KOTA KINABALU, Jan 13 — The state’s revenue collection last year surpassed the previous year’s record despite drops in the prices of lower crude palm oil (CPO) and crude oil (CO), said State Finance Minister Datuk Seri Masidi Manjun.
Masidi said the state had collected RM6.971 billion in 2023, which is RM11 million more compared to the RM6.960 billion collected in 2022.
He said this is despite the reduction of prices for CO and CPO which had resulted in less revenue collection from the state’s two main revenue sources, with a value of around RM566.3 million compared to 2022.
Masidi said last year, 68 per cent of the state’s revenue came from the two sources.
“With this success, I am very proud of the hardworking people in the Ministry of Finance (MoF) who are committed to overcome the revenue collection deficiency.
“Well done also to the State Sales Tax Department (CJN) who have performed their duties with excellence.
“Not to forget the cooperation from all the other state revenue collection departments in this success,” he said in his speech at his ministry’s appreciation night at Magellan Sutera here yesterday.
Meanwhile, Masidi said the State Government has received RM154.8 million in dividends and contributions from Government Linked Agencies (GLC) so far, exceeding MoF’s target of RM120 million. — Borneo Post
