Tax Revenue Starts Moderate, Sri Mulyani Beware Of This

Minister of Finance (Menkeu) Sri Mulyani reported that until the end of April 2023 tax revenues were recorded at IDR 688.1 trillion.

According to him, this figure is equivalent to 40 percent of the APBN target of IDR 1,718 trillion.

"Tax revenues grew 21.3 percent year on year (yoy) compared to April 2022 which amounted to Rp567.3 trillion," he said when delivering the realization of the APBN earlier this week.

The Minister of Finance explained that tax growth was driven by solid domestic economic growth, the impact of commodity prices was still high.

"This is also supported by the implementation of the Tax Regulation Harmonization Law (HPP)," he said.

Although tax revenues seem quite aggressive, actually the source of this country's money has slowed down. This is reflected in the growth of the April 2022 tax which reached 51.4 percent yoy.

"Tax revenues grew positively despite slowing down from the previous year due to the decline in the price of the majority of major commodities and the decline in exports and imports," he stressed.

For information, two sources of state revenue other than taxes are customs and excise as well as non-tax state revenues (PNBP).

The customs and excise revenues until April 2023 amounted to IDR 94.5 trillion.

Meanwhile, PNBP collected as much as Rp. 217.8 trillion. In total, state revenues as of last month had penetrated the psychological level of Rp. 1,000.5 trillion or equivalent to Rp. 40.6 percent of the APBN ceiling of Rp. 2,463 trillion.

"In the future, tax revenues will be colored with vigilance in line with global economic volatility and normalization of revenue bases. However, optimism still exists considering the increasing domestic economic activity and optimizing the implementation of the HPP Law," closed the Minister of Finance Sri Mulyani