Indonesia Tax Revenue Up 30.4% in February, Says Purbaya - Tempo

Indonesia Tax Revenue Up 30.4% in February, Says Purbaya

Reporter

March 8, 2026 | 07:23 pm

TEMPO.CO, Jakarta - The Ministry of Finance recorded tax revenue in February 2026 reaching Rp245.1 trillion, a year-on-year growth of 30.4%. This revenue accounts for 10.4% of the Rp2,357.7 trillion target set in the 2026 State Budget (APBN).

“As an initial indication, tax collection in the first two months of 2026 grew by 30% in both January and February compared to last year,” Finance Minister Purbaya Yudhi Sadewa stated at his office on Friday, March 6, 2026. According to him, the figures indicate stable growth in tax revenue at the start of the year.

Based on the presented data, state revenue through the end of February 2026 amounted to Rp358 trillion. Meanwhile, state expenditure reached Rp493.8 trillion. As a result, the State Budget incurred a deficit of Rp135.7 trillion by the end of February 2026.

Purbaya believes that state revenue this year will surpass last year’s performance. This statement comes in response to concerns from Fitch Ratings, which recently revised Indonesia’s debt outlook from stable to negative.

According to the state treasurer, Indonesia’s fiscal conditions remain under control. “Because if we look at the debt-to-GDP ratio, we are safe. [If] we look at the deficit-to-GDP, we are safe. Regarding our growth, we are safe. In fact, we were the highest in the G20, with a growth of 5.11% last year,” Purbaya said.

Previously, Fitch Ratings revised Indonesia’s debt rating projection from stable to negative on Wednesday, March 4, 2026. However, Fitch maintained Indonesia’s rating at BBB, or investment grade. Fitch is the second agency to downgrade Indonesia’s outlook, following a similar move by Moody’s.

“The Outlook revision reflects increasing policy uncertainty and erosion of Indonesia’s policy mix consistency and credibility amid growing centralisation of policymaking authority,” Fitch stated in its official release on Wednesday, March 4, 2026.

Fitch highlighted government social programs, such as the high-cost Free Nutritious Meals (MBG) initiative. Additionally, Fitch predicted that government revenue will only reach 13.3% of GDP in 2026 and 2027, given the absence of significant revenue mobilization measures.

Read: Minister Purbaya Responds to Fitch’s Downgrade of Indonesia’s Debt Outlook

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