Abstract: This study analyzes the factors that are thought to affect tax revenues. The data used in this study is panel data involving seven ASEAN countries for 2009 - 2015. The Hausman test was carried out to determine the estimation model correctly, and the results revealed that the fixed-effects model was preferred. Based on the fixed-effects models estimation results, this study finds that per capita income, the industrial sectors contribution in GDP, and trade liberalization have a significant and positive effect on tax revenue. In contrast, inflation worsens the flow of tax revenues significantly. Based on the results of this study, we recommend several policies that can be taken to increase the productivity of tax revenues by focusing on those four macroeconomic factors.