Customs and Excise Revenue Semester I 2024 Down 0.9%

Economics & Macro

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Nabilah Muhamad 09/07/2024 12:43 WIB

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The Ministry of Finance reported that customs and excise revenue reached Rp134.2 trillion in the first half of 2024. This represents a slight decrease of 0.9% compared to the same period last year.

Indonesia's Customs and Excise Revenue Realization (First Semester 2024)

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Customs and Excise Revenue Semester I 2024 Down 0.9%

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Indonesia's Customs and Excise Revenue Realization (First Semester 2024)

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The Ministry of Finance (Kemenkeu) reported that state revenue from customs and excise duties reached Rp134.2 trillion in the first half of 2024.

This achievement is slightly down by 0.9% year-on-year (yoy) compared to the same period last year, which reached Rp135.4 trillion.

"Revenue from customs and excise duties remains relatively the same as last year, so there is no change in terms of level," said Finance Minister Sri Mulyani in a meeting with the DPR Budget Board on Monday (8/7/2024).

Based on its components, the highest revenue came from excise duties, amounting to Rp101.8 trillion. This figure contracted by 3.9% year-on-year (yoy).

Sri Mulyani explained that while the production of tobacco products, a major contributor to excise duties, actually grew, there was a phenomenon of "downtrading," where more cigarettes were produced by Class III businesses, which have lower excise tariffs.

"The decrease in excise revenue is largely due to many cigarette players moving down to Group III, which has lower excise tariffs," she said.

Import duty revenue in the first half of 2024 amounted to Rp24.3 trillion, a 0.3% (yoy) increase. This increase was influenced by the rising value of the US dollar, making state revenue in rupiah relatively better.

"Despite a decrease in imports of major commodities such as gas, vehicles, and spare parts," said Sri Mulyani.

Finally, export duty revenue realization amounted to Rp8.1 trillion. This figure surged by 52.6% (yoy) compared to the same period last year.

"The increase is due to mineral export duties, which grew tenfold compared to last year," said the state treasurer.

Meanwhile, export duties from palm oil production were corrected due to a decrease in the average price of crude palm oil (CPO) and a decrease in export volume.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."