Malaysia: Petronas Remains Largest Contributor to Governement Tax Revenue
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Wednesday, 03 September 2008 |
 Petroliam Nasional Bhd remained the single largest contributor to the country's revenue and economic growth in 2008.
It gave the Federal Government RM62.4bil and disbursed RM4.8bil in royalties to Terengganu, Sabah and Sarawak, bringing the total to RM403.3bil paid to the Government and the relevant state governments. Oil-related revenue from Petronas came in the form of dividend, corporate tax, petroleum income tax (Pita), royalty payments and export duties.
Despite a boon from high crude oil prices and strong demand from China, India and other emerging economies, Petronas faced insufficient refinery capacity, acute skilled human resource shortage, and rising cost of metals and equipment.
Non-financial public enterprises (NFPE) continued to contribute a large proportion to the country's economy. The Economic Report 2008/2009 said NFPEs would enjoy revenue growth based on higher petroleum prices, improved efficiency, returns on investment overseas and a revision in energy tariffs.
The overall revenue of the NFPE was project to grow to RM3.22bil from RM3.17bil last year, marking a 1.7% growth. Apart from Petronas, this growth was contributed mainly by Tenaga Nasional, Malaysia Airlines, Telekom Malaysia, TM International and United Engineers Malaysia.
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