Government's revenue to exceed RM200bil this year

KUALA LUMPUR: The government is expected to record revenue of more
than RM200bil this year, surpassing its initial target of RM187bil,
Deputy Finance Minister, Datuk Donald Lim Siang Chai said.
He
said the additional income would enable the government to hand out
increased financial assistance to Malaysians, such as the proposed
second edition of Bantuan Rakyat 1Malaysia (BR1M) in the upcoming 2013
Budget.
He said that as of June 2012, the Treasury recorded a revenue of RM99bil.
"The
growth is mainly due to enhanced tax collection, increased
contributions from the Royal Malaysian Customs Department and growth in
property transactions.
"The authorities will continue to break
up more illegal activities such as smuggling and it will be reflected
in better earnings for the government," Lim told reporters after
launching the CFO (Chief Financial Officers) Summit 2012, here on
Wednesday.
In his speech earlier, Lim said the economy was expected to sustain its growth momentum in the next two quarters of this year.
This
is reflected by the Leading Index, which grew by an average of 1.4 per
cent from October 2011 to March 2012. The index monitors economic
performance in advance.
"On the demand side, growth is expected to emanate from private consumption and high investment activities.
"On the supply side, growth will be supported by continued expansion in the services and manufacturing sectors," he said.
Lim
also said in corporate governance, it is very vital for a Chief
Financial Officer (CFO) to take on the role model of Chief Integrity
Officer for good practices throughout the organisation.
He added
that the recent financial slowdown has sparked renewed interest in the
capabilities of CFOs, who were facing huge challenges in their new
roles.
"It is therefore vital for CFOs to equip themselves with
the necessary skills and knowledge, to be able to help set the
strategic growth direction of their organisation," he said. - Bernama