Latest news with #RM6.2
The Sun
4 hours ago
- Business
- The Sun
Malaysia's production of crude oil and condensate in Q1 stable at 45.5 million barrels
PETALING JAYA: Malaysia's production of crude oil and condensate recorded a stable volume of 45.5 million barrels in the first quarter of 2025, reflecting the resilience of the upstream sector in navigating market uncertainties, the Department of Statistics Malaysia said in its report on the mining of petroleum and natural gas for the first three months of the year. Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said, 'The crude oil and condensate production recorded 45.5 million barrels in the first quarter of 2025, registering a marginal negative growth of 5.2% year-on-year (Q4'24: -7.3%; 45.7 million barrels). This was supported by an improvement in production of crude oil, which showed signs of recovery with a smaller contraction of negative 6.5% compared to negative 9.3% in the previous quarter.' Meanwhile, condensate production also recorded growth, but remained within the negative range at 2.4% compared to negative 2.5% in the previous period. However, natural gas production shrank by 2.2% year-on-year compared to 3.1% in the previous quarter with a total production of 781.9 billion cubic feet compared to 792.8 billion cubic feet in the fourth quarter of 2024. The Weighted Average Lifting Price for crude oil and condensate in Malaysia rose US$76.4 (RM324.7) per barrel in the first quarter of 2025, compared to US$76.3 per barrel in the previous quarter. This price increased in line with the prices of WTI and Brent, which recorded US$71.8 per barrel (Q4'24: US$70.7 per barrel) and US$75.8 per barrel (Q4'4: US$74.6 per barrel), respectively. Elaborating the performance of external trade, Mohd Uzir said, 'The export value of crude petroleum and condensate increased to RM6.2 billion compared to RM6 billion in the previous quarter. Thailand led the exports of crude petroleum and condensate with RM1.9 billion or 30.9% of total exports, followed by Australia 26.1% and Japan 11.4%.' Meanwhile, the export value of refined petroleum products declined to RM24.3 billion from RM26.5 billion in the previous quarter. Singapore remained the main recipient of refined petroleum product exports, totaling RM6.9 billion or 28.3%, followed by Indonesia 21.4% and Australia 15.5%. The export value of liquefied natural gas (LNG) recorded a decrease to RM15.5 billion in the first quarter of 2025 compared to RM16.7 billion in the fourth quarter of 2024, with 46% exported to the Japan, followed by South Korea 24.3% and China 20.1%. The import value of crude petroleum and condensate declined to RM13.6 billion in the first quarter of 2025, compared to RM15.1 billion recorded in the fourth quarter of 2024. Saudi Arabia remained the dominant source country for crude petroleum and condensate imports, amounted to 52.7%, followed by the United Arab Emirates (15.2%) and Sudan (6%). The import value of refined petroleum products stood at RM23.2 billion, lower than RM25.4 billion recorded in the previous quarter, with Singapore remaining the largest contributor (42.5%), followed by South Korea (11.9%) and India (8.1%). LNG imports recorded a decline to RM1.9 billion (Q4'24: RM2.2 billion), with the entire amount imported from Australia.
Borneo Post
3 days ago
- Business
- Borneo Post
DBKK urged to stop acting as federal tax collector
Yong KOTA KINABALU (June 1): Kota Kinabalu City Hall (DBKK) should stop playing the role of federal tax collector to hunt down inactive taxpayers, said former chief minister Datuk Yong Teck Lee. He said these hawkers and micro businesses are not major tax evaders. They are small, informal traders already battling rising costs, subsidy cuts, and declining purchasing power. Yong said the CEO of Lembaga Hasil Dalam Negeri Malaysia (Inland Revenue Board) had announced that LHDN Sabah collected RM5.7 billion in taxes from Sabah in 2024. LHDN also targets tax revenues of RM6.2 billion for this year 2025. This means an average of RM6 billion in taxes from Sabah per year for 2024 and 2025 alone. 'It is not rocket science that 40% of that RM6 billion tax revenues is RM2.4 billion. This RM6 billion tax revenues excludes other tax revenues collected by the Customs Department and other federal agencies in Sabah. 'Yet Sabah has not received its rightful 40 per cent share of that revenue that Sabah is entitled to under the constitution,' he said in a statement on Sunday. Yong said there is absolutely no reason for the federal government to delay making annual payments of at least RM2 billion to the Sabah government. Instead, Sabah is paid an interim amount of only RM600 million, which is a figure plucked from nowhere. He said enforcing tax compliance in this climate, while RM2 billion in Sabah's share remains unreturned, only worsens economic fragility and damages local economic resilience. 'DBKK must adjust its mindset. It should stop aligning with federal LHDN enforcement while the billions owed to this region remain unpaid. DBKK should not contradicts its role as a local government agency in uplifting livelihoods in Kota Kinabalu city,' said Yong. He called on the federal government to honour the 40 per cent entitlement without further delay. Until then, tax enforcement in this region should be re-evaluated, paused if necessary, and guided by consultation with the Sabah government and Sabah business organisations.
