State Revenue Reaches Rp2,240.1 Trillion in October 2023: Here's the Biggest Contributor

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Cindy Mutia Annur 27/11/2023 18:51 WIB

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The Ministry of Finance's report shows that state revenue realization reached Rp2,240.1 trillion by October 2023. Tax revenue was the largest contributing sector last month.

Indonesia's State Revenue Realization (October 2022-October 2023)

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Indonesia's State Revenue Realization (October 2022-October 2023)

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The Indonesian Ministry of Finance's report shows that state revenue realization in the State Budget (APBN) reached Rp2,240.1 trillion by October 2023. This realization is equivalent to 90.9% of the 2023 target of Rp2,463 trillion, growing by 2.8% year-on-year (yoy).

The largest contributor to state revenue as of October 2023 came from tax revenue.

"Tax revenue reached Rp1,523.7 trillion, which is 88.7% of this year's target, growing by 5.3% from last year's Rp1,446.5 trillion," said Finance Minister Sri Mulyani in the November 2023 edition of the *APBN KiTa* press conference on the Kemenkeu YouTube account on Friday (24/11/2023).

Sri Mulyani stated that tax revenue growth up to October 2023 was positive, mainly supported by good economic performance. According to her, tax groups showed positive growth except for PPh Migas (Income Tax on Oil and Gas), which experienced a contraction due to the moderation of oil and natural gas prices.

On the other hand, she continued, state revenue performance slowed compared to the previous year, mainly due to a significant decline in commodity prices, a decrease in import value, and the absence of the PPS (Tax Amnesty) policy.

Meanwhile, customs and excise revenue in October 2023 amounted to Rp220.8 trillion, down 13.6% year-on-year (yoy) compared to Rp255.6 trillion in the same period last year.

"Export duties saw a very significant contraction due to the very sharp decline in commodity prices such as CPO (Crude Palm Oil), copper, and bauxite," said Sri Mulyani.

Meanwhile, Non-Tax State Revenue (PNBP) reached Rp494.2 trillion, growing by 3.7%, exceeding the target by 112%, and still growing by 3.7% compared to last year.

Sri Mulyani said that PNBP realization exceeded the APBN target amid fluctuating commodity prices. This achievement, according to her, was mainly contributed by the increase in Non-Migas Natural Resource Revenue, Separated State Wealth Revenue, and Revenue from Public Service Agencies (BLU).

On the other hand, state expenditure realization as of October 2023 was recorded at Rp2,240.8 trillion, growing by 4.7% (yoy) compared to the same period last year, which was Rp2,350.7 trillion.

The larger realization of expenditure compared to state revenue resulted in an Indonesian APBN deficit of Rp700 billion in October 2023. This deficit is equivalent to 0.003% of the Gross Domestic Product (GDP).

Editor : Erlina Fury Santika

"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."

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State Revenue Reaches Rp2,240.1 Trillion in October 2023: Here's the Biggest Contributor

State Revenue Reaches Rp2,240.1 Trillion in October 2023: Here's the Biggest Contributor

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State Revenue Reaches Rp2,240.1 Trillion in October 2023: Here's the Biggest Contributor

State Revenue Reaches Rp2,240.1 Trillion in October 2023: Here's the Biggest Contributor

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