The Ministry of Finance noted that state revenues until the end of September reached Rp 1,354.83 trillion.
This realization grew by 16.8% compared to the same period the previous year (YoY).
The increase in state revenues was supported by tax revenues from the mining to plantation sectors as well as export duty receipts driven by increases in several commodity prices. In detail, this state revenue consisted of taxes of Rp 850.06 trillion or grew 13.25% (YoY), Customs and Excise amounting to Rp 182.92 trillion or growing 28.98% and Non-Tax State Revenue (PNBP) of Rp 320.84 trillion or growing 22.53% and grants of Rp 1.01 trillion. For sectoral tax revenues, the increase highest in the mining sector. Where tax revenue from this sector increased to 317.6% at the end of September 2021. This was driven by global demand and rising mining commodity prices. Then, the second-highest increase was tax revenue from the trade sector. Revenue grew by 40.4%, which was also supported by the recovery in global and domestic demand, which boosted production, consumption, exports, and imports.
For revenue from Customs and Excise, it was supported by Export Duties which grew up to 910.6%. This sharp increase was driven by an increase in copper commodity exports and the high price of palm oil products. As is well known, there was a commodity boom that resulted in an increase in CPO prices due to tight supplies. Then, base metal prices also skyrocketed due to the energy crisis and decarbonization policies.
Meanwhile, revenues from PNBP have also exceeded the 2021 APBN target, supported by Oil and Gas Natural Resources (SDA) revenues which grew 16.4%, and Non-Oil and Gas which grew 78.3%.
For oil and gas SDA revenues, the increase was mainly due to the increase in ICP since the beginning of the year. Meanwhile, non-oil and gas natural resources growth was supported by rising prices of mining commodities such as coal, gold, silver, copper, tin, and nickel. In addition to mining, the increase in non-oil and gas natural resource revenues was also supported by the forestry and geothermal sectors. Where wood production, the use of forest area areas to payment of PNBP receivables from the use of forest areas have increased sharply.
These factors have supported state revenues to grow double digits to 16.8% as of September 2021 or have reached 77.7% of the total state revenue target in the 2021 State Budget.
The increase in international commodity prices seems to be a windfall for the Indonesian economy. Palm oil, coal, nickel, copper, and others can boost state revenues soaring.
Total state revenue was Rp. 1,354,8 trillion or grew by 16.8%. Natural revenues increased with tax realization growing 13.2% to Rp 850.1 trillion (69.1%), customs duties growing 29% to Rp 182.9 trillion (85.1%), and PNBP growing 22.5% to Rp. 320.8 trillion (107.6%). The amount of state revenue is inseparable from the surge in commodity prices. This affects tax revenues, export duties to PNBP. Taxes, for example, in January-September 2021 jumped 38.4% compared to the same period the previous year (year-on-year/yoy). Much better than the first nine of 2020 which fell 42.7% YoY.
Meanwhile, in the third quarter of 2021, tax revenue from the mining sector shot up 317.6% YoY. Much improved compared to the previous quarter which contracted (grows negative) 18% YoY.
Export duties (BK) where the realization reached Rp 22.56 trillion or grew 910.6% which is the best in Indonesia's history. This amount is influenced by export commodities of palm oil, coal, and others.
style="text-align: justify;">The Post for Non-Tax State Revenue (PNBP) also recorded high growth. In these nine alone, 107.6% of PNBP has been realized or exceeded the APBN target to Rp 320.8 trillion.
Oil and Gas SDA grew 16.4% to 82.7% from the target of Rp 75 trillion. Influenced by the increase in ICP in the last 10 months which amounted to US$ 62.55 per barrel or above the average assumption of the State Budget.
Non-oil and gas PNBP grew 78.3% to 119.8% from the target of Rp 29.1 trillion. Supported by rising prices of coal, gold, silver, copper, tin, and nickel. The HBA in that period reached US$ 102.3/ton.
In addition, there is also encouragement from increasing timber production, using forest area areas, paying PNBP receivables from using the area. This then raises many questions, will Indonesia be debt-free next year? The answer is absolute no.
The 2022 State Revenue and Expenditure Budget (APBN) is estimated to still experience a deficit of up to IDR 868 trillion or 4.85% of Gross Domestic Product (GDP). This will be in addition to Indonesia's nominal debt which now reaches around Rp 6000 trillion. However, as revenues increase, debt withdrawals can be reduced. Like this year. This year's deficit is estimated to be lower, at 5.59% from the previously assumed 5.7%.