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Minister of Finance predicted 2020 tax revenue will decrease up to 20%

06 January 2021 13:33

JAKARTA - Finance Minister, Sri Mulyani, estimated that tax revenue in 2020 would drop up to 20%, due to Covid-19 pandemic.

"Because of Covid-19, the state budget is under pressure. State revenue fell by 15%, and tax revenue 20%, but we must keep, furthermore, increase spending,” said Sri Mulyani in a web seminar earlier this week.

She also conveyed that 2020 tax revenue target was IDR 1,198.8 trillion and the achievement in 11 months had only met 77.2%. Yet, the target was actually around 10% lower than the realisation of tax revenue in 2019 amounting to IDR 1,332.1 trillion.

From State Budget’s data of January-November 2020 showed that the realisation of tax revenues was IDR 925.34 trillion. This figure fell by 18.55% against the realisation of the same period last year (2019), amounting to IDR 1,136.13 trillion.

In detail, the realisation of oil and gas income tax revenue until November 2020 amounted to IDR 29.2 trillion, decreased to 44.8% compared to the same period in 2019 of IDR 52.8 trillion. Realisation of non-oil and gas taxes from January to November 2020 amounted to IDR 896.2 trillion, fell 17.3% yoy and value added tax (VAT) and sales tax on luxury goods only realised IDR 378.77 trillion, decreased 14.15% yoy. (AM/VA)

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