Friday, 11 Oct 2019 04:23 PM MYTAccording to the MoF’s Fiscal Outlook and Federal Government Revenue Estimates 2020 report, the amount will be derived from the collection of tax revenue expected at RM189.9 billion and non-tax revenue at RM54.6 billion. — Picture by Choo Choy May
“The government will enhance its revenue base, reduce the tax gap and improve tax efficiency to provide a sustainable revenue collection. “Higher collection from CITA is primarily contributed by better corporate earnings prospects and continuous efforts in enhancing auditing and tax compliance,” it said.
However, the ministry said the federal government’s non-tax revenue in 2020 is projected to decline by 7.1 per cent from 2019’s estimate of RM263.3 billion following lower crude oil price from petroleum-related revenue. “The revised total revenue is expected to increase RM1.5 billion to RM263.3 billion compared to original estimates, constituting 17.4 per cent of GDP,” it said.
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