Jakarta. Finance Minister Sri Mulyani Indrawati claimed on Saturday that the materialized tax revenue exceeded this year's target.

"Good news ahead of New Year: the tax revenue target is met 100 percent at the national, provincial, and district levels,” Sri Mulyani wrote on her Facebook account.

According to her, the overall tax revenue has reached Rp 1,634.4 trillion ($104.8 billion) as of December 14, equivalent to 106 percent of the government target which was set at Rp 1,485 trillion.

“My sincerest appreciation and gratitude to all tax officials for their hard work throughout 2022,” Sri Mulyani said.

For next year, the government aims to collect Rp 1,718 trillion in taxes.

"This target has been carefully calculated by taking into account a projected decline in commodity prices and slower economic growth at the estimated 4.7 percent. It’s going to be a challenge for the tax directorate,” she added.

Despite the substantial revenue, the state budget suffers a deficit of Rp 237.7 trillion or 1.22 percent of the gross domestic product.

Total revenue stood at Rp 2,479.9 trillion against overall spending of Rp 2,717.6 trillion, according to Finance Ministry figures dated December 14.