KUALA LUMPUR: Government revenue increased 4.6 per cent year-on-year to RM106.4 billion in the first half (H1) of 2021, which fell below the Budget 2021 estimate.
Deputy Finance Minister I Mohd Shahar Abdullah said the Federal Government's revenue for the entire year is projected to rise 4.2 per cent to RM236.9 billion or 15.1 per cent of the Gross Domestic Product (GDP) based on the forecast for economic growth and business prospects.
Of the H1 total, tax revenue comprised RM80.2 billion while non-tax revenue contributed RM26.2 billion.
"Of the tax revenue, RM58.3 billion came from direct taxes while indirect taxes made up RM21.9 billion," he disclosed in the Dewan Rakyat today.
He was replying to an oral question from Fong Kui Lun (DAP-Bukit Bintang) on the country's financial position in terms of revenue and expenditure as the COVID-19 pandemic entered its second year.
On H1 2021 expenditure, he said the government spent RM164.2 billion, up 5.7 per cent from last year's corresponding period.
"Of that, RM117.4 billion or 71.5 per cent was for administrative expenses, RM28.4 billion or 17.3 per cent was for development spending and the remaining RM18.4 billion or 11.2 per cent was spent under the COVID-19 Fund (KWC-19)," Mohd Shahar said.
He said the bulk of the administrative expenditure -- 65.5 per cent -- was for emolument expenses (RM43.2 billion), debt servicing (RM18.4 billion) and retirement payments (RM15.3 billion).
On the development expenditure, he said 82.5 per cent went to the economic and social sectors.
"Part of the spending under KWC-19 was to fund programmes such as the Bantuan Prihatin Nasional (RM8.9 billion), wage subsidies (RM3.7 billion), Special Prihatin Grant (RM2 billion) and COVID-19-related expenses (RM1.6 billion)," he said.
Mohd Shahar said the government understands the people's anxiety on the revenue collection not achieving the target announced during the tabling of Budget 2021.
In Budget 2021, fiscal deficit for the year was projected to be 5.4 per cent of GDP based on an estimated economic growth of 6.5 to 7.5 per cent.
He said that following the third wave of the pandemic and the implementation of the nationwide Movement Control Order, the 2021 fiscal deficit level was reviewed and was expected to rise to about 6.5-7.0 per cent after taking into account a forecast drop in GDP growth to three to four per cent.
Due to this, the Finance Ministry announced forward measures via the pre-budget statement that gives measures to explore new revenue streams, he said.
"This includes introducing the Tax Identification Number (TIN) to ensure that all people who should pay to the government do pay, as well as tighter controls on the licensing and importation of tobacco products and imposition of excise duty on electronic cigarettes or vapes," he said.
He said the government also has a medium-term revenue strategy to reevaluate strategies based on current needs.
Meanwhile, touching on whether Malaysia had recorded a current account deficit, Mohd Shahar said the country's legislation does not allow for the government to have such a deficit in any given financial year as a whole.
"Nonetheless, during H1 2021, the financial position showed the government incurred a current deficit based on a mismatch between revenue and expenditure. This is nothing new, as such a mismatch has been recorded since 2016.
"However, revenue is expected to grow significantly in the second half of 2021, whereby the additional revenue collection would be based on companies' tax filings which were finalised only at the end of June," he added.
-- BERNAMA
Bernama
Thu Sep 23 2021
Mohd Shahar said the Federal Government's revenue for the entire year is projected to rise 4.2 per cent to RM236.9 billion or 15.1 per cent of the GDP based on the forecast for economic growth and business prospects. - BERNAMA
MOSTI akan pastikan peralatan, kelengkapan hadapi bencana kimia mencukupi - Chang
MOSTI akan memastikan peralatan dan kelengkapan agensi dan jabatan berkaitan kimia di bawah kementerian itu mencukupi dalam menghadapi sebarang bencana melibatkan bahan kimia.
Trafik udara berkembang 16.1 peratus pada suku pertama tahun ini
Trafik penumpang udara berkembang 16.1 peratus kepada 22.6 juta penumpang pada suku pertama tahun ini selepas dipacu oleh trafik udara antarabangsa.
Panasonic Beauty: Perkenal pengering rambut nanocare, eh-NA0J
Panasonic Beauty: Perkenal pengering rambut nanocare, eh-NA0J
Lima dimasukkan ke hospital di Terengganu kerana cuaca panas
Anggota tentera antara lima individu yang dimasukkan ke hospital susulan cuaca panas yang melanda Terengganu sepanjang April lalu.
