Government Revenue from Value-Added Tax (VAT) and Customs Excise Reaches Rp221.3 Trillion in Nine Months
The Indonesian government has confirmed that revenue from value-added tax (VAT) and customs excise has surpassed Rp221 trillion as of September this year, according to the Ministry of Finance.
This achievement can be seen as a testament to the government's efforts to increase revenue collection through various tax measures. The growth in VAT and customs excise revenue is largely attributed to the increase in consumption and trade activities within the country.
During the nine-month period, VAT revenue grew by 14.3% year-on-year, reaching Rp157 trillion. Meanwhile, customs excise revenue surged by 28.5% to reach Rp64.3 trillion.
The government has set a target of collecting Rp1 trillion in value-added tax and customs excise revenue for the full year, with a growth rate of 14%. With the current momentum, it is likely that the government will achieve its target and even surpass it.
However, the high growth in VAT and customs excise revenue also raises concerns about inflation and its impact on consumers. As the government continues to collect more revenue from these taxes, it must balance economic growth with social welfare and ensure that the benefits of taxation are shared equitably among all segments of society.
The Indonesian economy is expected to continue growing, driven by a combination of factors including consumption, investment, and exports. As the government collects more revenue from VAT and customs excise, it will be crucial to manage this influx effectively to avoid any adverse effects on the overall economic performance.
The Indonesian government has confirmed that revenue from value-added tax (VAT) and customs excise has surpassed Rp221 trillion as of September this year, according to the Ministry of Finance.
This achievement can be seen as a testament to the government's efforts to increase revenue collection through various tax measures. The growth in VAT and customs excise revenue is largely attributed to the increase in consumption and trade activities within the country.
During the nine-month period, VAT revenue grew by 14.3% year-on-year, reaching Rp157 trillion. Meanwhile, customs excise revenue surged by 28.5% to reach Rp64.3 trillion.
The government has set a target of collecting Rp1 trillion in value-added tax and customs excise revenue for the full year, with a growth rate of 14%. With the current momentum, it is likely that the government will achieve its target and even surpass it.
However, the high growth in VAT and customs excise revenue also raises concerns about inflation and its impact on consumers. As the government continues to collect more revenue from these taxes, it must balance economic growth with social welfare and ensure that the benefits of taxation are shared equitably among all segments of society.
The Indonesian economy is expected to continue growing, driven by a combination of factors including consumption, investment, and exports. As the government collects more revenue from VAT and customs excise, it will be crucial to manage this influx effectively to avoid any adverse effects on the overall economic performance.