State Revenue Soars 48.5% in First Half of 2022

The Indonesian government recorded state revenue of Rp1,317.2 trillion (approximately US$88.8 billion based on July 27, 2022 exchange rate) in the first half of 2022. This represents a 48.5% year-on-year (yoy) increase from Rp887 trillion in the same period last year.

State revenue for the first half of 2022 reached 58.1% of the 2022 State Budget (APBN) target. The total target for state revenue in this year's APBN is Rp1,846.1 trillion (approximately US$124.3 billion).

"The condition of our APBN until the end of June is very good and positive," said Finance Minister Sri Mulyani during the July 2022 APBN Kita Press Conference on Wednesday (27/7/2022).

Details show tax revenue reached Rp868.3 trillion, a 55.7% yoy increase from the same period last year. Customs and excise revenue reached Rp167.6 trillion, a 37.2% yoy increase from Rp122 trillion.

Total tax revenue for the first half of 2022 amounted to Rp1,035.9 trillion, a 52.3% increase from Rp680 trillion in the same period last year. "The performance of tax revenue is influenced by the trend of increasing commodity prices, as well as expansive economic growth and continuously improving demand," said Sri Mulyani.

Furthermore, according to Sri Mulyani, revenue growth was also influenced by the impact of the implementation of the Harmonization of Tax Regulations Law (UU HPP) and the voluntary disclosure program (PPS).

Meanwhile, non-tax state revenue (PNBP) was recorded at Rp281 trillion, a 35.8% increase compared to the previous year's Rp207 trillion. State expenditure for the first half of 2022 was recorded at Rp1,243.6 trillion. This represents a 6.3% increase from Rp1,170.2 trillion in the first half of 2021.

With higher revenue realization compared to state expenditure, Indonesia again recorded a surplus in the first half of this year. The APBN surplus was recorded at Rp73.6 trillion, equivalent to 0.39% of the Gross Domestic Product (GDP).