Indonesia's New Tax Revenue Reaches 84.92% of Target in November 2024

The Ministry of Finance (Kemenkeu) reported that Indonesia's tax revenue from the beginning of 2024 to November reached Rp1,688.93 trillion.

This figure represents 84.92% of the 2024 State Budget (APBN) target of Rp1,917.53 trillion. Tax revenue up to November 2024 grew by 1.1% year-on-year (yoy).

"So, I would say that the tax revenue target is still on track, in line with the usual cycle. We typically see significant revenue efforts in December," said Deputy Finance Minister Anggito Abimanyu in an online press conference on Wednesday (11/12/2024).

During this period, the largest tax revenue contribution came from non-oil and gas income tax (PPh nonmigas), amounting to Rp885.77 trillion, or 83.30% of the APBN target. This achievement grew slightly by 0.43% year-on-year (yoy).

Next, Value Added Tax (PPN) and Luxury Goods Sales Tax (PPnBM) revenue increased by 8.17% (yoy) to Rp707.76 trillion. Revenue in this sector reached 87.23% of the APBN target.

Kemenkeu explained that this positive growth was driven by the improvement in domestic and import economic activity, particularly in the trade and palm oil sectors.

Meanwhile, oil and gas income tax (PPh migas) revenue fell by 8.03% (yoy) to Rp58.89 trillion, reaching 77.10% of the target.

"PPh migas is still below our target due to lifting being below the APBN assumption, and prices in the third quarter were below projections," said Anggito.

Finally, land and building tax (PBB) and other taxes increased by 2.65% (yoy) to Rp36.52 trillion. This represents 96.79% of this year's target.