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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).

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