Deputy Finance Minister Lim Hui Ying said tax revenue remains the main contributor at 79.5 per cent of total revenue, or 12.57 per cent of GDP, while non-tax revenue represents 20.5 per cent. — Bernama picKUALA LUMPUR, March 27 — The Federal Government’s 2024 revenue projected to increase to RM312.159 billion after taking into account Budget 2024 tax measures, contributed by higher tax revenue collection and better economic growth.
Lim said the government is committed and has taken steps to diversify and increase the country’s sources of income.She explained that revenue mobilisation measures include broadening the tax revenue base, improving and revising tax structures and legislation, and the provision of tax incentives. The service tax rate was also raised to eight per cent from six per cent for all services, with the exception of food and beverages, telecommunication, parking and logistics services.
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