Sunday, March 24

Petronas assessing Sarawak sales tax reform’s impact


KUALA LUMPUR: Petronas is currently assessing the impact of the five per cent sales tax on petroleum products in 2019 as announced by the Sarawak government.

In a statement yesterday, it said the national oil company would continue to monitor development on the matter and engage with both the federal and state governments.

On Nov 5, Chief Minister Datuk Patinggi Abang Johari Tun Openg announced the new tax when tabling a record budget of RM11.9 billion in the Sarawak State Assembly.

The new tax, to be levied on crude oil, natural gas, liquefied natural gas, chemical-based fertilisers and gas-to-liquid products, is estimated to generate a revenue of RM3.897 billion for the state government.

Following this, Sarawak is projected to generate a record revenue of more than RM10 billion in 2019. — Bernama