in macroeconomic variables, namely commodity prices, domestic consumption, government spending, others," said Minister of Finance Sri Mulyani.

Meanwhile, the total APBN revenue until July 2023 was IDR 1,614.8 trillion. Meanwhile, state spending is known to be IDR 1,461.2 trillion. This condition makes fiscal instruments in a surplus position of IDR 153.5 trillion or equivalent to 0.72 percent of gross domestic product (GDP).