<![CDATA[The telecommunications sector serves as the backbone of the national digital economy, contributing 4.41% to the GDP, yet operators face regulatory burdens amidst technological transformation. This paper aims to analyze the impact of telecommunications companies' financial performance on the realization of Non-Tax State Revenue (PNBP) in Indonesia, positioning government policy as a moderating variable. The methodology employed is a Mixed Methods Explanatory Sequential Design. The quantitative phase analyzes panel data from 15 telecommunications operators for the 2017–2023 period using the Fixed Effect Model (FEM). The qualitative phase is conducted through a Systematic Literature Review (SLR) using PRISMA and VOSviewer approaches to identify research gaps and triangulate data. Without government policy moderation, profitability (Net Profit Margin, Return on Assets, Return on Equity), liquidity (Current Ratio, Quick Ratio, Cash Ratio), solvency (Debt to Equity Ratio, Debt to Asset Ratio), and activity (Total Asset Turnover, Receivable Turnover) variables, except Receivable Turnover, were all statistically significant in influencing the realization of telecommunications BHP. With government policy moderation, all financial variables were statistically significant. These findings indicate that a company's overall financial health and appropriate government policies are important prerequisites for the influence of financial performance on PNBP. Government policies, specifically Government Regulation (PP) No. 59 of 2020 and PP No. 43 of 2023, are proven to act as moderating variables that maintain the balance between national fiscal targets and industry sustainability. The FEM was found to be the best model, with an Adjusted R-squared value of 98.9%. This paper recommends a more adaptive and industry performance-based PNBP formulation to support long-term digital infrastructure investments, such as 5G networks.]]>
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