First-Quarter 2024 Tax Revenue Reaches Rp393 Trillion

The Indonesian Ministry of Finance (Kemenkeu) recorded tax revenue reaching Rp393.91 trillion in the first quarter of 2024. "This means almost 20% in this one quarter, (precisely) 19.81% of the target," said Sri Mulyani in a press conference on the State Budget (APBN) KiTa on the Kemenkeu YouTube channel, Friday (26/4/2024).

First-quarter 2024 tax revenue decreased by 8.8% year-on-year (yoy) compared to the first quarter of last year, which reached Rp431.9 trillion.

Sri Mulyani stated that this decrease was due to weakening commodity prices. On the other hand, gross tax revenue excluding refunds grew slightly by 0.64%.

The largest tax revenue in the first quarter of 2024 came from non-oil and gas income tax (PPh), namely Rp220.42 trillion, equivalent to 20.73% of the APBN target. This figure grew by 0.10% (yoy).

Next is the value-added tax (PPN) and luxury goods sales tax (PPnBM) revenue, which grew by 2.57% (yoy) to Rp155.79 trillion. Revenue in this sector met 19.20% of the target.

Oil and gas income tax (PPh) revenue was recorded at Rp14.53 trillion, or 19.02% of the APBN target.

"The oil and gas PPh fluctuates based on oil prices and exchange rates. For the first quarter, it still experienced a significant correction, namely 18%," explained Sri Mulyani.

Then, land and building tax (PBB) and other taxes increased by 11.05% (yoy) to Rp3.17 trillion, realizing 8.29% of the APBN target.

Overall, state revenue for the first quarter of 2024 reached Rp620.01 trillion, while state expenditure was Rp611.9 trillion.

With higher revenue realization than expenditure, the APBN recorded a surplus of Rp8.1 trillion or 0.04% of GDP in the first quarter of 2024.