Federal Govt revenue rises 12.1% to RM207.913 bil in 2012

The Federal Government collected revenue of RM207.913 billion, an increase of 12.1 per cent or RM22.494 billion, compared to RM185.419 billion in 2011.

The Auditor General in a statement today said tax revenue, non-tax revenue and non-revenue receipts also showed an increase compared to 2011.

The details are from the Auditor General's Report on the Financial Statements and Financial Management for 2012.

The third series of the 2012 Auditor General's Report on the Financial Statements and Financial Management for 2012 and the activities of the Federal Government, Federal Statutory Bodies and State Governments.

According to the report, a major part of the rise in revenue was contributed by petroleum, company and individual income tax, interest and returns on investment, licenses, registration payments and permits, stamp duty and service tax.

The rise in the price of global crude oil, the strong development of the domestic economy, a higher dividend payment by Khazanah Nasional Bhd, as well as sustained enforcement activities by the Inland Revenue Board Malaysia (IRB)and the Customs Department, also boosted revenue.

The IRB was successful in collecting RM124.892 billion in 2012 compared to RM109.608 billion in 2011, that is an increase of RM15.284 billion (13.9 per cent).

The Customs Department on the other hand, collected RM32.319 billion in 2012 compared to RM30.379 billion previously, an increase of RM1.940 billion (6.4 per cent).