Tax revenue up 9pct to RM129.6b in first six months
KUALA LUMPUR: The government’s tax revenue rose nine per cent to RM129.6 billion in the first six months of this year from RM119.1 billion in the same period last year, the Dewan Rakyat was told today.
The Malaysian government reported a 9% increase in tax revenue to RM129.6 billion in the first six months of the year, up from RM119.1 billion in the same period last year, according to the Dewan Rakyat. Deputy Finance Minister Liew Chin Tong attributed this rise to higher corporate income tax collections as well as increased sales and service tax (SST) from key sectors like food and beverage, insurance, and logistics.
The government has set a target of RM343.1 billion in total tax revenue collection for the year, and Liew expressed confidence that the stable macroeconomic growth would further boost these collections. He also highlighted that targeted tax reforms would enhance revenue collection mechanisms while fostering investor confidence, economic stability, and Malaysia's global competitiveness.
Malaysia's GDP grew by 6% in the second quarter compared to 5.4% in the first quarter, leading to a first-half growth of 5.7%. Despite facing global supply chain disruptions, the country's second-quarter performance bolstered the first-half growth to 5.7%, positioning the Malaysian economy for a projected growth of 4-5% for 2026.
This strong performance was driven by robust domestic demand, which helped mitigate external pressures, along with a surge in exports of electrical and electronic products, and growth in services and manufacturing sectors.
Additionally, Malaysia recorded a RM84 billion trade surplus in the first half of the year, a 49.2% increase compared to the same period last year.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
