MARKET DEVELOPMENT
State Revenue to Hit RM5.2b, RM0.5b from Forest Royalty
State Revenue to Hit RM5.2b, RM0.5b from Forest Royalty
11/11/2014 (Borneo Post) - The State revenue is projected to reach RM5.2 billion for 2015, with tax income expected at RM1.2 billion and RM3.86 billion derived from non-tax revenues.
I HAVE EVERYTHING IN ORDER HERE: Deputy Chief Minister
Datuk Patinggi Tan Sri Alfred Jabu Numpang showing a copy of
the Land Code (Amendment) Bill, 2014 which he tabled at the
State Legislative Assembly (DUN) sitting yesterday.
Chief Minister Datuk Patinggi Tan Sri Adenan Satem, in his Budget speech on the first day of the State Legislative Assembly (DUN) sitting here yesterday, said the majority of the tax revenue would come from forest royalty and premium amounting to RM568 million.
The Finance Minister added that RM440 million would come from sales tax of which RM320 million is expected from Crude Palm Oil and Crude Palm Kernel Oil, about RM120 million from lottery sales and RM170 million from royalties from raw water, mining, land rents and others.
“Non-tax revenue is expected to be at RM3,856 million comprising the following major components.
“Compensation in lieu of oil and gas rights at RM1,716 million, compensation in lieu of import and excise duties on petroleum products at RM120 million, land premium at RM350 million, dividend income at 755 million and RM180 million for others including licences, permits and rentals,” he said when tabling the 2015 State Budget.
Adenan added that Non-Revenue Receipt is expected at RM11 million, mainly from forest liquidated damages, disposal of vehicles and recovery of over-payments.
Federal Grants and Reimbursements is expected to be at RM133 million.
Touching on the Ordinary Expenditure of 2015, the government proposes to allocate RM4.813 billion.
Of this total allocation, RM3 billion will be appropriated to the Statutory Funds Account to finance development programmes and projects.
The balance of RM1.813 billion will be for operating or recurrent expenditure.
He highlighted that the proposed allocation of RM1.8 billion for operating expenditure next year is an increase of RM106 million or 6 per cent over the revised expenditure of RM1.707 billion allocated this year.
Out of the amount proposed for operating expenditure next year, RM665 million is for personnel emoluments, RM586 million for supplies and services, RM28 million for procurement of assets and RM4 million for other operating expenses.
A further RM530 million is for grants and fixed payments, including operating grants to government agencies, servicing of public debts and payments of gratuities, pensions and scholarships.
I HAVE EVERYTHING IN ORDER HERE: Deputy Chief Minister
Datuk Patinggi Tan Sri Alfred Jabu Numpang showing a copy of
the Land Code (Amendment) Bill, 2014 which he tabled at the
State Legislative Assembly (DUN) sitting yesterday.
Chief Minister Datuk Patinggi Tan Sri Adenan Satem, in his Budget speech on the first day of the State Legislative Assembly (DUN) sitting here yesterday, said the majority of the tax revenue would come from forest royalty and premium amounting to RM568 million.
The Finance Minister added that RM440 million would come from sales tax of which RM320 million is expected from Crude Palm Oil and Crude Palm Kernel Oil, about RM120 million from lottery sales and RM170 million from royalties from raw water, mining, land rents and others.
“Non-tax revenue is expected to be at RM3,856 million comprising the following major components.
“Compensation in lieu of oil and gas rights at RM1,716 million, compensation in lieu of import and excise duties on petroleum products at RM120 million, land premium at RM350 million, dividend income at 755 million and RM180 million for others including licences, permits and rentals,” he said when tabling the 2015 State Budget.
Adenan added that Non-Revenue Receipt is expected at RM11 million, mainly from forest liquidated damages, disposal of vehicles and recovery of over-payments.
Federal Grants and Reimbursements is expected to be at RM133 million.
Touching on the Ordinary Expenditure of 2015, the government proposes to allocate RM4.813 billion.
Of this total allocation, RM3 billion will be appropriated to the Statutory Funds Account to finance development programmes and projects.
The balance of RM1.813 billion will be for operating or recurrent expenditure.
He highlighted that the proposed allocation of RM1.8 billion for operating expenditure next year is an increase of RM106 million or 6 per cent over the revised expenditure of RM1.707 billion allocated this year.
Out of the amount proposed for operating expenditure next year, RM665 million is for personnel emoluments, RM586 million for supplies and services, RM28 million for procurement of assets and RM4 million for other operating expenses.
A further RM530 million is for grants and fixed payments, including operating grants to government agencies, servicing of public debts and payments of gratuities, pensions and scholarships.