Indonesia's Tax Revenue Grows 40 Percent In February

Illustration. (Photo: Doc. Antara)

JAKARTA - Indonesia's tax revenue in February reached Rp279.98 trillion or 16.3 percent of the target. This revenue grew 40.4 percent (yoy).

"The excellent tax revenue performance in the first two months of 2023 was influenced by still high commodity prices, improved economic activity, and the impact of the implementation of the HPP Law," said Minister of Finance, Sri Mulyani at a press conference in Jakarta quoted Wednesday, March 15.

"In the future, he continued, tax revenues will be marked by vigilance in line with the downward trend in commodity prices and normalization of revenue bases. However, optimism still exists considering the increasing economic activity and optimization of the implementation of the HPP Law," he continued.

Meanwhile, until the end of February 2023, the realization of customs and excise revenues slowed down but on-track, due to the decline in import duties, however, import duties still showed positive performance.

"The customs and excise receipts reached Rp53.27 trillion or grew 17.57 percent from the target, down 6.13 percent yoy.

He detailed that import Duty revenues grew 15.6 percent (yoy), driven by extra effort in January, USD exchange rates increased compared to last year, and Vehicle Imports.

Furthermore, the acceptance of stagnant excise was influenced by tariff policies, the effect of the overflow of HT production in December 2022, and the effectiveness of supervision. Meanwhile, the performance of outgoing duties has decreased due to the price of CPO which has been moderated and the volume of mineral commodity exports has decreased.

On the other hand, PNBP's performance until the end of February 2023 continued to increase, reaching Rp86.4 trillion or 19.6 percent of the target or grew 86.6 percent (yoy).

"This positive achievement is mainly driven by the realization of the oil and gas SDA revenue supported by an increase in the exchange rate, non-oil and gas SDA thanks to the high HBA and the enactment of PP 26/2022, KND's revenue due to interim dividends paid by SOEs, and other PNBPs contributed by an increase in revenue for K/L and PHT services," he explained.

Meanwhile, BLU's revenue (7.2 percent of the Target) also recorded positive growth obtained from the increase in revenue for PTN and Hospital Education Services.