Tax Revenue As Of March 2024 Reaches IDR 393.91 Trillion

Minister of Finance Sri Mulyani. (Photo: Aris Nurjani/VOI)

JAKARTA - The Ministry of Finance (Kemenkeu) noted that the realization of tax revenues from January to March 2024 reached IDR 393.91 trillion or 19.81 percent of the 2024 State Revenue and Expenditure Budget (APBN) target.

"Our tax revenue until the end of March reached IDR 393.91 trillion. This means almost 20 percent in one quarter," said Finance Minister Sri Mulyani Indrawati at the KITA State Budget Press Conference, Friday, April 26.

Sri Mulyani said that there was a slowdown in tax revenues due to a significant decrease in commodity prices in 2023, so the result was only felt this year.

On the other hand, gross tax revenues outside of restitution grew positively, which was 0.64 percent.

"This is mainly evident from the gross slowdown in Non-Migas income tax (PPh) and the decline in oil and gas income tax. Meanwhile, the gross performance of value added tax (VAT) and a positive Luxury Goods Sales Tax (PPnBM) is in line with the goods of economic activity," said Sri Mulyani.

He explained that the realization of tax revenue in January 2024 was IDR 149.25 trillion or 7.5 percent of the target.

Then, in February it increased to IDR 269.02 trillion or 13.53 percent of the target and in March it cumulatively reached IDR 393.91 trillion or 19.81 percent of the target.

Meanwhile, the largest tax revenue comes from non-oil and gas income tax (PPh) of IDR 220.42 trillion or equivalent to 20.73 percent of the target. This revenue grew 0.10 percent on an annual basis.

Meanwhile, the value added tax and sales tax on luxury goods (PPN & PPnBM) were recorded at IDR 155.79 trillion or 19.20 percent of the target with a growth of 2.57 percent on an annual basis.

Then, the realization of receipts from the oil and gas tax amounted to Rp. 14.53 trillion or 19.02 percent of the target.

However, the performance of PPh Migas contracted by 18.06 percent on an annual basis.

Furthermore, land and building taxes (PBB) and other taxes were recorded at IDR 3.17 trillion or 8.39 percent of the target.

For information, the Ministry of Finance has collected state revenues of IDR 620.01 trillion or equivalent to 22.1 percent of the target of IDR 2,802.3 trillion.

This performance contracted by 4.1 percent on an annual basis when compared to the same period last year.