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Tax Revenue Growth Slows in May 2023

Cindy Mutia Annur 27/06/2023 16:40 WIB

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The Ministry of Finance reported that state tax revenue reached Rp830.3 trillion in January-May 2023, a 17.7% year-on-year (yoy) increase. However, the growth in actual tax revenue has slowed.

Realized Tax Revenue Growth, January-May (2022-2023)

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Tax Revenue Growth Slows in May 2023

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Realized Tax Revenue Growth, January-May (2022-2023)

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The Ministry of Finance reports that state tax revenue reached Rp830.3 trillion (approximately US$55.3 billion) from January to May 2023. This realization represents 48.3% of the 2023 State Budget (APBN) target of Rp1,718 trillion (approximately US$114.5 billion).

However, this tax revenue realization only grew by 17.7% year-on-year (yoy). In contrast, during the same period in 2022, the growth of Indonesian tax revenue reached 53.5% (yoy).

"The performance of tax revenue growth, both monthly and cumulatively, shows a decreasing or slowing trend," said Finance Minister Sri Mulyani in an online press conference on Monday, June 26, 2023.

According to the state treasurer, the slowdown in tax revenue growth until the fifth month of this year is partly due to the high base effect of last year's high revenue growth.

Furthermore, Sri Mulyani stated that the impact of the global economic slowdown is also being felt by national tax revenue. This is evident from the Ministry of Finance's data, which shows that some dominant tax types experienced slower growth until May 2023.

"Indeed, the impact of the economic slowdown has begun to emerge, although we are still seeing a positive trend," said Sri Mulyani.

The tax revenue of Rp830.2 trillion until May 2023 was supported by several sources:

First, income from non-oil and gas income tax (PPh nonmigas) amounted to Rp486.94 trillion, or 55.7% of this year's target. This revenue increased by 16.4% year-on-year (yoy).

Second, revenue from Value Added Tax (PPN) and Sales Tax on Luxury Goods (PPnBM) reached Rp300.64 trillion, or 40.47% of this year's target. This revenue grew by 21.31% (yoy).

Third, income from oil and gas income tax (PPh migas) amounted to Rp36.94 trillion, or 60.12% of this year's target. This tax revenue only grew by 2.48% (yoy).

Finally, revenue from Land and Building Tax (PBB) and other taxes amounted to Rp5.78 trillion, or 14.45% of the target. This tax revenue showed the most significant growth at 77.24% (yoy).

Editor : Adi Ahdiat

"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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Tax Revenue Growth Slows in May 2023

Tax Revenue Growth Slows in May 2023

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