Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Below is the information related to the Malaysian Federal Government budget for the year 2020 (revised estimate). The 2021 budget is prepared based on the

Below is the information related to the Malaysian Federal Government budget for the year 2020 (revised estimate).

  1. The 2021 budget is prepared based on the 2020 (revised estimate) budget.
  2. Summary of the year 2020 (revised estimate) budget for revenue components and the growth (changes) of each object for the 2021 budget are as follows:

Classification

2020 Revised Estimate

(RM million)

Growth (%) for 2021

Corporate Income Tax

64,465

3.12

Individual Income Tax

28,945

12.64

Petroleum Income Tax

11,761

70.75

Tourism Tax

40

58.0

Tax Revenue from Federal Territories

1,251

19.18

Miscellaneous Indirect Tax

2,545

2.83

Stamp Duty

7,361

0.41

Export Duty

1,355

27.31

Levy

447

(74.72)

Interest and Return on Investment

21,638

47.37

Licenses & Permits

12,777

9.78

Service Fee

2,636

(17.8)

Proceeds from Sales of Goods

263

(40.3)

Contribution from Pension Fund

1,887

(27.3)

Rental

122

(2.1)

Fines & Penalties

1,346

5.5

REQUIRED:

  1. Classify the 2021 revenue budget according to the General and Standard Objects based on the Codes for Revenues and Expenditures as stated in the Malaysian Treasury Circulars PS 1.1/2013.

  1. Prepare the comparative revenue budget of Malaysian Federal Government for the year 2020 and 2021 (Show all calculation and round up your answers to the nearest Ringgit Malaysia).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Health And Safety Audit An External Audit Perspective

Authors: Abdel Rahman Mansour

1st Edition

6139899648, 978-6139899647

More Books

Students also viewed these Accounting questions

Question

What do you think of Maliks research proposal?

Answered: 1 week ago

Question

6. Identify seven types of hidden histories.

Answered: 1 week ago

Question

What is the relationship between humans and nature?

Answered: 1 week ago