KONTAN.CO.ID - JAKARTA. The Finance Ministry has said that large repayments for overpaid value-added tax (VAT) in the manufacturing sector had reduced the tax revenue in January to Rp 86 trillion (US$6.10 billion). Taxation Directorate General spokesman Hestu Yoga Saksama said on Thursday that gross tax revenue grew 11.49 percent in January to Rp 105.28 trillion, but the obligation to repay VAT overpayments had reduced growth to 8.82 percent year-on-year (yoy). The tax office records showed that the manufacturing sector contributed about 20.8 percent of the total tax revenue, but this decreased in January to 16.2 percent, or Rp 16.77 trillion.
VAT refunds reduce growth in January tax revenue
KONTAN.CO.ID - JAKARTA. The Finance Ministry has said that large repayments for overpaid value-added tax (VAT) in the manufacturing sector had reduced the tax revenue in January to Rp 86 trillion (US$6.10 billion). Taxation Directorate General spokesman Hestu Yoga Saksama said on Thursday that gross tax revenue grew 11.49 percent in January to Rp 105.28 trillion, but the obligation to repay VAT overpayments had reduced growth to 8.82 percent year-on-year (yoy). The tax office records showed that the manufacturing sector contributed about 20.8 percent of the total tax revenue, but this decreased in January to 16.2 percent, or Rp 16.77 trillion.