Daily Express
3 days ago
- Business
- Daily Express
RM600 million ‘plucked from nowhere', Sabah owed billions: Yong
Published on: Sunday, June 01, 2025 Published on: Sun, Jun 01, 2025 Text Size: KOTA KINABALU: Former Chief Minister Datuk Seri Yong Teck Lee ( pic ) has criticised the federal government for failing to return Sabah's constitutional 40 per cent revenue entitlement, despite Inland Revenue Board (IRB) collecting RM5.7 billion in 2024 and targeting RM6.2 billion this year from the State. Yong, also SAPP President, said the average of RM6 billion collected annually from Sabah means the state is owed at least RM2.4 billion each year, yet receives only an interim payment of RM600 million, a figure he described as 'plucked from nowhere.' He also questioned why the City Hall (DBKK) is aiding IRB in targeting small-time hawkers for tax enforcement while Sabah's legitimate revenue remains unpaid, calling the move a contradiction of DBKK's role in uplifting local livelihoods. He said these hawkers and micro businesses are not major tax evaders but struggling informal traders facing rising costs and reduced purchasing power, warning that such enforcement damages economic resilience. Yong urged the federal government to immediately honour the 40 per cent entitlement and called for DBKK to cease acting as a federal tax collector until proper revenue-sharing is restored. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Daily Express
5 days ago
- Business
- Daily Express
RM5.7 billion in Sabah taxes last year
Published on: Friday, May 30, 2025 Published on: Fri, May 30, 2025 Text Size: Abu Tariq said the upward revision in the target was due to encouraging tax collection performance last year, which surpassed that of 2023. Kota Kinabalu: The Inland Revenue Board (IRB) of Sabah collected RM5.7 billion in tax revenue last year, with a new collection target of RM6.2 billion for 2025, reflecting positive momentum and growing taxpayer compliance in the state. Chief Executive Officer of IRB Malaysia Datuk Dr Abu Tariq Jamaluddin said the upward revision in the target was due to encouraging tax collection performance last year, which surpassed that of 2023. 'IRB will continue to monitor the performance of companies that are negligent in fulfilling their tax obligations. 'These companies can opt for instalment payments, and it is the responsibility of the Sabah State IRB to ensure compliance with the agreed payment schedule,' he said, after paying a courtesy call on Yang di-Pertua Negeri Sabah, Tun Musa Aman, at Istana Seri Kinabalu, Thursday. Tariq also introduced the new Sabah State IRB Director, Datin Dayang Halimah Awang Ahmad, who succeeds Azrul Hisham Shamsudin, as part of the visit. He added that IRB Sabah recently conducted 'Ops Pematuhan (OP) Tombak' in Tawau from April 23 to 25, this year. Advertisement 'These operations are vital to ensure adherence to tax regulations, including the use of the electronic assessment and stamp duty payment system (STAMPS),' he said. Meanwhile, 380 taxpayers with inactive status have been identified and found active doing business within the city area. Dr Abu Tariq said this shows there is still uncollected tax revenue and action is needed to update taxpayer records. 'This finding provides a clear indication of the untapped potential for revenue collection and the need for further action to ensure taxpayer records are comprehensively updated,' he said. He said among the five main types of businesses operated by these inactive taxpayers are fresh produce business (fruits, vegetables, and fish), dry food business, handicraft businesses, food stalls and wholesale traders at markets. Some 23 officers from HASiL Kota Kinabalu, Keningau and Labuan, along with 35 personnel from City Hall (DBKK), were involved. Abu said the PCTA aimed to verify the status of inactive taxpayers, particularly among business license holders operating around Kota Kinabalu – specifically in Anjung Kinabalu, Anjung Senja, and the Safma Night Market — with the goal of reactivating their tax files. Abu said PCTA represents HASiL's continued commitment to strengthening tax compliance, broadening the tax base, and fostering stronger synergy between agencies to enhance national governance. He said integrated operational approach demonstrates that effective tax compliance strategies do not rely solely on enforcement, but instead require close collaboration between agencies — especially through comprehensive and structured information sharing. 'The sharing of business licence data by City Hall was a key catalyst for the success of this operation. Strategic partnerships established through this collaborative program should be continued between federal agencies and local authorities in the future to align goals and ensure sustainable national revenue,' he said. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Borneo Post
6 days ago
- Business
- Borneo Post
LHDN Sabah collects RM5.7 billion in 2024, targets RM6.2 billion for 2025
Tariq KOTA KINABALU (May 29): The Inland Revenue Board (LHDN) of Sabah collected RM5.7 billion in taxes for 2024. LHDN Malaysia Chief Executive Officer Datuk Dr Abu Tariq Jamaluddin said this year the agency is targeting higher collections compared to last year, with a goal of RM6.2 billion for Sabah. 'This target has increased as the 2024 collection showed a positive response, exceeding the previous year's figures. 'LHDN will also continue to monitor the performance of companies that evade paying their due taxes. 'They can make installment payments, and it is the responsibility of the Sabah LHDN to ensure these companies comply with the payment schedule,' he told the media after paying a courtesy visit to the Head of State of Sabah, Tun Musa Aman, at Istana Seri Kinabalu today. He also stated that the purpose of the visit was to introduce the new director of LHDN Sabah, Datin Dayang Halimah Awang Ahmad, who replaces Azrul Hisham Shamsudin. Additionally, Tariq mentioned that LHDN Sabah conducted 'Operasi Pematuhan (OP) Tombak' in Tawau from April 23 to 25. 'LHDN has also carried out several special operations to ensure compliance, including OP Tombak, to monitor adherence to income tax regulations and the Electronic Stamp Duty Assessment and Payment System (STAMPS),' he added. During the visit, Tariq was accompanied by Dayang Halimah, Deputy CEO (Special Branch) Ahmad Khairuddin Abdullah, State Operations Director (Corporate Tax Audit) Paul Anak Sarip and State Operations Director (Collection) Naharuddin Nurdin.
