Arnoldus Kristianus, Jakarta – Finance Minister Sri Mulyani revealed Monday that Indonesia had amassed Rp 1,123.5 trillion (around $68.4 billion) in state revenue so far this year as of May 31.

This marks a 7.1 percent decline compared to the same period last year.

"The 2024 state budget is inseparable from the current global conditions which are undergoing major changes, be it the oil prices, yield, exchange rate, and these all have affected companies' performances," Sri Mulyani told reporters in Jakarta.

About Rp 760.4 trillion came from taxes, marking an 8.4 percent drop from the same period in 2023. Customs-related revenue had also declined 7.8 percent to Rp 109.1 trillion throughout the first five months of 2024.

Sri Mulyani attributed the decline in the declining tax revenue to Indonesian mining companies who had reported weakening financial performance in 2023.

The government collected Rp 251.4 trillion in non-tax revenue as of late May. Non-tax revenue also went down 3.3 percent versus the numbers recorded the same period last year.

Source: https://jakartaglobe.id/business/indonesias-state-revenue-drops-71-pc