2022 State Budget: Fiscal Policy and Structural Reform
TAXATION COLLECTION CONTINUES TO WELL PERFORMED
Major sources of tax posted positive growth up to November 2021
TAX REVENUE GROWTH BY TYPES (%)
Jan-Nov 2019
I Jan-Nov 2020
60
36.6
40
27.0
21.7
16.6
20
10.6
34.6
11.6
3.4
1.75.0
6.7
1.2
0
-20
-5.2
-1.5
-40
-60
-47.9
Income Tax Art Income Tax Art Personal Income
21
22 (Imported
Goods)
Tax
-5.36.9
-36.1
Corporate
Income Tax
-8.51.0
-1.8
-9.7
-7.9
-19.4
•
Income Tax Art Final Income Tax Domestic VAT
26
Import VAT
TAX REVENUE GROWTH BY SECTORS (%)
28.3
40
16.9
7.2
2.4
86220276
-3.3
-40
-19.1
-19.5
0.3
-2.4
-1.4
-11.2
-19.7
16.5
59.1
-5.9
-21.0
16.4
Manufacturing
Trade
Financial Services &
Construction & Real
Insurance
Estate
-43.5
Transportation &
Warehousing
Mining
Source: Ministry of Finance
.
•
•
As the Covid-19 pandemic has caused a
slowdown in economic activities, the
government provided fiscal stimulus to
protect business through tax cut and
incentive, which led to a deep fall in 2020 tax
collection.
Up to Nov 2021, major taxes has started to
show a positive performance and has been
consistent with economic recovery trend. Tax
receipt booked growth of 17.0% in
November (ytd), exceeded the target of
14.7% in the 2021 state budget.
The income tax, especially corporate income
tax, and tax form import activities grew
strongly.
Tax collection of most sectors hike, align with
the recovering performance of those sectors.
Even though few sectors still contracted, the
realization up to November was way better
compared to in early 2021.
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