Where Does Malaysia Get Money For Its Budget [Infographic]
Budget 2022 is set to be tabled soon, and by all predictions it’ll be on the leaner side of spending. With this in mind, have you ever wondered where the Malaysian government gets the money to spend (aside from oil revenue)?
Here’s how we did for Budget 2021
Everyone knows we’re a petroleum based economy
Petronas paid the federal government RM34 billion in dividends.
Petroleum and gas royalties bring in another RM4.2 billion.
Oh, and another RM8.5 billion from petroleum taxes.
In total, that’s 29.7% of our federal revenue.
In comparison, Malaysians paid RM36 billion in income tax.
Companies paid RM59 billion.
Indirect taxes contributed RM74 billion. This includes export duties, sales tax, service tax, excise duties, etc.