Malaysian Government revenue chalk up over RM200 billion

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KUALA LUMPUR — The government is expected to chalk up over RM200 billion in revenue this year, surpassing its initial target of RM187 billion, Deputy Finance Minister Datuk Donald Lim Siang Chai has said.

He said the additional income would enable the government to hand out increased financial assistance to Malaysians, such as the proposed second edition of Bantuan Rakyat 1 Malaysia (BR1M) in the upcoming 2013 Budget.

He said that as of June 2012, the Treasury recorded a revenue of RM99 billion.

“The growth is mainly due to enhanced tax collection, increased contributions from the Royal Malaysian Customs Department and growth in property transactions.

“The authorities will continue to break up more illegal activities such as smuggling and it will be reflected in better earnings for the government,” Lim told reporters after launching the CFO (Chief Financial Officers) Summit 2012, here today.

In his speech earlier, Lim said the economy was expected to sustain its growth momentum in the next two quarters of this year.

This is reflected by the Leading Index, which grew by an average of 1.4 per cent from October 2011 to March 2012. The index monitors economic performance in advance.

“On the demand side, growth is expected to emanate from private consumption and high investment activities.

“On the supply side, growth will be supported by continued expansion in the services and manufacturing sectors,” he said.

Lim also said in corporate governance, it is very vital for a CFO to take on the role model of Chief Integrity Officer for good practices throughout the organisation.

He added that the recent financial slowdown has sparked renewed interest in the capabilities of CFOs, who were facing huge challenges in their new roles.

“It is therefore vital for CFOs to equip themselves with the necessary skills and knowledge, to be able to help set the strategic growth direction of their organisation,” he said. — Bernama (TMI)