KUCHING, Nov 21: Sarawak is projected to collect a revenue of RM11.035 billion for the year 2023 the highest ever expected revenue thus far.
As such, the budget is expected to generate a surplus of RM238 million with a projected of RM1.035 billion and a total ordinary expenditure of RM10.797 billion.
“I am pleased to inform this august house that with the projected revenue of RM11.035 billion and total ordinary expenditure of RM10.797 billion, the 2023 State Budget is expected to generate a surplus of RM238 million,” said Datuk Patinggi Tan Sri Abang Johari Tun Openg, the Premier of Sarawak when tabling the State Budget at the State Legislative Assembly (DUN) Sitting here this morning.
Meanwhile, Abang Johari who is also the Finance and New Economy Minister revealed that the revenue is derived from several major sources including tax revenue, amounting to RM5.246 billion or 48 per cent of the total expected revenue in 2023.
(i) RM4.195 billion from State Sales Tax of which RM3.2 billion from crude oil, liquefied natural gas and other petroleum products; RM850 million from crude palm oil and crude palm kernel oil; RM60 million from lottery, RM60 million from aluminium products, RM22 million from coal while the remaining RM3 million from tyre.
(ii) RM550 million from raw water royalty
(iii) RM287 million from forest royalty, timber premium and tariff
(iv)RM214 million from mining royalties, land rents and others
Furthermore, Abang Johari said the Non-Tax Revenue is estimated at RM5.498 billion or 50 percent.
Earlier, Abang Johari said the state revenue for 2022, which was originally estimated at RM10.036 billion has been revised upwards to RM10.159 billion, mainly due to favourable prices of oil and gas as well as crude palm oil.
“As of October 31, 2022, the state has collected RM9.695 billion or 95 per cent of the revenue projection, mainly contributed by collection from sst, cash compensation in lieu of oil and gas rights, and dividend income,” he said. – TVS
