Question
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).
- The 2021 budget is prepared based on the 2020 (revised estimate) budget.
- 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:
- 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.
- 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
3.46 Rating (156 Votes )
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started