SARAWAK has already achieved 38 per cent of the projected revenue for 2024, says Deputy Premier Datuk Amar Douglas Uggah Embas.
Uggah, who is also the Second Minister for Finance and New Economy, revealed that as of March 31, RM4.798bil has been collected out of the anticipated RM12.749bil.
He detailed that revenue sources included state sales tax (SST) of RM1.462bil; cash compensation in lieu of oil and gas rights (RM1.234bil); and dividends of RM1.303bil particularly from Sarawak’s investment in MLNG Group of Companies.
Other sources included raw water royalty (RM162mil); interest income (RM304mil); forestry receipts (RM61mil); land premium (RM31mil); federal grants and reimbursement (RM24mil); and miscellaneous sources such as mining royalties, water sales and land rents (RM217mil).
“Based on the performance thus far, we are confident that we can achieve the targeted revenue projection for this year, barring any unfavourable circumstances at the geopolitical level globally that could adversely affect oil and gas markets.”
Uggah said this when delivering his ministerial winding-up speech at the Sarawak State Legislative Assembly (DUN) sitting here on Wednesday (May 15).
Regarding expenditure, he noted that Sarawak has spent RM1.119bil
or 9.1 per cent of the approved Ordinary Expenditure as of March 31 this year, while a sum of RM441mil or 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 in tandem with the progress of the programmes and projects implementation.”
Meanwhile, he said Sarawak has collected RM8.3mil SST on the export of selected timber products, in which the state is projected to collect RM33mil in 2024.
He also mentioned that Sarawak government has approved the introduction of SST on the export of ferroalloys and polysilicon, at the rate of 1.5 per cent effective Sept 1, 2024.
He said the SST is viewed 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 wil give us fiscal flexibility in enhancing our socioeconomic development efforts, which would include among others, implementing clean and renewable energy initiatives.”
On a related note, Uggah urged all Controlling Officers and Heads of Departments to intensify their efforts in ensuring the successful execution of programmes and projects within their purview.
He stressed that it is crucial that these projects are delivered on time, within budget, and 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.”
