KUCHING, Nov 29: Sarawak has witnessed a significant rise in revenue, since the introduction of the State Sales Tax (SST) on petroleum products in 2019, contributing RM14.7 billion to the state’s coffers as of October this year.
Deputy Premier Datuk Amar Douglas Uggah Embas noted that the state annually collects around RM3.5 billion, becoming a major revenue generator and contributing approximately 33 percent to Sarawak’s overall revenue.
Uggah who is also the Second Finance Minister emphasized that the recent passing of the Environment (Reduction of Greenhouse Gases Emission) Bill, 2023 will open up new revenue resources for Sarawak.
“The Bill, as we know, aims to regulate greenhouse gas emissions, promote, carbon capture and storage, and mitigate climate change effects as to achieve net zero carbon emissions by 2050.
“However, it is also important to note that this new Bill will open the opportunity for the State to tap new sources of revenue that will ultimately enhance our fiscal flexibility in managing our economic development agenda, including climate change initiatives,” he said during his ministerial winding-up session at the State Legislative Assembly here today.
Meanwhile, Uggah affirms his ministry’s commitment to bolstering Sarawak’s revenue administration, focusing on effective management through digitalisation, enhanced compliance, and addressing revenue leakages, the government aims to foster a culture of accountability and transparency in public finance.
He noted the state Government is dedicated to promoting financial excellence and accountability in the management of state financial resources.
“The Sarawak Government, in collaboration with the World Bank, is undertaking an initiative to review existing Statutory Bodies’ and Government-Linked Companies’ regulatory and monitoring frameworks.
“The collaborative efforts of the Sarawak Government and the World Bank in transforming the operational dynamics of SOEs mark another milestone in corporate governance and strategic oversight,” he added.
Uggah disclosed that the initiatives undertaken are not just about enhancing current practices but are also geared towards building future-ready, transparent, and accountable SOEs that can effectively meet their obligations and contribute to the broader socio-economic goals of Sarawak. – TVS
