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Indonesia raises tax revenue target for this year

The Finance Ministry of Indonesia has raised its tax revenue target for 2022 to 9.3 - 9.5 percent of GDP, banking on the implementation of new tax regulations and continued economic recovery.
Jakarta (VNA) – The Finance Ministry of Indonesia has raised its taxrevenue target for 2022 to 9.3 - 9.5 percent of GDP, banking onthe implementation of new tax regulations and continued economicrecovery.

Febrio Nathan Kacaribu, head of the ministry'sFiscal Policy Agency, said the target is higher than the 9.11percent achieved last year, noting that this target took into accountthe Harmonised Tax Law taking effect this year.

This law raises income tax for the rich,increases value-added tax (VAT), and introduces carbon taxes and a secondtax amnesty programme.

The tax-to-GDP ratio of the archipelago nation droppedto 8.3 percent in 2020, the lowest in the past decade due to the shrunken staterevenue as a result of a pandemic-caused economic recession./.
VNA
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