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Jakarta, Ideatax -- The 2024 State Budget Law has been enacted. Through Law No. 19 of 2023, the government sets out the main points of the state budget for fiscal year 2024. The government stipulates that during 2024, total government revenue will amount to Rp2,802,294,316,629,000. If broken down further, the government revenue consists of tax revenue of IDR 2,309,859,945,000,000 and non-tax revenue of IDR 492,003,764,981,000.
Tax revenue of Rp2,309,859,945,000,000 consists of domestic tax revenue of Rp 2,234,959,385,000,000 and international trade tax revenue of Rp 74,900,560,000,000. Domestic tax revenue consists of Income Tax (PPh) amounting to Rp1,139,783,707,950, Value Added Tax (VAT) amounting to Rp 811,364,991,993,000, Land and Building Tax (PBB) amounting to Rp 27,182,247,732,000, excise tax amounting to Rp 246,079,440,000,000 and other taxes amounting to Rp 10,548,997,325,000.
When compared to the previous year's Revised State Budget, domestic tax revenues increased by 9.26%. Domestic tax revenues in the 2023 APBNP were set at 2,045.45 trillion rupiah, with the following details:
| APBNP 2023 | APBN 2024 | Increase | |
|
Domestic Tax Revenue |
2,045,450.000.000.00 |
2,234,959,385.000.00 |
9.26% |
|
Income Tax (PPh) Revenue |
1,049,540.000.000.00 |
1,139,783,707,950.00 |
8.60% |
|
Oil and Gas Income Tax Revenue |
71,650.000.000.00 |
76,373,795,079.00 |
6.59% |
|
Non-oil and gas income tax revenue |
977,890.000.000.00 |
1,063,409,972,871.00 |
8.75% |
|
Income Tax Article 21 Revenue |
201,808,239,196.00 |
215,215,682,962.00 |
6.64% |
|
Income Tax Article 22 Revenue |
36,371,181,698.00 |
43,655,534,375.00 |
20.03% |
|
Income Tax Article 22 on Import |
71,116,671,628.00 |
74,506,112,138.00 |
4.77% |
|
Income Tax Article 23 Revenue |
57,636,618,439.00 |
64,141,184,231.00 |
11.29% |
|
Income Tax Article 25129 Individual |
12,170,074,740.00 |
12,792,761,224.00 |
5.12% |
|
Income Tax Article 25129 Individual |
401,012,228.008.00 |
428,594,874,661.00 |
6.88% |
|
Income Tax Article 26 Revenue |
85,026,360,870.00 |
86,249,818,970.00 |
1.44% |
|
Final Income Tax Revenue |
112,607,606,310.00 |
138,122,820,598.00 |
22.66% |
|
Other non-oil and gas income tax revenue |
141,019,111.00 |
131,123,712.00 |
-7.02% |
|
Value Added Tax and Luxury Goods Sales Tax Revenue |
731,040.000.000.00 |
811,364,991,993.00 |
10.99% |
|
Domestic VAT Revenue |
438,791,935,585.00 |
493,302,392,999.00 |
12.42% |
|
Import VAT Revenue |
256,141,436,576.00 |
282,931,087,632.00 |
10.46% |
|
Domestic STLG Revenue |
19,081,361,622.00 |
20,569,494,410.00 |
7.80% |
|
Import STLG revenue |
6,227,840,965.00 |
6,691,827,370.00 |
7.45% |
|
Other VAT/STLG Revenue |
10,797,425,252.00 |
7,870,189,582.00 |
-27.11% |
|
Land and Building Tax Revenue |
26,870.000.000.00 |
27,182,247,732.00 |
1.16% |
|
PBB Plantation Revenue |
4,188,313,910.00 |
3,048,624,898.00 |
-27.21% |
|
Forestry PBB Revenue |
895,422,597.00 |
704,600,634.00 |
-21.31% |
|
PBB Mining Revenue |
5,978,754,967.00 |
7,351,299,354.00 |
22.96% |
|
PBB revenue of oil and gas |
15,300,103,350.00 |
15,084,445,938.00 |
-1.41% |
|
Geothermal PBB Revenue |
410,891,995.00 |
897,404,749.00 |
118.40% |
|
Other land and building tax revenue |
96,513,181.00 |
95,872,159.00 |
-0.66% |
Based on the table above, it can be seen that, compared to the revised 2023 State Budget, the tax revenue target for 2024 increased by 9.26%. In fact, the income tax target only increased by 8.06%, and VAT increased by 10.99%.
Meanwhile, on the other hand, in the 2024 State Budget, the government uses macroeconomic assumptions in the form of economic growth of 5.2%, inflation of 2.8%, interest rates of 6.7%, oil prices of USD82/barrel, oil lifting of 635 rpbh, and gas lifting of 1,033 rbsmph.
If these two facts are combined, it can be imagined that in 2024, the Directorate General of Taxes will be able to easily achieve the mandated revenue target. This is because the difference between the increase in economic growth assumptions and the inflation rate with the tax revenue target is not too significant. Moreover, 2024 is an election year where the value of goods and service transactions tends to increase.
The year 2024 will also be characterized by the full implementation of the Core Tax Administration System (CTAS) as part of the Core Tax Administration System Update (PSIAP). The implementation of CTAS is expected to boost revenue through the implementation of NIK into NPWP, the implementation of taxpayer account management (TAM), the automatic exchange of information, and other business processes.
Thus, based on the above assumptions and approaches, we think that the 2024 tax revenue target will be easily achieved by the Directorate General of Taxes as the taxation authority.
