Indonesia's Tax Revenue Reaches Rp1.517.53 Trillion in October 2024

The Ministry of Finance (Kemenkeu) reports that Indonesia's tax revenue from the beginning of 2024 to October 31 reached Rp1,517.53 trillion.

This achievement is equivalent to 76.30% of the State Revenue and Expenditure Budget (APBN) target of Rp1,517.53 trillion.

Tax revenue realization in October 2024 decreased slightly by 0.4% year-on-year (yoy). However, the decrease shows improvement compared to previous months.

"What's quite encouraging is that this improvement has occurred over the past two months [August and September 2024] and continued in October," said Deputy Minister of Finance Anggito Abimanyu in an online press conference on Friday (November 8, 2024).

The Kemenkeu predicts this positive trend will continue until the end of the year.

During this period, the largest tax revenue contribution came from non-oil and gas income tax (PPh), amounting to Rp810.76 trillion, or 76.24% of the APBN target. However, its realization contracted by 0.34% year-on-year (yoy).

"Hopefully, oil and gas PPh will also see a turnaround in the next two months. This is because we haven't yet reached the oil lifting levels we factored into the APBN," said Anggito.

Next, Value Added Tax (PPN) and Luxury Goods Sales Tax (PPnBM) revenue increased by 7.87% (yoy) to Rp620.43 trillion. Revenue in this sector is equivalent to 76.47% of the APBN target.

Then, oil and gas PPh revenue decreased by 8.97% (yoy) to Rp53.70 trillion, realizing 70.31% of the target. This weakening was driven by a decrease in oil lifting.

Finally, land and building tax (PBB) and other taxes grew by 12.81% (yoy) to Rp32.65 trillion. This achievement has met 86.52% of the 2024 target.