Economy Ministry Report: Government revenue forecasted at RM904.83b in 2023-2025

KUALA LUMPUR, Sept 11 — The 12th Malaysia Plan (12MB) from 2023 to 2025 saw the central government’s revenue at RM904.83 billion, resulting in a deficit of RM257.93 billion, the Ministry of Economy said.

For the full year 2021-2025, revenue has been raised to RM1.43 trillion compared to RM1.22 trillion, the ministry said in an interim review of the 12MP report released today.

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In the first two years of the 12MP, the federal government’s revenue was RM528.10 billion, citing data from the Ministry of Finance.

Total development expenditure will remain unchanged from its original target of RM264.37 billion in 2023-2025 and RM400.20 billion in 2021-2025.

In improving fiscal stability, emphasis will be placed on strengthening fiscal governance, widening the revenue base, recovery of subsidies and improving budget management and improving debt and liability management to achieve the fiscal deficit target of 3.5 percent to 3 percent, the ministry said in a statement. Percentage of GDP in 2025.

Financial management will be improved by enacting legislation on financial responsibility and creating new acts related to credit and procurement.

Additionally, revenue management will be enhanced by widening the tax base and enabling better collection through technology and digitization. – Bernama

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