Sri Mulyani: Tax Revenue Grows 33.78 Percent In The First Quarter Of 2023

Minister of Finance, Sri Mulyani Indrawati. (Photo: Instagram @smindrawati)

Minister of Finance (Menkeu) Sri Mulyani said state tax revenues grew 33.78 percent in the first quarter of 2023.

"So we see that the achievement has reached 25.16 percent of the target this year. And for the 2023 quarter, our revenue growth is 33.78 percent. Compared to last year's growth of 41.64 percent," Sri Mulyani said in Jakarta, quoted from Antara, Tuesday, April 18.

The performance of tax revenues in the first quarter of 2023 was mainly influenced by two factors, namely commodity prices which began to experience normalization and the impact of the implementation of the Law on Harmonization of Tax Regulations (UU HPP).

Sri Mulyani explained that tax revenue in the first quarter of 2023 was recorded at IDR 432.25 trillion. Of the total amount, the Ministry of Finance noted that Non-Oil and Gas PPh revenues reached IDR 225.95 trillion, an increase of 31.03 percent.

From VAT and PPnBM, it was recorded at IDR 185.70 trillion, an increase of 42.37 percent. Then, from the United Nations and other taxes of IDR 2.87 trillion, an increase of 25.24 percent.

From PPh Migas, the Ministry of Finance recorded IDR 17.73 trillion, a decrease of 1.12 percent from the initial target of 28.86 percent.

"We see that our tax revenues until the end of March reached Rp432.25 trillion, where non-oil and gas taxes reached Rp225.95 trillion. This means that it has reached 25.86 percent of our tax target. The growth is still very high for this non-oil and gas tax," he explained.

Sri Mulyani continued to explain, based on data on net growth for the dominant tax type, corporate income tax is the type of tax that contributes the most among other types of dominant taxes, namely 19.0 percent. This figure shows growth of 69.6 percent in the first quarter of 2023.

This indicates that Indonesia has passed the pre-COVID level. This corporate income tax has recovered after experiencing severe pressure during the pandemic," he said.

In terms of net growth for the main sector, the largest tax contribution in the first quarter of 2023 was given by the processing industry, namely 28.3 percent. Meanwhile, the trade sector slowed down 17.8 percent due to the slowdown in Domestic VAT and increased restitution.

However, on aggregate, all major sectors grew positively in the first quarter of 2023.

"This means that our taxes grow above the baseline which has increased high last year. This is a positive thing and we will continue to maintain, of course, public trust and the momentum of economic recovery because this tax revenue is very beneficial for the community to pay various expenditures, which are immediately accepted by the benefits of our society," he concluded.