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55299
Tue, 04/14/2009 - 10:14
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https://www.oananews.org//node/55299
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TAX REVENUE PREDICTED TO DROP DUE TO CRISIS' IMPACT
Jakarta, April 13 (ANTARA) - Finance Minister Sri Mulyani Indrawati said the country's tax revenue in 2009 was expected to total Rp639.4 trillion or lower than Rp661.8 trillion as ealier projected due to the impact of the global financial crisis.
"As a result of a decline in exports and imports as well as investment our tax revenue will drop. We, along with the House of Representatives, earlier revised the projection from Rp725.8 trillion to Rp661.8 trillion. After having revised the projection we now plan to revise it further down to Rp639.4 trillion," she said after attending a limited cabinet meeting with President Susilo Bambang Yudhoyono on Monday.
She said revenue was expected to drop from import and domestic value-added taxes in the first quarter this year although nominally it would remain higher than in 2008.
She said import value-added tax revenue dropped by Rp4.2 trillion in January, Rp4.5 trillion in February, and Rp5 trillion in March while domestic value-added tax revenue dropped by Rp10.2 trillion in January, Rp6.7 trillion in February and Rp8.7 trillion in March.
The minister said the processing industry until March 2009 only contributed Rp13 trillion in income tax revenue down by Rp3.7 trillion from Rp16.7 trillion in contributed last year.
Tax revenue from other sectors such as trade, hotel, restaurant, shipment and communications remained relatively stable.
The value-added tax revenue from manufacturing industry dropped from Rp17.8 trillion at the end of March last yaer to Rp15.3 trillion at the end of March 2009.
"Mining tax revenue also drops, certainly because the price of mining commodities also drops so that income from the value-added tax in the sector drops from Rp8 trillion to only Rp6.5 trillion by the end of March," she said.
Although tax revenue drops state expenditure will not change, she said. She said the government would maintain the deficit of the 2009 budget at 2.5 percent.
"Until now we keep maintaining the deficit at 2.5 percent of the Gross Domestic Product and we have already secured its financing from that for various kinds of bilateral and multilateral financing," she said.
"As a result of a decline in exports and imports as well as investment our tax revenue will drop. We, along with the House of Representatives, earlier revised the projection from Rp725.8 trillion to Rp661.8 trillion. After having revised the projection we now plan to revise it further down to Rp639.4 trillion," she said after attending a limited cabinet meeting with President Susilo Bambang Yudhoyono on Monday.
She said revenue was expected to drop from import and domestic value-added taxes in the first quarter this year although nominally it would remain higher than in 2008.
She said import value-added tax revenue dropped by Rp4.2 trillion in January, Rp4.5 trillion in February, and Rp5 trillion in March while domestic value-added tax revenue dropped by Rp10.2 trillion in January, Rp6.7 trillion in February and Rp8.7 trillion in March.
The minister said the processing industry until March 2009 only contributed Rp13 trillion in income tax revenue down by Rp3.7 trillion from Rp16.7 trillion in contributed last year.
Tax revenue from other sectors such as trade, hotel, restaurant, shipment and communications remained relatively stable.
The value-added tax revenue from manufacturing industry dropped from Rp17.8 trillion at the end of March last yaer to Rp15.3 trillion at the end of March 2009.
"Mining tax revenue also drops, certainly because the price of mining commodities also drops so that income from the value-added tax in the sector drops from Rp8 trillion to only Rp6.5 trillion by the end of March," she said.
Although tax revenue drops state expenditure will not change, she said. She said the government would maintain the deficit of the 2009 budget at 2.5 percent.
"Until now we keep maintaining the deficit at 2.5 percent of the Gross Domestic Product and we have already secured its financing from that for various kinds of bilateral and multilateral financing," she said.
