Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698934805877.pdf (Malaysia)
ai157011624311_WJT000591 coverFISKAL.pdf 1 03/10/2019 11:24 PM KEMENTERIAN KEWANGAN MALAYSIA C M Y CM MY CY CMY K TINJAUAN FISKAL DAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN FISCAL OUTLOOK AND FEDERAL GOVERNMENT REVENUE ESTIMATES 2020 Kertas Perintah CMD.27 Tahun 2019 MALAYSIA DIKEMUKAKAN DALAM DEWAN RAKYAT MENURUT PERINTAH TINJAUAN FISKAL DAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN 2020 KEMENTERIAN KEWANGAN MALAYSIA 1.
T.page.indd 1 05/10/2019 10:18 AM Hakcipta Terpelihara Semua hak terpelihara.

Tiada mana-mana bahagian jua daripada penerbitan ini boleh diterbitkan semula, disimpan dalam bentuk yang boleh diperoleh semula atau disiarkan dalam sebarang bentuk dengan apa jua cara elektronik, mekanikal, fotokopi, rakaman dan/atau sebaliknya tanpa mendapat izin daripada: Ketua Ekonomi, Bahagian Fiskal dan Ekonomi, Kementerian Kewangan Malaysia, Aras 9, Blok Tengah, Kompleks Kementerian Kewangan, No.
5, Persiaran Perdana, Presint 2, Pusat Pentadbiran Kerajaan Persekutuan, 62592 Putrajaya Faks: e-mel: bfe@treasury.gov.my 03-88823881 Tinjauan Fiskal dan Anggaran Hasil Kerajaan Persekutuan diterbitkan setiap tahun dan dikeluarkan pada hari pembentangan Belanjawan Tahunan.

Edisi 2020 diterbitkan pada 11 Oktober 2019.

Naskhah jualan boleh diperoleh daripada: www.pnmb2u.com dan MPH Book Store.
Naskhah ini juga boleh dimuat turun di: www.treasury.gov.my DICETAK OLEH PERCETAKAN NASIONAL MALAYSIA BER HAD KUALA LUMPUR, 2019 www.printnasional.com.my email: cservice@printnasional.com.my Tel.

: 03-92366888 Faks: 03-92366999 1.

T.page.indd 2 05/10/2019 10:18 AM KATA PENGANTAR PERDANA MENTERI MALAYSIA Tahun 2020 akan menjadi terakhir Rancangan Malaysia Kesebelas (RMKe-11).
Ia juga menjadi tahun asas kepada Kerajaan dalam menetapkan hala tuju RMKe-12 (2021 – 2025) yang berteraskan kepada wawasan atau agenda "Kemakmuran Bersama".

Dalam kesungguhan untuk mencapai pertumbuhan dan kedinamikan ekonomi, ketidakseimbangan peluang dalam ekonomi perlu ditangani bagi mewujudkan asas yang saksama dalam pembangunan negara.

tahun Sektor swasta memainkan peranan penting dalam mencapai matlamat Wawasan Kemakmuran Bersama.
Pelbagai inisiatif yang diterajui pemain industri dalam perkongsian R&D, pemindahan teknologi dan kemahiran serta pelaburan infrastruktur berpotensi untuk merangsang pembangunan, meningkatkan produktiviti, mewujudkan pekerjaan berkualiti, memperkukuh kemahiran dan menggalakkan kemajuan teknologi.

Di samping itu, syarikat Malaysia perlu meningkatkan keupayaan dan sumber untuk bersaing dengan jayanya dalam era Industri 4.0.
Penggunaan teknologi digital kini penting untuk meningkatkan produktiviti, mengurangkan kebergantungan kepada pekerja asing dan meneroka model perniagaan baharu yang bernilai tambah tinggi.

Syarikat tempatan juga perlu lebih berani dalam menjalin kerjasama dengan pelabur asing melalui kolaborasi yang memberi manfaat bersama seterusnya membuka peluang pasaran baharu dan memperkenalkan kaedah menjalankan perniagaan.
Kerajaan pula akan terus komited dalam melaksanakan pembaharuan institusi terutamanya dalam bidang berkaitan tadbir urus dan kewangan awam yang bertujuan untuk memulihkan semula keyakinan rakyat terhadap institusi awam.

