Uggah: 38 pct of Sarawak’s projected revenue of RM12.749 bln for 2024 collected

KUCHING (May 15): A sum of RM4.798 billion or 38 per cent of Sarawak’s projected revenue of RM12.749 billion for the year 2024 has been collected, said Deputy Premier Datuk Amar Douglas Uggah Embas.

The Second Finance and New Economy Minister said among the major sources which contributed to the revenue included state sales tax (SST) of RM1.462 billion; cash compensation in lieu of oil and gas rights (RM1.234 billion); and dividends of RM1.303 billion particularly from Sarawak’s investment in MLNG Group of Companies.

Other sources included raw water royalty of RM162 million; interest income (RM304 million); forestry receipts (RM61 million); land premium (RM31 million); federal grants and reimbursement (RM24 million); and other sources such as mining royalties, water sales and land rents (RM217 million), he said.

“Based on the performance thus far, we are confident that we can achieve the targeted revenue projection for this year, barring any unfavorable circumstance at the geopolitical level globally which could adversely affect oil and gas markets,” he said during his ministerial winding-up speech at the State Legislative Assembly (DUN) Sitting today.

On expenditure for the year, Uggah said Sarawak has spent RM1.119 billion (9.1 per cent) of the approved ordinary expenditure as of March 31 while a sum of RM441 million (4.8 per cent) has been expended for the development expenditure for the same period.

“These expenditures are expected to pick up towards the second half of the year ni tandem with the progress of the programmes and projects implementation.

“Towards this, I urge all controlling officers and heads of departments to intensify their efforts in ensuring the successful execution of programmes and projects within their purview,” he said.

He said it is crucial that these projects are delivered on time, within budget, and that they achieve their intended outcomes.

“I also would like to see heads of departments and officers in charge of projects to go to the ground, ‘turun padang’ on frequent basis, so that they know the actual problems and issues and be able to resolve these expeditiously,” he added.

In regard to SST, Uggah said the Sarawak government has approved the introduction of SST on the export of ferroalloys and polysilicon at the rate of 1.5 per cent effective September 1 this year.

“The SST rate of 1.5 per cent on the export of ferroalloys and polysilicon is a fair and reasonable rate on the affected companies as they are also enjoying other tax incentives from the federal government and favourable power rates from the state.

“The revenue generated from this source will give us fiscal flexibility in enhancing our socio-economic development efforts which would include among others, implementing clean and renewable energy initiatives.

On SST on the export of selected timber products, he said Sarawak is projected to collect RM33 million for 2024.

“As of March 31 this year, a sum of RM8.3 million has been collected,” he said.