KUALA LUMPUR, Oct 13 — Malaysia's forthcoming budget for 2024 unveils a notable reduction in the nation's dependence on petroleum-derived revenues, with the figure...
In the year 2024, it is anticipated that Petronas will contribute approximately RM32 billion, while Bank Negara Malaysia estimates this figure to be RM3 billion higher. — Picture by Firdaus LatifKUALA LUMPUR, Oct 13 — Malaysia's forthcoming budget for 2024 unveils a notable reduction in the nation's dependence on petroleum-derived revenues, with the figure poised to shrink by 13.8 per cent to RM64 billion.
To put this in perspective, 2023 has seen a gradual shift away from petroleum-based taxes and kickbacks, with collections from this sector making up only 23 per cent of the overall revenue, down from 28 per cent in the previous year. This realignment aligns with the government's strategic efforts to mitigate the country's reliance on petroleum-driven income streams.Non-petroleum revenue streams are slated to climb to 77 per cent, as opposed to the 72 per cent recorded in 2022.
The increase in CITA taxes is attributed to better company performances and the government's efforts to audit them. Individual taxes will increase by 6.9 per cent while petroleum income tax is estimated to be around RM21.7 billion due to the price of a barrel of oil stabilising at RM85. Sales tax is predicted to bring in RM18.3 billion, while service tax is estimated to contribute RM17.5 billion. Notably, excise taxes will further enhance the indirect tax revenue, generating RM13.6 billion, driven by higher import costs for cigarettes and products like liquid and nicotine gel used in vaping.
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