ID :
26318
Fri, 10/24/2008 - 16:12
Auther :
Shortlink :
http://m.oananews.org//node/26318
The shortlink copeid
M'SIA'S DIVIDENDS & TAXES FROM PETROLEUM FIRMS MAY DECLINE IN 2010
KUALA LUMPUR, Oct 23 (Bernama) -- The Malaysian government's income in the form of dividends and taxes from petroleum companies in 2010 may decline if the crude oil price in the global market were to stay in the range of US$70 (US$1=RM3.53) per barrel level in 2009.
Second Finance Minister, Nor Mohamed Yakcop, said for 2009, it would
remain good as the petroleum companies would pay the taxes based on their 2008
incomes, where on average the crude oil price remained at a reasonably high
level.
"However, in 2010 it could become an issue if the crude oil price in 2009
were to stay at US$70 per barrel level as the companies will pay taxes and
dividends based on a lower crude oil price, he told reporters after launching
Amanah Ikhtiar Malaysia Puchong branch's urban area micro financing programme
here Thursday.
Amanah Ikhtiar Malaysia (AIM) is Malaysia's largest Microcredit
organization.
Hence, he said, the government has to make sure there were other revenue
sources but declined to reveal the other sources of income being looked
into.
State oil company, Petroliam Nasional Bhd, paid the government a special
dividend of RM6 billion for the year ended March 31, 2008, bringing its total
dividend for the period to RM30 billion from RM20 billion a year
earlier.
On foreign workers remitting RM9.12 billion to their families back home in
the first half of the year, he said even though the quantum looked big, they
only amounted to only 4.7 percent of the nation's reserves.
"We also have to consider their contributions to the country's progress,
especially via the manufacturing and plantation sectors," he said.
He said in the long run the government would have to take measures to
reduce
the country's dependency on foreign workers.
-- BERNAMA
Second Finance Minister, Nor Mohamed Yakcop, said for 2009, it would
remain good as the petroleum companies would pay the taxes based on their 2008
incomes, where on average the crude oil price remained at a reasonably high
level.
"However, in 2010 it could become an issue if the crude oil price in 2009
were to stay at US$70 per barrel level as the companies will pay taxes and
dividends based on a lower crude oil price, he told reporters after launching
Amanah Ikhtiar Malaysia Puchong branch's urban area micro financing programme
here Thursday.
Amanah Ikhtiar Malaysia (AIM) is Malaysia's largest Microcredit
organization.
Hence, he said, the government has to make sure there were other revenue
sources but declined to reveal the other sources of income being looked
into.
State oil company, Petroliam Nasional Bhd, paid the government a special
dividend of RM6 billion for the year ended March 31, 2008, bringing its total
dividend for the period to RM30 billion from RM20 billion a year
earlier.
On foreign workers remitting RM9.12 billion to their families back home in
the first half of the year, he said even though the quantum looked big, they
only amounted to only 4.7 percent of the nation's reserves.
"We also have to consider their contributions to the country's progress,
especially via the manufacturing and plantation sectors," he said.
He said in the long run the government would have to take measures to
reduce
the country's dependency on foreign workers.
-- BERNAMA
