S’wak revenue for 2021 projected at RM10.012 bln, says CM

Posted on : 09 Nov 2020  Source of News: The Borneo Post

Abang Johari. – File photo by Chimon Upon

KUCHING (Nov 9): Sarawak’s revenue for next year is projected at RM10.012 billion, said Chief Minister Datuk Patinggi Abang Johari Tun Openg today.

In tabling the 2021 Sarawak Budget, he said the projected revenue comprised tax revenue totalling RM4.742 billion or 47 per cent of the total expected revenue next year.

He added that the total estimated tax revenue consisted of RM3.687 billion from the State Sales Tax, of which RM3.034 billion from crude oil, liquefied natural gas and other petroleum products.

Others included RM505 million from crude palm oil and crude palm kernel oil, RM80 million from lottery, RM58 million from aluminium products, while the remaining RM10 million from tyres.

The estimated tax revenue also comprised RM600 million from raw water royalty, RM183 million expected from forestry royalty and RM144 million from timber premium, and RM128 million from mining royalties, land rents and others.

Abang Johari said the non-tax revenue was estimated at RM4.994 billion or about 50 per cent, mainly derived from major sources such as RM1.883 billion from five per cent cash compensation in lieu of oil and gas rights or royalty on oil and gas, RM1.8 billion from dividend income, RM822 million from interest income, RM250 million from land premium, RM120 million from cash compensation in lieu of import and excise duties on petroleum products and RM119 million from others including licences, service fees, permits and rentals.

He said non-revenue receipt was expected to be RM16 million, mainly from forest liquidated damages, disposal of assets, and forest compounds.

“Federal Grants and Reimbursements is expected to be at RM260 million,” he added.