Ministry Of Finance Tax Revenue Until October 2024 Reaches IDR1,517 T

, 24 Nov 2024

By reza@insightinnews.com The Ministry of Finance has reported that tax revenue up to October 2024 reached IDR 1,517.53 trillion, which accounts for 76.30 percent of the 2024 state budget target. Deputy Minister of Finance Anggito Abimanyu indicated that this figure has shown improvement over the past four months and is expected to continue this trend until the end of the year. "The tax revenue as of October stands at 76.3 percent. We will monitor this closely to ensure that projections by the end of the year come as close as possible to the targets set in the state budget," Anggito stated during a working meeting with Commission XI of the House of Representatives on November 13. According to his presentation, revenue in July was recorded at IDR 151.5 trillion, reflecting a growth of 9.0 percent. This figure slightly decreased to IDR 151.2 trillion in August, with a growth rate of 9.7 percent, before rising to IDR 158.3 trillion in September, marking a growth of 12.4 percent. In October, revenue further increased to IDR 162.7 trillion, showing a growth of 19.6 percent. In detail, tax revenue from non-oil and gas income tax (PPh) reached IDR 810.76 trillion, or 76.24 percent of the state budget target. Additionally, value-added tax (PPN) and luxury goods tax (PPnBM) amounted to IDR 620.42 trillion, representing 76.47 percent of the allocated budget. Furthermore, land and building tax (PBB) and other taxes totaled IDR 32.65 trillion, or 86.52 percent of the target, while oil and gas income tax (PPh migas) was recorded at IDR 53.70 trillion, or 70.31 percent of the allocation. "Looking at the year-on-year trend compared to the end of the year, the situation has significantly improved over the last three to four months. This indicates that the trend towards achieving the year-end target aligns well with the pulse of the economy," he explained. In summary, tax revenue from non-oil and gas income tax (PPh) reached IDR 810.76 trillion, or 76.24 percent of the state budget target. Subsequently, the value-added tax (VAT) and the luxury goods sales tax (LGST) amounted to IDR 620.42 trillion, representing 76.47 percent of the target. Furthermore, the land and building tax (LBT) and other taxes totaled IDR 32.65 trillion, which is 86.52 percent of the target, while the income tax from the oil and gas sector reached IDR 53.70 trillion, accounting for 70.31 percent of the target. When examining the year-on-year trend compared to the end of the previous year, it is evident that the situation has significantly improved over the last three to four months. This indicates that the trend towards achieving the year-end target is indeed aligned with the pulse of the economy.

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