Satya Nadella kongsi visi Microsoft untuk Malaysia
Ketua Pengarang Astro AWANI, Ashwad Ismail berpeluang bersua muka dengan Ketua Eksekutif Microsoft, Satya Nadella, di ibu negara, bagi memahami dengan lebih mendalam tentang agenda AI Microsoft, serta peluang yang terbuka demi kemakmuran ekonomi negara ini.
AWANI Ringkas: JAKIM buka talian khas terima aduan
Ikuti rangkuman berita utama yang menjadi tumpuan sepanjang hari di Astro AWANI menerusi AWANI Ringkas.
Tiada semakan selepas 13 tahun: Kenaikan gaji penjawat awam wajar, munasabah dan adil - Sim
Semakan gaji penjawat awam yang diumumkan Anwar bersempena dengan Hari Pekerja semalam adalah wajar dan munasabah, mengambil kira peningkatan kecekapan perkhidmatan kerajaan.
Menangis di depan Kaabah walaupun hakikatnya kami buta - OKU penglihatan
"Walaupun kami tak nampak, apabila berada di depan pintu Kaabah, kami berasa hiba dan terus menangis sebab dapat merasakan kelainan dengan keadaan nyaman dan sejuk yang tidak sama dengan tempat lain."
Bursa Malaysia ditutup kukuh, didorong belian semasa harga murah
Bursa Malaysia ditutup tinggi pada Khamis, didorong aktiviti pembelian semasa harga murah yang muncul susulan pengambilan untung pada Selasa.
Astrazeneca: KKM akan dapatkan penjelasan kesan sampingan vaksin
Kementerian Kesihatan (KKM) akan mendapatkan penjelasan daripada firma farmaseutikal AstraZeneca berhubung kesan sampingan vaksin COVID-19 seperti yang dilaporkan media antarabangsa baru-baru ini.
Harga petrol, diesel kekal bagi tempoh 11 hingga 17 April
Harga runcit bagi petrol RON97 dan RON95 serta diesel masing-masing kekal pada RM3.47, RM2.05 dan RM2.15 seliter bagi tempoh 11 hingga 17 April ini.
MOF komited laksana dasar fiskal progresif kurangkan kemiskinan, ketaksamaan
Sumbangan dasar fiskal terhadap inisiatif mengurangkan kemiskinan dan merapatkan jurang pendapatan adalah minimum dari segi KDNK.
PM akui wujud keresahan kenaikan harga barang, MOF sedia tampung kesan kenaikan
MOF sedia menampung dan memberi bantuan tambahan bagi mengimbangkan kesan kenaikan harga barangan kepada rakyat.
Harga petrol, diesel kekal dari 31 Ogos hingga 6 September
RON97 akan kekal pada RM3.37 seliter, RON95 (RM2.05 seliter) dan diesel (RM2.15 seliter)
Firma AS minat teroka kemasukan operasi perniagaan baharu ke Malaysia
Steven Sim berkata AMCHAM menekankan kepentingan kesinambungan kawal selia untuk membantu memudahkan menjalankan perniagaan.
Kerajaan laksana semula Program Pengakuan Sukarela mulai 6 Jun - MOF
Beri peluang kepada orang ramai secara sukarela bayar cukai yang bertanggungan tanpa penalti atau pada kadar sifar peratus.
MOF serah kepada Bank Negara cari remedi kukuhkan ringgit
Timbalan Menteri Kewangan I, Datuk Seri Ahmad Maslan berkata, beliau yakin Bank Negara mempunyai penyelesaian sekiranya AS belum membuat keputusan terhadap permintaan tersebut.
Muhyiddin dakwa tetap akan diheret ke mahkamah atas arahan pihak tertinggi pentadbiran negara
Muhyiddin mendakwa SPRM tidak menemui sebarang bukti terhadap segala pertuduhan yang dikaitkan dengan beliau
Cukuplah mercu tanda sedia ada, saya tak berhajat buat satu lagi - Anwar
Tumpuan sebaliknya diberikan kepada aspek kemampanan pembangunan sesebuah bandar terutama di ibu kota Kuala Lumpur.
Kebakaran di Kementerian Kewangan: Tiada kecederaan, kerugian - MoF
Kementerian Kewangan mengesahkan berlaku kebakaran melibatkan bilik sampah di kompleks kementerian itu di sini pada Selasa.