JAKARTA - Minister of National Development Planning (PPN)/Head of the National Development Planning Agency (Bappenas) Suharso Monoarfa stated that fiscal policy transformation is needed to realize Indonesia Gold 2045.
"Compensive fiscal policy transformations will be carried out in an increase in the revenue, expenditure, and state financing side, adaptive fiscal rules (fiscal rules) to increase flexibility and fiscal space according to development needs, pay attention to debt levels that guarantee fiscal sustainability, and strengthen credible and accountable state revenue institutions," he said when meeting Coordinating Minister for Economic Affairs Airlangga Hartarto as quoted from Instagram @suharsonoarfa reported by Antara, Saturday 8 April.
According to him, the policy to increase tax revenue is carried out in a number of ways. First, accelerating policy reform and tax administration in line with changes in a more productive economic structure.
Second, increasing the tax base through law enforcement and taxpayer compliance, as well as encouraging the informal sector to become a formal sector.
Then third, extracting new tax revenue sources such as sin tax, carbon tax, as well as from non-tax sources so as to reduce dependence on natural resources. "Finally, strengthening state revenue institutions," said the Head of Bappenas.
To realize Indonesia's 2045 gold, he also said that monetary policy would be directed at pro-growth and pro-stability.
Suharso gave seven points in order to implement monetary policy for pro-stability.
Starting from counter-inflation in the long term at accommodative levels, implementing a new paradigm of the benchmark interest rate policy, maintaining exchange rate stability to match its fundamental values, realizing a modern and efficient payment system, and managing the adequacy of foreign exchange reserves.
"Then also maintain liquidity and stability of the financial system through the policy mix (moneters, macroprudentials, payment systems), as well as the development of monetary policy instruments to encourage deepening of the financial market," he said.
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