Indonesia's Tax Revenue Realization Data up to August 2024

The Indonesian Ministry of Finance (Kemenkeu) reported that tax revenue from the beginning of the year to August 31, 2024, reached Rp1,196.54 trillion. This achievement is equivalent to 60.16% of the State Revenue and Expenditure Budget (APBN) target of Rp1,988.9 trillion.

Tax revenue realization in August 2024 contracted by 4% year-on-year (yoy). However, the decline showed improvement compared to previous months.

"This month's revenue managed to maintain the growth momentum achieved over the previous two months. We hope this positive trend will continue in the following months," said Deputy Minister of Finance II, Thomas Djiwandono, in an APBN KiTa press conference on Monday (September 23, 2024).

The largest tax revenue during the period came from non-oil and gas income tax (PPh nonmigas), amounting to Rp665.52 trillion, or 62.58% of the APBN target.

"With negative 2.46% gross growth, although still experiencing contraction, its performance shows improvement. This is evident in the slowing negative growth compared to previous months," said Thomas.

The contraction in non-oil and gas income tax was also influenced by the weakening of commodity prices last year, which caused a decrease in profitability in 2023.

Next, Value Added Tax (PPN) and Luxury Goods Sales Tax (PPnBM) revenue grew by 7.36% (yoy) to Rp470.81 trillion. Revenue in this sector met 58.03% of the APBN target.

Then, oil and gas income tax (PPh migas) revenue fell by 10.23% (yoy) to Rp44.45 trillion, reaching 58.20% of the target. This weakening was driven by a decrease in oil lifting.

Finally, Land and Building Tax (PBB) and other taxes increased by 34.18% (yoy) to Rp15.76 trillion. This achievement has met 41.78% of the 2024 target.