Parliament approved the 2016’s Revised Budget and Tax Amnesty Law

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Photo by The Insider Stories

JAKARTA (TheInsiderStories) – Plenary meeting of House of Representative approved the tax amnesty bill and revised budget for 2016 on Tuesday. The bill creating a programme for taxpayers who declared untaxed wealth while the government set a wider fiscal deficit of 2.35 percent of gross domestic product (GDP), compared with 2.15 percent in the original plan.

The revision of 2016’s state budget assumes that through the new bill can collect tax revenues over than Rp100 trillion (US$76.04 billion) by the end of 2016. The fund needed to support the revenues target Rp 1,503.30 trillion to finance the government spending in this year.

 

On the state budget, government to cut diesel subsidies to Rp500 per liter starting July 1 and gave the capital injection for 23 state-owned firms.

The development goals on the revised budget, poverty 9 to 10 percent, GINI ratio 0.39 percent and unemployment Rate is expected to fall from 5.2 to 5.5 percent.

DETAIL Of  2016’s REVISED BUDGET :

Total GDP Rp 12,626.55 trillion

Macro Assumption:

GDP 5.2 percent

Inflation 4.0 percent

Benchmark rate 5.5 percent

Exchange rate Rp 13,500/US$1

Oil price $40 a barrel

Oil lifting 820,000 barrels

Gas lifting 1.15 MMBTU

Oil/gas lifting 1,97 million barrels of oil equivalent

Revenues Rp 1,786.23 trillion

Tax revenues of Rp 1,503.30 trillion

Non-tax revenues Rp 245.08 trillion

Grant of Rp 1.97 trillion.

Spending Rp 2,082.95 trillion

Government spending Rp 1,306.69 trillion

Ministry and government institution spending Rp 767.81 billion

Regional transfer and Village fund Rp 773.31 trillion

Fuel buffer and energy security fund of Rp 800 billion

Non-ministry and government institution spending Rp 191.02 trillion

Energy subsidy Rp 188.71 trillion

Deficit 2.35 percent of GDP or in values Rp 296.72 trillion is covered by budget balance plus government bond issuance through private placement.

Domestic financing Rp 296.72 trillion

Foreign financing Rp 299.25 trillion

The post Parliament approved the 2016’s Revised Budget and Tax Amnesty Law appeared first on The Insider Stories.

Source: The Insiderstories
Parliament approved the 2016’s Revised Budget and Tax Amnesty Law

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