Sarawak records RM11.9b revenue for 2022, highest ever
KUCHING, Feb 2 — Sarawak Premier Tan Sri Abang Johari Openg today announced a revenue of RM11.9 billion for the financial year that ended December 2022, the highest revenue performance ever achieved by the state.
He said it surpassed the projected revenue by 17 per cent from RM10.2 billion for the financial year 2022.
“The state’s revenue for the financial year 2022 mainly comprises tax revenue, non-tax revenue, non-revenue receipts, and Federal grants and reimbursements.
“Tax revenue contributed RM6.7 billion or 56 per cent of the total revenue, while the other categories made up 44 per cent,” he told reporters after chairing the state Cabinet meeting here.
Abang Johari, who is also the state finance and new economy minister, said the State Sales Tax (SST) contributed 84 per cent or RM5.6 billion of the total tax revenue collected.
The SST taxes oil and gas products, oil palm products and aluminium, among others. Abang Johari said the improved performance in SST collection was due to higher market prices in 2022 for oil and gas products and oil palm products.
“Prior to the introduction of SST on oil and gas products, particularly for the financial year 2018, the revenue collected then was at RM7.2 billion.
“Therefore, the revenue performance for the financial year 2022 saw an increase of 65 per cent compared to that of 2018,” he said.
He said the revenue of RM11.9 billion for last year is very encouraging as it gives a surplus of over RM1 billion to the state Budget 2022.
The state premier said he expected the revenue for this year to exceed RM12 billion based on the financial performance for last year.
He said the state government will continue to study and look into various key initiatives to increase Sarawak’s revenue through enhancing, widening and diversifying its revenue sources.
He said in 2022, various initiatives have been introduced such as enforcing the state’s dividend policy on statutory bodies and government-linked companies, and imposing SST on coal.
“These efforts are imperative as the Sarawak government continues to vigorously pursue its development agenda and for Sarawak to become a high-income economy by 2030 as clearly outlined in the Post-Covid-19 Development Strategy 2030,” he said.
The premier also announced an extension on electricity bill by another six months to further assist the people and business communities in riding through the post Covid-19 pandemic economic challenges and mitigating the rising cost of living as well as cost of doing business.
He said the state government has decided to continue extending the Bantuan Khas Sarawakku Sayang on electricity bill discount of 5 per cent to 25 per cent for domestic users, commercials and industries for the first six months of this year.
“This will involve a sum of RM200 million,” he said.
“We want to help the people as our economy has just opened after the Covid-19 pandemic,” he said.