Ambank revises 2023 govt revenue forecast to RM292 billion
Ambank Economic Research says government coffers this year will be boosted by an increase in petroleum tax revenue. – EPA pic, February 25, 2023.
“Petroleum income tax revenue is expected to be higher compared to the previous budget, an increase of 12.7% to RM18.2 billion, with the Finance Ministry’s Brent oil price assumption of US$80 per barrel in 2023,” the research house said in a note. “The B40 and M40 are the winners given the cash handout worth RM8 billion and the tax cut for middle-income is also expected to benefit private consumption. Micro, small, and medium enterprises will also gain front the loan grants and tax cuts,” it said.
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