Tax Revenue Reaches Rp269 Trillion until February 2024

According to a report from the Ministry of Finance (Kemenkeu), Indonesia's tax revenue reached Rp269.02 trillion (approximately US$17.9 billion based on the exchange rate in March 2024) in January-February 2024.

This achievement is equivalent to 13.53% of the 2024 State Budget (APBN) target of Rp1,989.9 trillion (approximately US$133 billion).

Compared to January-February of last year, tax revenue realization in the first two months of this year decreased by 3.7% (year-on-year/yoy).

Despite this, Finance Minister Sri Mulyani Indrawati stated that gross tax revenue still shows a positive trend.

"We remain hopeful; our economy is still strong, stable, relatively positive, and this contributes to tax revenue," said Sri in a working meeting between the Ministry of Finance and Commission XI of the Indonesian House of Representatives (DPR RI) on Tuesday (March 19, 2024).

At the beginning of 2024, the largest tax revenue came from non-oil and gas income tax (PPh non-migas), amounting to Rp147.26 trillion (approximately US$9.8 billion) or 13.85% of the APBN target.

Next is the value-added tax (PPN) and luxury goods sales tax (PPnBM) revenue of Rp108.48 trillion (approximately US$7.2 billion) or 13.37% of the target.

Oil and gas income tax (PPh migas) revenue reached Rp11.25 trillion (approximately US$750 million) or 14.73% of the target.

Then, land and building tax (PBB) and other taxes reached Rp2.02 trillion (approximately US$134 million) or only 5.37% of the target.

The Ministry of Finance also reported that the total realization of state revenue for January-February 2024 reached Rp400.4 trillion (approximately US$26.7 billion), while state expenditure was Rp374.3 trillion (approximately US$25 billion).

With higher revenue realization than expenditure, the APBN recorded a surplus of Rp26 trillion (approximately US$1.7 billion) at the beginning of this year.