Import Tax Revenue Shows Strong Growth in Q1 2022

Economics & Macro

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Dzulfiqar Fathur Rahman 25/04/2022 18:10 WIB

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Income Tax (PPh) Article 22 receipts for imports grew by 140% year-on-year (yoy) in Q1 2022.

Growth of Tax Revenue by Type (Quarter I 2022)

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Import Tax Revenue Shows Strong Growth in Q1 2022

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Growth of Tax Revenue by Type (Quarter I 2022)

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The Ministry of Finance (Kemenkeu) reported positive growth in state revenue from all types of taxes during the January-March 2022 period.

During this period, revenue from Income Tax (PPh) Article 22 for imports showed the most significant growth.

Net revenue from taxes levied on businesses or importing agents grew by 140% (year on year/yoy) in Q1 2022.

Corporate Income Tax (PPh Badan) also grew rapidly during the same period, reaching 136% (yoy), as shown in the graph.

According to Finance Minister Sri Mulyani in the *Our State Budget Press Conference, April 2022 Edition* on Wednesday (20/4/2022), the rapid growth of PPh 22 Import and Corporate Income Tax was due to the low revenue base in Q1 2021, when the government was still providing tax incentives as part of the Covid-19 stimulus.

Kemenkeu also assessed that Corporate Income Tax revenue increased due to improved corporate performance, partly supported by the surge in commodity prices during Q1 2022.

Companies were also generally considered able to pay bonuses to employees, thus boosting PPh 21 revenue in Q1 2022.

Meanwhile, domestic Value Added Tax (PPN), the largest contributor, grew by 26.5% (yoy) in Q1 2022.

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."