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)?
Follow us on iMoney.my in our coverage leading up to Budget 2022.
Here’s how we did for Budget 2021
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Everyone knows we’re a petroleum based economy
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Petronas paid the federal government RM34 billion in dividends.
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Petroleum and gas royalties bring in another RM4.2 billion.
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Oh, and another RM8.5 billion from petroleum taxes.
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In total, that’s 29.7% of our federal revenue.
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In comparison, Malaysians paid RM36 billion in income tax.
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Companies paid RM59 billion.
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Indirect taxes contributed RM74 billion. This includes export duties, sales tax, service tax, excise duties, etc.
Income tax13.7%
Non-tax revenue18.2%
Company tax22.4%
Petroleum17.7%
Indirect tax28.1%
73.3%
Operating expenditure
21.4%
Development expenditure
5.3%
COVID-19 fund
Created by:
October 2021
Source
https://belanjawan2021.treasury.gov.my/pdf/revenue/2021/section2.pdf
https://newslab.malaysiakini.com/budget2021/en/infographic
