Ministry of Finance: January-July 2022 Tax Revenue Up 58.8%

Economics & Macro

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Cindy Mutia Annur 15/08/2022 17:30 WIB

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The Ministry of Finance recorded tax revenues of Rp1.028.5 trillion in January-July 2022. This figure is up 58.8% from the same period the previous year.

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Ministry of Finance: January-July 2022 Tax Revenue Up 58.8%

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Tax Revenue January-July (2019-2022)

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The Ministry of Finance recorded tax revenue reaching Rp1.028.5 trillion from January to July 2022. This figure reaches 69% of the target set in Presidential Regulation 98/2022, which is Rp1.485 trillion.

“The target, which has actually been increased, has seen impressive revenue growth of 58.8% year-on-year (yoy),” said Minister of Finance Sri Mulyani in a press conference on the State Budget, Thursday (11/8/2022). Recorded tax revenue was only Rp647.7 trillion from January to July 2021.

Sri stated that several factors influenced the upward trend in tax revenue from January to July 2022. Firstly, the upward trend in commodity prices.

Secondly, expansive economic growth reaching 5.4% yoy in Q2-2022. Thirdly, the low base in 2021 due to the provision of fiscal incentives.

Lastly, the impact of the implementation of the voluntary disclosure program (PPS) some time ago.

Sri said that last year's tax revenue tended to be low because the government provided many tax incentives, causing last year's revenue base to erode.

“This year, with the improving recovery, various incentives are starting to be phased out,” said Sri Mulyani.

Furthermore, Sri Mulyani stated that tax revenue from non-oil and gas income tax (PPh nonmigas) reached Rp595 trillion or 79% of the target in January-July 2022. Tax revenue from VAT and sales tax on luxury goods (PPN and PPnBM) reached Rp377.6 trillion or 59.1% of the target.

Sri Mulyani said that revenue from Land and Building Tax (PBB) and other taxes was recorded at Rp6.6 trillion or 20.5% of the target. Meanwhile, revenue from oil and gas income tax (PPh Migas) reached Rp49.2 trillion or 76.1% of the target.

Editor : Annissa Mutia

"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."