Indonesia's Tax Revenue Growth Slows in First Half of 2023: Here's Why

Economics & Macro

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Cindy Mutia Annur 28/07/2023 16:52 WIB

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The Ministry of Finance reports a slowdown in state tax revenue growth in mid-2023. This is driven by factors such as declining oil prices and a decrease in several imports.

Cumulative Growth Trend of Monthly Tax Revenue (January-June 2023)

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Cumulative Growth Trend of Monthly Tax Revenue (January-June 2023)

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The Ministry of Finance reported that state tax revenue in the first half of 2023 reached Rp970.2 trillion. This figure shows a 9.9% increase compared to the same period last year (year-on-year/yoy).

Finance Minister Sri Mulyani Indrawati stated that tax revenue performance in the first half of this year remained positive.

“However, the rate of growth continues to normalize or decline,” said Sri Mulyani in an online press conference on Monday (24/7/2023).

Sri Mulyani said that the growth of state tax revenue in January 2023 still grew by 48.7% year-on-year (yoy). Then, the growth continued to decline, as shown in the graph above, until the January-June 2023 period, which only grew by 9.9% (yoy).

According to Sri Mulyani, the slowing growth of state tax revenue is driven by several factors. These range from a decrease in oil prices to various import activities this year.

“Then, last year there were also one-off phenomena, such as the voluntary tax disclosure (PPS) or Tax Amnesty II, and (other factors) the normalization of commodity prices,” said Sri Mulyani.

In detail, the tax revenue reaching Rp970.2 trillion throughout January-June 2023 was supported by several sources. These include income from non-oil and gas income tax (PPh nonmigas) amounting to Rp565.01 trillion, or 64.67% of this year's revenue target. Non-oil and gas income tax revenue increased by 7.85% year-on-year (yoy).

Then, revenue from VAT and sales tax on luxury goods (PPN and PPnBM) reached Rp356.77 trillion, or 48.02% of this year's target. PPN and PPnBM revenue grew by 14.63% (yoy).

Furthermore, revenue from oil and gas income tax (PPh migas) amounted to Rp40.93 trillion, or 66.62% of this year's target. This tax revenue realization decreased by 3.86% (yoy).

Finally, revenue from land and building tax (PBB) and other taxes amounted to Rp7.57 trillion, or 18.74% of the target. This tax revenue grew most significantly, reaching 54.41% (yoy).

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."

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Indonesia's Tax Revenue Growth Slows in First Half of 2023: Here's Why

Indonesia's Tax Revenue Growth Slows in First Half of 2023: Here's Why

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Indonesia's Tax Revenue Growth Slows in First Half of 2023: Here's Why

Indonesia's Tax Revenue Growth Slows in First Half of 2023: Here's Why

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