Headline:
Indonesia‘s Revenue Growth Slows in 2024; Pajak Target Missed for First Time in Four Years
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Jakarta, CNBC Indonesia – Indonesia’s revenue growth slowed in 2024, reaching 2.1% to Rp 2.842.5 trillion, surpassing the 2024 Lapsem (outlook) target of Rp 2.802.5 trillion. However, the target for tax revenue was missed for the first time in four years, with a shortfall of Rp 56.5 trillion from the target set in the 2024 State Budget Law (UU APBN 2024).
Minister of Finance Sri Mulyani revealed that tax revenue only reached 97.2% of the target set in the UU APBN 2024, amounting to Rp 1.932.4 trillion, falling short of the initial target of Rp 1.988.9 trillion. "Our tax revenue is still at Rp 2.802 trillion, but our tax collection has been revised down to Rp 1.932.4 trillion, below the initial APBN target of Rp 1.988 trillion," she said.
While the realized tax revenue was below the 2024 UU APBN target, it exceeded the Lapsem (outlook) 2024 target of Rp 1.921.9 trillion. Additionally, revenue from import duties and excise taxes also fell short of their targets. In 2024, import duties and excise taxes amounted to Rp 300.2 trillion, lower than the 2024 UU APBN target of Rp 321 trillion, but higher than the 2024 Lapsem target of Rp 296.5 trillion.
Non-tax state revenue (PNBP) grew by 5.4% in 2024, reaching Rp 549.1 trillion, surpassing the targets set in both the 2024 UU APBN and the 2024 Lapsem, which were Rp 492 trillion and Rp 549.1 trillion, respectively.
"Therefore, despite the uncertainty and pressure, our national income still grew to Rp 2.842.5 trillion in 2024 compared to 2023," Sri Mulyani explained.
The minister also noted that the slowdown in tax revenue growth was due to the global economic slowdown and the impact of the COVID-19 pandemic on domestic economic activity. She expressed optimism that the government’s efforts to stimulate economic growth and improve tax administration would help boost tax revenue in the future.
Sources: Ministry of Finance, CNBC Indonesia
Image Caption:
Deficit in the 2024 State Budget. (Doc. MoF)
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