Kota Kinabalu: .State Finance Minister II Datuk Seri Masidi Manjun said the amount collected was higher than the initial estimated amount of RM1.1 billion. He explained that the initial projection was made when the international oil price was US$53 per barrel. “ changes from time to time due to fluctuating oil prices. We made adjustments as the oil and gas market is highly volatile,” he said during question time at the State Legislative Assembly sitting, here, Monday.
Since down-streaming is subject to tax, they collect more sales tax than Sabah,” Masidi explained.On Monday, Sarawak Premier Tan Sri Abang Johari Openg was reported as saying that Sarawak is slated to collect a revenue of RM3.2 billion from crude oil, liquefied natural gas and other petroleum products. Masidi assured that the Sabah Government will look into ways to expand resources and increase its sales tax revenue in the sector.
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