KOTA KINABALU: Sabah expects its revenue collection this year to be at the record high of RM4.917 billion, said Chief Minister Datuk Hajiji Noor(pix).
Among the contributing factors for this have been the state sales tax for products such as gas and the higher price of palm oil as well as crude oil.
“Revenue collection for 2021 is expected to expand 9.6 per cent, or RM430.67 million,” he told the state assembly here when tabling Sabah’s Budget 2022.
Hajiji, who is also Sabah Finance Minister, also revealed that the negotiation between the state and the Federal Government as well as Petronas on the Commercial Cooperation Agreement (CCA) has been finalised and that it will be signed soon.
He expects the Sabah economy to gradually recover and expand at between 3.8 and 4.0 per cent this year, noting that the state’s exports jumped 22.7 per cent, breaching RM24.9 billion, in the first half of the year.
Imports, however, shrank 34.5 per cent to RM15.2 billion during the period.
“Hence, Sabah recorded a trade surplus of RM9.7 billion in the first six months of the year,“ he added.
Inflation in the state in the first half of the year was at 1.4 per cent, compared with 1.5 per cent in the previous corresponding period.
Hajiji expects the state’s economy to expand between 4.0 and 4.5 per cent in 2022.-Bernama