Tax Revenue Hits 85% by November, Government Anticipates Significant Boost in December
JAKARTA. Tax revenue realization by the end of November reached IDR 1,688.93 trillion, or about 85% of the 2024 target.
With just one month remaining, the government is confident that this year's tax revenue will meet the target. This is due to the usual significant increase in tax receipts in December.
Deputy Minister of Finance Anggito Abimanyu stated that the tax revenue realization is in line with the revenue cycle, as seen in previous years.
"The tax revenue target is still on track, consistent with the cycles of previous years," said Anggito during a presentation on the realization of the State Budget (APBN) on Wednesday (11/12).
Tax Revenue by Category
The realization of tax revenue includes Non-Oil and Gas Income Tax of IDR 885.77 trillion, or 83.30% of the target, growing by 0.43% compared to last year
Second, Oil and Gas Income Tax mounted to IDR 58.89 trillion, or 77.10% of the target, showing a decline of 8.03% from the previous year. For Value Added Tax (VAT) and Sales Tax on Luxury Goods (STLG) reached IDR 707.76 trillion, or 87.23% of the target, with an 8.17% growth from last year.
Lastly, Property Tax and other taxes totaled IDR 36.52 trillion, or 96.79% of the target, growing by 2.65% compared to last year.
Tax Revenue by Type
Tax revenue is still largely dominated by VAT and Corporate Income Tax, with each accounting for 25.7% and 17.2% of the total tax revenue, respectively.
The realization of VAT revenue was recorded at IDR 434.67 trillion, while Corporate Income Tax stood at IDR 2800.80 trillion. However, Corporate Income Tax saw a negative growth of 23.1%.
On the other hand, Domestic VAT revenue has reached a positive growth of 6.9% compared to the same period in 2023.
Other tax types also experienced positive growth, including Income Tax Article (ITA) 21, ITA 22 on Imports, Individual Income Tax, Final Income Tax, and VAT on Import.
Tax Revenue by Sectors
By sector, tax revenue is still largely dominated by the manufacturing sector, contributing 25.8%. However, tax revenue in the manufacturing sector saw a negative growth of 4.3% compared to last year, amounting to IDR 411.74 trillion.
Negative growth was also recorded in the mining sector, with a decline of 37.3%. Outside of these two sectors, tax revenue showed positive growth.
Several sectors with positive growth include trade, with a 7.5% growth and a contribution of 25.8%. Other sectors with positive growth include finance and insurance, construction and real estate, transportation and warehousing, as well as information and communication. (ASP/KEN)
