Petronas as­sess­ing Sarawak sales tax re­form’s im­pact

The Borneo Post - - FRONT PAGE - — Ber­nama

KUALA LUMPUR: Petronas is cur­rently as­sess­ing the im­pact of the five per cent sales tax on pe­tro­leum prod­ucts in 2019 as an­nounced by the Sarawak gov­ern­ment.

In a state­ment yes­ter­day, it said the na­tional oil com­pany would con­tinue to mon­i­tor de­vel­op­ment on the mat­ter and en­gage with both the fed­eral and state gov­ern­ments.

On Nov 5, Chief Min­is­ter Datuk Pat­inggi Abang Jo­hari Tun Openg an­nounced the new tax when tabling a record bud­get of RM11.9 bil­lion in the Sarawak State Assem­bly.

The new tax, to be levied on crude oil, nat­u­ral gas, liq­ue­fied nat­u­ral gas, chem­i­cal-based fer­tilis­ers and gas-to-liq­uid prod­ucts, is es­ti­mated to gen­er­ate a rev­enue of RM3.897 bil­lion for the state gov­ern­ment.

Fol­low­ing this, Sarawak is pro­jected to gen­er­ate a record rev­enue of more than RM10 bil­lion in 2019.

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