Penubuhan Jawatankuasa Pilihan Khas Bajet di bawah Parlimen merupakan antara langkah penting bagi menambah baik mekanisme semak dan imbang dalam pentadbiran Kerajaan.
Selain itu, Pelan Anti Rasuah Nasional (NACP) 2019 – 2023 akan menjadi rujukan utama kepada semua agensi kerajaan bagi memperkukuh integriti dan tadbir urus dalam usaha memerangi rasuah.

Inisiatif tersebut dijangka dapat meningkatkan keyakinan pelabur dan menambah baik iklim pelaburan di Malaysia.

Kerajaan perlu menguruskan dasar fi skal secara efektif bagi mencapai keseimbangan antara menyokong pertumbuhan ekonomi dengan memastikan hutang dan liabiliti negara kekal mampan.
Memandangkan sumber adalah terhad, maka pengagihan sumber perlu dioptimumkan mengikut keutamaan sosioekonomi di samping mengekalkan ruang fi skal yang mencukupi.

Tinjauan Fiskal 2020 iii 2.

Prakata.indd 3 05/10/2019 10:42 AM Beberapa inisiatif telah dilaksanakan untuk menangani isu berkaitan kewangan awam termasuk langkah mengoptimumkan perbelanjaan, meneroka sumber hasil baharu yang mampan dan memastikan pelbagai inisiatif fi skal dapat dilaksanakan dengan berkesan.
Kerajaan juga telah menubuhkan beberapa jawatankuasa bagi menambah baik asas kutipan hasil dan merangka dasar pengurusan hutang yang lebih mampan.

Penggubalan undang-undang berkaitan tanggungjawab fi skal dan perolehan kerajaan seperti yang telah diumumkan akan meningkatkan kredibiliti dan akauntabiliti kewangan awam.

Selain itu, Kerajaan akan beralih sepenuhnya kepada perakaunan akruan menjelang 2021 bagi memastikan pelaporan hutang dan liabiliti yang lebih telus.
Inisiatif tersebut di samping tadbir urus yang baik akan mewujudkan ruang fi skal baharu untuk melaksanakan langkah kitaran balas mengikut keperluan.

Berlandaskan semangat inklusiviti dan kemakmuran bersama, Kerajaan akan terus berusaha untuk melaksanakan semua inisiatif yang dijanjikan.

Meskipun berhadapan pelbagai cabaran dan rintangan, Kerajaan akan memastikan kebajikan rakyat sentiasa terpelihara.

Terima kasih.

Terima kasih.


DR MAHATHIR BIN MOHAMAD DR MAHATHIR BIN MOHAMAD 11 Oktober 2019 iv Tinjauan Fiskal 2020 2.

Prakata.indd 4 05/10/2019 10:42 AM PRAKATA MENTERI KEWANGAN MALAYSIA Dokumen ini menyediakan maklumat lengkap dasar fiskal Kerajaan Persekutuan pada 2019-2020.

Dokumen ini memberi kefahaman kepada pembaca mengenai parameter fiskal terkini seperti hasil, perbelanjaan, hutang dan kedudukan kewangan sektor awam disatukan yang meliputi pelbagai peringkat kerajaan serta syarikat awam.
Laporan Tinjauan Fiskal dan Anggaran Hasil Kerajaan Persekutuan memberi pengetahuan kepada rakyat dan penganalisis tentang operasi dan risiko fiskal yang berkaitan.

Tahun ini merupakan tahun kedua Kerajaan menerbitkan dokumen ini dalam format sedemikian.

Laporan ini bertujuan meningkatkan tahap ketelusan dalam sektor awam.

Laporan ini juga diterbitkan untuk meningkatkan komunikasi dan kefahaman awam berhubung dasar fiskal.
Kerajaan kekal komited untuk mengurangkan defisit fiskal dan tahap hutang berbanding KDNK.

