Sarawak’s projected revenue collection of RM12.7 bln in 2024 is the highest projection, says Abg Jo

KUCHING (Nov 20): Sarawak’s projected revenue collection of RM12.749 billion in 2024 is the highest revenue projection, further reflecting the Sarawak government’s commitment to strengthening the state’s fiscal position, said Datuk Patinggi Tan Sri Abang Johari Tun Openg.

The Premier said as crude palm oil, petroleum, and gas commodities serve as main contributors to the state revenue, of which their prices are dictated by global market, the state has chosen to be prudent and will take a conservative approach in preparing the 2024 revenue estimates.

In tabling the 2024 State Budget at the State Legislative Assembly (DUN) Sitting, he told the august House that the state’s revenue estimates are derived from major sources including tax revenue totalling RM5.7 billion or 45 per cent of the total expected revenue in 2024.

“This comprised of RM4,572 million from State Sales Tax, of which RM3,534 million from crude oil, liquefied natural gas and other petroleum products; RM850 million from crude palm oil and crude palm kernel oil; RM80 million from aluminium products, RM70 million from lottery, RM33 million from timber products, while the remaining RM5 million from coal; RM600 million from raw water royalty; RM290 million from forest royalty, timber premium and tariff; and RM242 million from mining royalties, land rents and others,” he said.

For non-tax revenue, he said it is estimated at RM6.39 billion or 50 per cent, and is mainly derived from RM2.86 billion from cash compensation in lieu of oil and gas rights; RM2.16 billion from dividend income; RM698 million from interest income; RM400 million from land premium; RM120 million from cash compensation in lieu of import and excise duties on petroleum products; and RM150 million from others, including licences, service fees, permits and rentals.

He also said that non-revenue receipt is expected to be RM28 million mainly from unclaimed deposits, overpayment recovered, and disposal of vehicles.

“Federal grants and reimbursements are expected to be at RM627 million.

“Revenue contribution for this source has been increased due to the decision by the federal government to increase the interim Special Grant rate for Sarawak to RM300 million from RM16 million previously,” said Abang Johari.