Indonesia's Non-Tax Revenue Performance in 2025

Overview of PNBP Achievement

The Indonesian Ministry of Finance reported that non-tax revenue (PNBP) for the fiscal year 2025 reached Rp 534.1 trillion by December 31, 2025. This figure represents 104% of the targeted Rp 513.6 trillion set in the State Budget (APBN) for 2025. Despite exceeding the annual target, the PNBP realization showed a year-on-year decline from Rp 584.4 trillion achieved in 2024.

Impact of BUMN Dividend Redirection

The decrease in PNBP was primarily attributed to the redirection of BUMN dividends amounting to Rp 80 trillion to Danantara, the state-owned investment management entity. This change was implemented following the enactment of Law No. 1/2025, which altered the previous arrangement where BUMN dividends were directly channeled to the state budget.

Ministerial Explanation

Wakil Menteri Keuangan Suahasil Nazara explained during a press conference at the Ministry of Finance that the comparison between 2024 and 2025 PNBP figures requires careful consideration due to the changed treatment of BUMN dividends. He emphasized that without this change, the PNBP performance would have been different.

Implications for State Revenue

The shift in BUMN dividend management reflects a broader strategy to optimize state-owned enterprise contributions to national development. While this has temporarily affected PNBP figures, it is expected to create long-term benefits through more strategic investment management.