Langkah memperbaiki kedudukan fiskal Kerajaan diperlukan untuk mencapai kestabilan makroekonomi dan menyokong agenda pembangunan negara dalam jangka masa panjang.
Dalam hal ini, Jawatankuasa Pembaharuan Cukai (TRC) telah ditubuhkan untuk membuat kajian menyeluruh mengenai sistem percukaian Malaysia melalui rasionalisasi pelbagai insentif cukai, memperkemas pentadbiran cukai dan meneroka sumber hasil baharu yang mampan tanpa membebankan rakyat.

Sementara itu, Jawatankuasa Pengurusan Hutang (DMC) telah ditubuhkan untuk menyelaras pengurusan semua hutang, jaminan dan liabiliti Kerajaan Persekutuan.
Sebagai sebahagian daripada pembaharuan institusi, Kerajaan akan menambah baik proses belanjawan berasaskan sifar dalam pengagihan sumber di samping memperkemas proses tender terbuka.

Program dan projek berimpak tinggi akan diberi keutamaan sementara pembaharuan institusi akan membantu mengurangkan ketirisan.

Kerajaan dijangka memperkenalkan Akta Perolehan Kerajaan pada tahun 2020 bertujuan menggalakkan tadbir urus yang baik dalam menguruskan perbelanjaan awam.
Selain itu, Kerajaan sedang merangka Akta Tanggungjawab Fiskal yang dijangka dibentangkan pada tahun 2021 untuk memastikan kestabilan fiskal, ketelusan dan akauntabiliti dalam sektor awam.

2.

Prakata.indd 5 05/10/2019 10:42 AM v Tinjauan Fiskal 2020 Akhirnya sebagai sebuah negara perdagangan, Malaysia tidak terkecuali daripada kesan kelembapan pertumbuhan global secara serentak.
Dalam persekitaran global yang mencabar, penting bagi Kerajaan mempunyai dasar yang fleksibel untuk memastikan pertumbuhan domestik terus kukuh seterusnya meningkatkan taraf hidup rakyat Malaysia.

Kerajaan sentiasa memantau rapi semua perkembangan luaran dan akan bertindak mengikut keperluan bagi memastikan pertumbuhan ekonomi yang mampan.

Sayangi Malaysiaku!

LIM GUAN ENG 11 Oktober 2019 vi 2.
Prakata.indd 6 05/10/2019 10:42 AM Tinjauan Fiskal 2020 BELANJAWAN KERAJAAN PERSEKUTUAN 2020 DARI MANA DATANGNYA PINJAMAN 17.7% HASIL BUKAN CUKAI 18.4% RM297,0201 juta CUKAI PENDAPATAN 45.1% CUKAI TIDAK LANGSUNG 15.9% CUKAI LANGSUNG LAIN 2.9% KE MANA DIBELANJAKAN KESELAMATAN 2.2% PENTADBIRAN AM 1.1% PERBELANJAAN PEMBANGUNAN SOSIAL 5.1% EKONOMI 10.4% EMOLUMEN 27.8% LAIN-LAIN 8.7% SUBSIDI DAN BANTUAN SOSIAL 8.2% PEMBERIAN DAN SERAHAN KEPADA KERAJAAN NEGERI 2.6% RM297,0202 juta BAYARAN PERSARAAN 9.1% PERKHIDMATAN DAN BEKALAN 13.0% 1 Terdiri daripada hasil dan pinjaman.
2 Tidak termasuk simpanan luar jangka.

Sumber: Kementerian Kewangan Malaysia.

BAYARAN KHIDMAT HUTANG 11.8% PERBELANJAAN MENGURUS vii 2.

