The growth of state income in the first semester of 2022 was supported by the realization of tax revenues which reached 868.3 trillion rupiahs or 58.5 percent of the target of 1,485 trillion rupiahs (98.8 billion U.S. dollars).

Jakarta (Indonesia Window) – The realization of state income in the first semester of 2022 reached 1,317.2 trillion rupiahs (some 87.7 billion U.S. dollars) or 58.1 percent of the target in the Presidential Regulation No. 98 of 2022 which sets state revenues of 2,266.2 trillion rupiahs (some 150.9 billion dollars), the Indonesian Finance Minister said in a written statement here on Friday.

"Until the first semester, the growth of the state income reached 48.5 percent compared to last year. It is very strong compared to last year's baseline which had a strong growth," Finance Minister Sri Mulyani Indrawati said in a discussion of the Semester I Realization Report and Semester II Prognosis of the State Budget for the 2022 Fiscal Year here on Friday.

The growth of the state income in the first semester of 2022 was supported by the realization of tax revenues which reached 868.3 trillion rupiahs (about 57.8 billion dollars) or 58.5 percent of the target of 1,485 trillion rupiahs (about 98.9 billion dollars). This achievement grew 55.7 percent from last year.

These figures show a very significant growth, supported by the growth in net revenue per tax type and the growth per sector.

The finance minister estimated that tax revenues would reach 1,608 trillion rupiahs (some 107.1 billion dollars). “This means that the growth is still above 25 percent by the end of the year compared to last year. This is a new baseline,” she said.

Meanwhile, the realization of customs and excise until the first semester of 2022 has reached 167.6 trillion rupiahs (about 11.1 billion dollars) or 56.1 percent of the 299 trillion rupiahs (about 19.9 billion dollars) target.

This realization was supported by excise duty which grew 33 percent and import duty grew by 30.5 percent, although there was an anomaly in export duties due to the ban on the export of CPO (crude palm oil).

"We estimate that by the end of the year, customs and excise revenues would reach over 300 trillion rupiahs (some 19.9 billion dollars), amounting to 316.8 trillion rupiahs (some 21.2 billion dollars). This is an increase of 17.7 percent from last year's 26 percent growth," Sri Mulyani noted.

Meanwhile, in terms of non-tax state revenue, the minister estimated that it would reach 510.9 trillion rupiahs (about 34.03 billion dollars) by the end of the year.

This estimate is supported by the realization of non-tax state revenue in the first semester of 2022 of 281 trillion rupiahs (some 18.7 billion dollars) or 58.3 percent of the target of 481.6 trillion rupiahs (some 32.08 dollars).

This condition was supported by the non-tax state revenue from natural resources (oil and gas) with the growth reaching 86.6 percent, as well as other non-tax state revenues which also increased.

However, the increase was not recorded in the revenue of the General Service Agency which contracted due to the temporary ban on CPO exports.

Reporting by Indonesia Window