Saturday, 8 November 2014

RM3.8 Bln Surplus Budget For Sabah Next Year

KOTA KINABALU - The Sabah state government, Friday tabled a RM3.812 billion budget for 2015, its first surplus budget since 2008.

Chief Minister Datuk Seri Musa Aman said the state anticipates revenue collection of RM3.862 billion for 2015.

"For the first time since 2008, the budget for next year is expected to yield a surplus, of RM49.23 million," Musa said at the State Assembly when tabling the budget.

Musa said the 2015 Budget focuses on poverty eradication, enhancing people's quality of life and the development of youth and women.

Musa, who is also state finance minister, said non-tax revenue would be the largest revenue contributor next year at RM2,199.57 million or 56.95 per cent.

"Direct taxes are expected to contribute RM1,261.71 million or 32.67 per cent while indirect taxes would bring in RM400.75 million or 10.38 per cent.

"The main contributors to the state coffers are petroleum royalty, crude palm oil sales as well as interest and income from investments, with the three contributing over 66 per cent to the state's total revenue," he said.

Musa said revenue collection targets have been set at RM280 million for the Land and Surveys Department, RM160 million for the Water Department and RM156.6 million for the Forestry Department.

He announced that a new sales tax will be imposed on exported seafood products.

"The new sales tax will help the state government ensure a sustainable supply of fish in the state as well as promote Sabah as a seafood haven in the region," the chief minister said.

From the 2015 Budget surplus, Musa said RM716.8 million is allocated for emoluments, RM1,165.35 million for recurring expenses and RM1,930.64 million for special expenses.

Of the estimated development expenditure of RM1303.74 million, RM455.39 million is for the economic sector followed by the social sector (RM229.61 million), administration sector (RM56.84 million) and contingency reserves (RM5 million), he said.


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