The economic recovery in Indonesia is predicted to be getting better. This is evidenced by the performance of state revenues, namely taxes, customs, and excise, as well as Non-Tax State Revenue (PNBP) which continues to improve.
As of February 2022, the realization of state revenues and grants was recorded at Rp302.42 trillion or 16.38% of the 2022 State Budget target.
The Minister of Finance or Minister of Finance, Sri Mulyani Indrawati in a virtual press conference of the March 2022 edition of our State Budget, Monday (28/3/2022), said, “Compared to last year wherein February, the realization was Rp. 219 trillion, this is a 37.7% increase.”
According to data from the government, tax revenue until the end of February 2022 reached Rp. 199.4 trillion or grew 36.5% and reached 15.77% of the 2022 State Budget target. This growth was supported by the economic recovery as seen from the expansive industry, developments in commodity prices, and export-import performance.
Cumulatively, the majority of major tax types recorded positive and better growth compared to the same period in 2021.
Meanwhile, based on monthly growth, several types of taxes contracted due to shifts in payment recording and non-recurrence of previous year’s transactions such as payment of tax assessments.
Furthermore, cumulative sectoral revenues for all types of businesses grew positively, although at a slower pace compared to the January 2022 period.
The mining sector still recorded the highest growth driven by rising coal commodity prices. Then, the Manufacturing Industry Sector is still the largest contributor to tax revenue at 29.1%.
Meanwhile, Customs and Excise revenue reached IDR 56.7 trillion or 23.2% of the APBN target at the end of February 2022. This achievement grew significantly by 59.3%, supported by the performance of Import Duties, Export Duties, and Excise.
Import Duty Revenues reached Rp6.8 trillion or grew by 37.1% driven by the trend of improving national import performance. Export Duty Revenue reached Rp6.6 trillion or grew by 176.8% driven by high commodity prices and increased volume of copper exports.
Furthermore, Excise Revenue reached Rp. 43.4 trillion or grew by 53.3%, influenced by the implementation of excise policies and the effectiveness of supervision as well as the relaxation of PPKM and the improvement in the hotel and tourism sector.
Lastly, state revenue is also supported by the realization of PNBP which until February 2022 reached Rp. 46.2 trillion or 13.8% of the 2022 State Budget target. PNBP grew positively by 22.55%, mainly driven by SDA revenues, both oil and gas and non-oil and gas, as well as BLU revenues.
“So the state revenue illustrates, one, the economic recovery that is squirming is quite strong and it was across several sectors and types of taxes and revenues. Then the second, soaring world commodity prices which contributed,” concluded Sri Mulyani.
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