Premier: Sarawak projected to collect record breaking revenue of RM12.7 bln this year

KUCHING (Nov 20): Sarawak is projected to collect a revenue of RM12.7 billion for the year 2023, marking a record breaking and highest revenue collection in its history, said Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.

He said this was an increase of RM808 million or seven per cent compared to the revenue collection of RM11.9 billion in 2022.

“As of October 2023, our revenue collection stands at RM11,630 million, which has surpassed our original revenue estimate of RM11,035 million.

“We anticipate that our revenue collection will be better than that of 2022,” he said when tabling the 2024 State Budget at the State Legislative Assembly (DUN) Sitting here today.

He said the revenue collection of RM11.6 billion is derived from several major sources including state sales tax (SST) of RM4.2 billion from petroleum products of RM3.4 billion; crude palm oil and palm kernel oil (RM630 million); aluminium (RM103 million); lottery (RM62 million); timber products (RM8 million); and coal (RM4 million).

Other sources of the revenue included cash compensation in lieu of oil and gas rights of RM2.8 billion; dividend (RM2 billion); interest and return from investment (RM748 million); raw water royalty (RM496 million); land premium (RM213 million); forestry (RM263 million); cash compensation in lieu of imports and excise duties on petroleum products (RM120 million); federal grants and reimbursement (RM270 million); and other sources such as mining royalties, water sales and land rents (RM331 million).

Abang Johari also touched on the 2023 Ordinary Expenditure, which has been revised upwards from RM10.7 billion to RM11.1 billion, an increase of RM368 million or 3.4 per cent as approved in the last DUN Sitting.

“As of October 2023, RM8,358 million or 75 per cent of the Ordinary Expenditure has been expended, of which RM3,258 million was expended for operating purposes, while RM5,100 million was appropriated to the Statutory Funds,” he said.

He said as for Development Expenditure, RM5.6 billion out of RM8 billion or 71 per cent has been expended for the same period.

“As the development momentum continues to pick up and project implementation intensifies, the expenditure is expected to increase towards the end of the year,” he said.