On November 10, 2024, the Indonesian government reported that the country’s revenue performance remains stable. With a total revenue of Rp2.247,5 trillion, this figure represents 80.2% of the 2024 APBN target. But what does this mean for Indonesia‘s economic outlook?
- State revenue reached Rp2,247.5 trillion.
- Tax revenue at Rp1,517.53 trillion.
- Improvement in non-oil income tax.
- Customs and excise revenue at Rp231.7 trillion.
- Non-tax revenue achieved Rp477.5 trillion.
- Significant growth in public service revenue.
As the economy evolves, understanding the factors driving revenue is crucial for both local and international observers.
Indonesia’s Revenue Performance: Key Insights for 2024
How does Indonesia’s revenue situation impact its economic stability? The latest figures show a steady increase in revenue collection, which is essential for funding public services and infrastructure. As of October 31, 2024, tax revenue has reached Rp1.517,53 trillion, accounting for 76.3% of the target. This growth is vital for maintaining economic health.
Analyzing Tax Revenue and Its Implications for Indonesia
Tax revenue plays a significant role in Indonesia’s overall revenue collection. The recent improvements in tax receipts are driven by various factors:
- Increased gross revenue from the mining sector.
- Improved payments in property tax, especially in the oil and gas sector.
- Stable domestic consumption boosting VAT and luxury tax collections.
- Continued challenges in oil income tax due to declining oil prices.
Understanding Non-Tax Revenue Contributions
Non-tax revenue (PNBP) is also performing well, reaching Rp477,5 trillion, which is 97.1% of the target. This growth is primarily due to:
- Increased dividends from state-owned enterprises, particularly in banking.
- Growth in public service revenues from hospitals and educational services.
- Enhanced management of public funds leading to better financial outcomes.
The Role of Customs and Excise in Revenue Generation
Customs and excise duties have also shown promising results. By the end of October, revenue from customs and excise reached Rp231,7 trillion, representing 72.2% of the target. Key factors include:
- Increased import values boosting customs duties.
- Growth in excise taxes from tobacco and other products.
- Strengthened currency exchange rates favoring revenue collection.
In conclusion, Indonesia’s revenue performance as of October 2024 indicates a stable economic environment. With both tax and non-tax revenues showing positive Trends, the government is well-positioned to meet its financial targets for the year.
