Mammoth RM332b Budget 2022 announced, RM234b forecasted in government revenue
KUALA LUMPUR, Oct 29 — The Ministry of Finance has announced the RM332.1 billion Budget 2022, with federal revenue projected to achieve RM234 billion, or 5.9 per cent more than 2021.Three-quarters of its revenue, as detailed in MoF’s Fiscal Outlook and Federal Government Revenue Estimates 2022 report, is expected to come from just tax revenue worth RM171.3 billion, or 73.2 per cent of the total estimated revenue.
“In 2022, petroleum-related revenue is forecasted to register RM43.9 billion or 18.8 per cent of total revenue, with Petronas dividends accounting for more than half of the total. MoF included that annual dividends in 2022 from Bank Negara Malaysia are expected to be at RM25 billion, and those from the Retirement Fund Incorporated at RM5 billion.
To make up the remaining 29.5 per cent of Budget 2022’s RM332.1 billion value, borrowings and the use of government assets, which amounts to RM97.9 billion, has been budgeted in by MoF. Data included showed the current account’s surplus to be at RM60 billion in 2020, and estimated to reach RM56.6 billion this year.
Other sub-sectors that are expected to see growth include real estate and business services , utilities , and the government services sub-sector which is forecasted to expand by 5.3 per cent.
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