Kuala Lumpur, Nov 19 – The percentage contribution from Petroliam Nasional Bhd (Petronas) to the government’s total revenue will reduce gradually as the goods and services tax (GST) takes effect, said Minister in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar.
He said the contribution is just in the form of percentage and does not reflect the value of dividend paid to the government.
“The percentage revenue contribution (from Petronas) has been declining and we (the government) have had to broaden our other sources of revenue.
“In 2011, the contribution amounted to about 35 per cent of total government revenue, but in 2012 it had come down to 33 per cent.
“So moving forward, especially in 2015 onwards, with revenue from GST, the proportion of Petronas’ revenue will come down as a percentage of total revenue. That is our long-term objective,” he told reporters after delivering a keynote address at the 18th Malaysian Capital Market.
Earlier in a question-and-answer session, Abdul Wahid noted that Petronas’ dividend payout ratio to the government has ranged between 30 and 50 per cent.
Even at 50 per cent, he said, it is still acceptable for Petronas to invest in new growth areas as well as to give substantial return to the government.
“I don’t think the rate of dividend from Petronas to the government is that high and unsustainable.
“Now we will increase the source and quantum of revenue by implementing the GST,” he said.
–Bernama
