All projected incomes up, except those from fuel<\/p>\n
JAKARTA (JP): The draft state budget for the 1995-96 fiscal
\nyear, which begins in April, projects that all elements of
\ndomestic revenues will increase from the present fiscal year's
\nlevels, except proceeds from sales of petroleum products.<\/p>\n
The draft, which balances at Rp 78.02 trillion (US$35.5
\nbillion), expects a 10.9 percent increase from domestic revenues
\nto 66.27 trillion, while the difference will be outweighed by
\nforeign loans.<\/p>\n
Although domestic revenues are forecast to increase by 10.9
\npercent, proceeds from domestic sales of petroleum products are
\nexpected to decline by 41.4 percent to Rp 1.48 trillion ($682
\nmillion).<\/p>\n
The decrease results from a modest rise of the projected crude
\noil price, to an average of $16.50 per barrel, from this fiscal
\nyear's $16, while domestic fuel prices have remained the same
\nsince January 1993.<\/p>\n
The volume of domestic sales of petroleum products is forecast
\nto be around 42.97 million kiloliters.<\/p>\n
Based on the average oil price of $16.50 per barrel and the
\nproduction of 1.52 million barrels per day of crude oil and
\ncondensate, the government expects to gain Rp 9.81 trillion from
\noil taxes and other levies, which indicates an increase of 3.2
\npercent over the 1994-95 budget.<\/p>\n
From the gas sector, the government postulates to rake in Rp
\n3.46 trillion, an increase of 3.5 percent. The calculation is
\nbased on annual gas exports of 1.30 trillion British thermal
\nunits with an average price of $2.61 per million British thermal
\nunits.<\/p>\n
Non-oil sectors<\/p>\n
The highest revenues from non-oil sectors are projected to
\ncome from income tax with Rp 19.24 trillion, although it serves
\nonly a 2.1 percent increase over this fiscal year.<\/p>\n
The slight increase in income tax will result from the
\nintroduction of the new tax law, which came into affect on Jan. 1
\nthis year. The new income tax law lowers the range of the income
\ntax rates to 10 percent, 15 percent and 30 percent from 15
\npercent, 25 percent and 35 percent under the old income tax law.<\/p>\n
The new tax law, which widens its coverage, is likely to allow
\nthe government to expect a 25.8 percent increase in value added
\ntax to Rp 16.66 trillion in 1995-96.<\/p>\n
The new property tax law, which sets the maximum untaxable
\nvalue of objects at Rp 8 million, is expected to help increase
\ngovernment revenues from land and building tax by 18 percent to
\nRp 1.92 trillion.<\/p>\n
From export tax, the government expects a 170.7 percent
\nincrease to Rp 44.4 billion on the consideration that exports of
\ntaxable exports, such as crude palm oil, will increase
\nsignificantly.<\/p>\n
From import duties the government targets itself to collect Rp
\n3.5 trillion, an increase of 2.9 percent, due to a projected
\nsurge in imports in line with increasing foreign investment
\nactivities.<\/p>\n
Last year the government approved $23.7 billion in foreign
\ninvestments, as compared to $8.1 billion approved in 1993.<\/p>\n
Proceeds from excises are expected to rise by 25.8 percent to
\nRp 3.3 trillion, of which Rp 3.1 trillion is projected from
\ncigarette excises. The sharp increase is attributed to the rise
\nof local cigarette production and the better purchasing power of
\nthe people.<\/p>\n
The improving business activities are expected to increase the
\ngovernment's revenues from sealing stamps and auction fees by
\n13.3 percent to Rp 319.3 billion.<\/p>\n
The efficiency campaign targeted at state companies is
\nexpected to increase their profits and thus boost the
\ngovernment's revenues from non-tax levies by 51.2 percent to Rp
\n6.49 trillion.(rid)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/all-projected-incomes-up-except-those-from-fuel-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}