Auditor-General’s Report: Federal govt recorded RM255b in revenue in 2020

Auditor-General’s Report: Federal govt recorded RM255b in revenue in 2020

A general view of the Perdana Putra building in Putrajaya February 25, 2020. — Bernama pic

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PETALING JAYA, Oct 28 ― The federal government recorded a revenue of RM225.075 billion and loan repayments and other receipts of RM1.26 billion in 2018, a decrease of 14.9 per cent from RM264.41 billion in 2019.

The Auditor-General’s (A-G) Report 2020 said the federal government revenue consisting of tax revenue, non-tax revenue, non-revenue receipts and Federal Territories’ revenue.

It said operating expenditure last year amounted to RM224.60 billion and development expenditure amounted to RM51.360 billion while the expenditure of the Covid-19 Fund in 2020 amounted to RM38.02 billion.

“The federal government ran a deficit of RM87.64 billion with a deficit to gross domestic product (GDP) ratio of 6.2 per cent,” according the report released today alongside the Federal Government’s Financial Statement and the 2020 Federal Ministries and Departments Compliance Auditing Report at the Dewan Rakyat.

The A-G’s Report said cash in banks as at Dec 31, 2020 amounted to RM23.396 billion comprising fixed deposits of less than three months amounted to RM14.078 billion and cash balances in banks amounted to RM9.31 billion.

Cash in banks increased by RM3.663 billion or 18.6 per cent compared to 2019 which amounted to RM19.72 billion and this was due to the redemption of most of the deposit holdings for a period of three to 12 months amounted to RM3.433 billion.

Meanwhile, cash in progress as at Dec 31, 2020 amounted to RM2.64 billion, an increase of RM1.870 billion or 242.7 per cent compared to 2019 which amounted to RM770.75 million.

The increase was due to company income tax and goods and services tax revenue receipts amounted to RM1.782 billion.

As at Dec 31, 2020, the report said 83.1 per cent of government investments consisted of cash in the National Trust Fund (KWAN) and other Trust Funds amounted to RM33.29 billion, while a total of RM6.77 billion or 16.9 per cent were investments from surplus sources of the Consolidated Fund.

The report said the consolidated revenue account recorded a revenue surplus of RM0.475 billion, and this amount decreased by RM0.597 billion or 55.7 per cent compared to 2019 which amounted to RM1.072 billion.

This surplus was transferred to the Development Funds. ― Bernama

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