Indonesia's Non-Tax Revenue Faces Challenges in 2025

Significant Decline in PNBP Realization

Indonesia's non-tax revenue (PNBP) has reached Rp 402.4 trillion by October 2025, representing 84.3% of the annual target of Rp 477.2 trillion. According to Luky Alfirman, Director General of Budget at the Ministry of Finance, this realization marks a 15.7% decline compared to the same period last year. The main factor contributing to this decrease is the change in the management of dividends from state-owned enterprises (BUMN).

Impact of BUMN Dividend Management Changes

The establishment of the Investment Management Agency (BP Danantara) has altered how BUMN dividends are managed. Previously, these dividends were directly managed by the Ministry of Finance. Now, the ministry only received Rp 11.8 trillion in BUMN dividends by February 24, 2025, significantly short of the targeted Rp 90 trillion by year-end.

Financial Performance Analysis

When adjusted for the change in BUMN dividend management, the PNBP still shows a 2.2% decline. This indicates underlying challenges in non-tax revenue collection beyond just the dividend management changes. The Ministry of Finance faces the task of meeting the remaining annual target in the final months of 2025.

Implications for State Revenue

The shortfall in PNBP could impact overall state revenue and potentially affect budget execution for various government programs. The Ministry of Finance will need to closely monitor and possibly adjust strategies to ensure the target is met.