State Revenue In Semester I 2024 Down 6.2 Percent

Illustration (Photo: Doc Antara)

JAKARTA - The Ministry of Finance noted that state revenues reached IDR 1,320.7 trillion during the first semester of 2024 or decreased 6.2 percent year on year (yoy) compared to the same period last year which was recorded at IDR 1,407.9 trillion.

Minister of Finance Sri Mulyani Indrawati said that the component of state revenue in terms of tax revenue was recorded at only Rp1.028 trillion, down 7 percent compared to the same period last year.

The receipt of these components is equivalent to 44.5 percent of the 2024 State Revenue and Expenditure Budget (APBN) target.

Meanwhile, in terms of customs and excise revenues amounting to Rp134.2 billion, down 0.9 percent yoy.

The revenue of customs and excise is equivalent to 41.8 percent of the 2024 APBN target of IDR 321.0 trillion.

Meanwhile, non-tax state revenues were recorded at IDR 288.4 trillion, down 4.5 percent yoy from the first semester of 2023 of IDR 302.1 trillion.

"So, all components of tax revenue and PNBP have all contracted so that the total state revenue reaches Rp1,320.7 trillion or contracted 6.2 percent," Sri Mulyani said at a Working Meeting of the DPR RI Budget Agency, Monday, July 8.

In addition, Sri Mulyani explained, the decline in state revenue was mainly due to the decline in commodity prices, especially coal and palm oil (Crude Palm Oil) which affected the profitability condition of the corporate sector, which resulted in the acceptance of corporate income tax, which contracted 35.5 percent (yoy).

Meanwhile, VAT DN (domestic) revenues fell 11 percent (yoy). However, grossly (without taking into account restitution), VAT DN still grew positively by 9.2 percent in line with the strong domestic economic activity, as reflected in economic growth in the 2024 quarter which reached 5.11 percent.

Sri Mulyani explained that the decline in PNBP was mainly due to the decline in natural resources due to lower commodity prices and the lack of optimal oil and gas lifting, while on the other hand, revenue from separated State Assets grew positively by 41.8 percent with improved SOE performance.