While the state budget projected this year's tax revenue at Rp1,718 trillion (US$113 billion), the minister predicted it would reach Rp1,818.2 trillion (US$119.6 billion).
"Until 2023 end, the tax revenue is expected to reach Rp1,818.2 trillion, which means that we will surpass the state budget target," Indrawati said during a working meeting with the Budget Board of the House of Representatives (DPR) here on Monday.
If the expected value is achieved, the tax revenue will equal 105.8 percent of the national gross domestic product (GDP), and will be 5.9-percent higher compared to the tax revenue collected in 2022, which stood at Rp1,716.8 trillion (US$112.9 billion), she informed.
She said that the ministry expects tax revenue growth to be bolstered by three factors, namely solid growth of the national economy, effective policy implementation and compliance monitoring, and commodity price moderation, which caused a slight dip in tax revenue in the second half of 2023.
However, the 5.9-percent projected increase this year remains lower than the 34.3-percent increase achieved in 2022, the minister noted.
"This is the combination of vigilance to the regressing trend, yet we still able to maintain our revenue to be at 105.8 percent of the target," Indrawati pointed out.
Tax revenue realization in the first half of 2023 stood at Rp970.2 trillion (US$63.8 billion), or at 56.5 percent of the 2023 state budget target. The realization reflected an increase of 9.9 percent year-on-year compared to tax revenue of Rp882.6 trillion (US$58 billion) in 2022.
Meanwhile, the tax revenue in the second half of 2023 is expected to reach Rp848 trillion (US$55.8 billion), a 1.7-percent increase from Rp834.2 trillion (US$54.8 billion) last year.
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Translator: Imamatul Silfia, Nabil Ihsan
Editor: Sri Haryati
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