Sarawak aims to earn more than RM 11 billion in income the following year, which would be a record. Approximately 48%, or RM5.25 billion, of the anticipated tax revenue for 2023 will come from taxes. According to Sarawak Premier Tan Sri Abang Johari Openg. Revenue of RM4.2 billion from the state sales tax.
The tax RM3.2 billion, will come from crude oil, liquified natural gas (LNG), and petroleum products. The RM850 billion will come from crude palm oil (CPO) and crude palm kernel oil. RM60 billion will come from the lottery. About RM60 billion will come from products made of aluminum. Revenue RM22 billion will come from coal; and the final RM3 billion will come from tires.
The state is about to receive RM550 million from the raw water royalty and RM287 million from the forest royalty, wood premium, and tariffs.
Introducing an expansive 2023 state budget to the state assembly last week. He noted that RM21 million will come from mining royalties, land leases, and other sources.
Johari stated that the state government anticipates receiving roughly RM5.5 billion in non-tax revenue. Including RM2.34 billion in cash compensation in lieu of oil and gas (O&G). RM1.86 billion in dividend income, RM650 million in interest income, and RM400 million in land premium.
Others include RM129 million from licenses, service fees, permits, leases. And RM120 million from cash compensation in place of import and excise duty on petroleum goods. Expected federal funds and reimbursements total RM265 million.
According to him, the state will be able to produce a surplus of RM238 million in 2023. With the predicted total regular expenditure for the upcoming year being around RM10.8 billion.
According to him, the state budget for 2023 will continue to be development- and rural-focused. It will include RM7.51 billion for development programs, of which RM4.54 billion, or 60%, would be used to develop rural areas.
In 2023, expecting that the state’s economy will rise by 5% to 6%.
Johari claims that favorable O&G and CPO prices have impact the state revenue for 2022 to be increase from the initial projection of RM10bil to approximately RM10.2bil. Almost RM9.7 billion, or 95% of the projected revenue, had been receive by the state as of October 31, 2022.
On the other side, he said that the estimated amount for routine expenditure in 2022 had been improve by RM60 million, or 2.5%, to RM10.7 billion from RM10.65 billion.