Prakata.indd 7 05/10/2019 10:42 AM Tinjauan Fiskal 2020 2.
Prakata.indd 8 05/10/2019 10:42 AM MALAYSIA: PERANGKAAN PENTING DAN UNJURAN MALAYSIA: KEY DATA AND FORECAST LUAS KAWASAN (Kilometer persegi) AREA (Square kilometres) Malaysia Semenanjung Malaysia1 Peninsular Malaysia1 330,548 132,104 Sarawak 124,450 Sabah2 73,994 20207 33.0 2018 32.4 20196 32.6 RM juta RM million % perubahan % change RM juta RM million % perubahan % change RM juta RM million % perubahan % change PENDUDUK (juta) POPULATION (million) PENGELUARAN DALAM NEGERI DOMESTIC PRODUCTION Keluaran Dalam Negeri Kasar (harga malar 2015) Gross Domestic Product (constant 2015 prices) 1,361,533 4.7 1,424,879 4.7 1,493,814 4.8 Pertanian Agriculture Perlombongan dan pengkuarian Mining and quarrying Pembuatan Manufacturing Pembinaan Construction Perkhidmatan Services Duti import Import duties Keluaran Dalam Negeri Kasar (harga semasa) Gross Domestic Product (current prices) Perbelanjaan penggunaan akhir: Awam Final consumption expenditure: Public Swasta Private Pembentukan modal tetap kasar: Awam3 Public3 Gross fixed capital formation: Swasta Private Perubahan inventori dan barangan berharga Changes in inventories and valuables Eksport barangan dan perkhidmatan Exports of goods and services Import barangan dan perkhidmatan Imports of goods and services PENDAPATAN DAN PERBELANJAAN NEGARA NATIONAL INCOME AND EXPENDITURE Pendapatan Negara Kasar (harga malar 2015) Gross National Income (constant 2015 prices) Pendapatan Negara Kasar (harga semasa) Gross National Income (current prices) Tabungan Negara Kasar (harga semasa) Gross National Savings (current prices) Pendapatan Per Kapita (harga semasa, RM) Per Capita Income (current prices, RM) 99,470 0.1 103,786 4.3 107,313 3.4 103,135 -2.6 103,800 0.6 104,062 0.3 304,847 5.0 317,027 4.0 329,995 4.1 66,218 4.2 67,351 1.7 69,862 3.7 771,861 6.8 819,326 6.1 869,984 6.2 16,002 -11.5 13,590 -15.1 12,598 -7.3 1,446,914 5.5 1,517,518 4.9 1,607,912 6.0 172,958 3.5 176,514 2.1 179,467 1.7 830,829 9.4 896,974 8.0 978,433 9.1 104,585 -4.4 97,397 -6.9 98,270 0.9 245,712 4.8 251,792 2.5 260,165 3.3 -8,626 - -15,058 - -6,817 - 994,860 3.5 996,518 0.2 1,016,872 2.0 893,403 3.1 886,618 -0.8 918,477 3.6 1,327,116 3.6 1,394,728 5.1 1,460,890 4.7 1,395,328 4.7 1,472,229 5.5 1,557,929 5.8 372,260 -4.3 377,541 1.4 380,589 0.8 43,089 3.5 45,186 4.9 47,155 4.4 2.
Prakata.indd 9 05/10/2019 10:42 AM ix Tinjauan Fiskal Fiscal Outlook 2020 MALAYSIA: PERANGKAAN PENTING DAN UNJURAN (samb.)
MALAYSIA: KEY DATA AND FORECAST (cont’d) 2018 20198 20209 RM juta RM million % perubahan % change RM juta RM million % perubahan % change RM juta RM million % perubahan % change KEWANGAN KERAJAAN PERSEKUTUAN FEDERAL GOVERNMENT FINANCE Hasil Revenue Perbelanjaan mengurus Operating expenditure Baki semasa Current balance Perbelanjaan pembangunan (bersih) Development expenditure (net) Baki keseluruhan Overall balance % KDNK % of GDP Pinjaman dalam negeri (bersih) Domestic borrowings (net) Pinjaman luar pesisir (bersih) Offshore borrowings (net) Perubahan aset4 Change in assets4 Hutang Kerajaan Persekutuan5 Federal Government Debt5 Hutang dalam negeri Domestic debt Bil Perbendaharaan Treasury bills 5.7 6.1 232,882 230,960 1,922 263,300 13.1 244,530 -7.1 262,260 13.6 241,020 -8.1 1,040 3,510 55,307 28.5 52,800 -4.5 55,234 4.6 -53,385 -51,760 -3.7 54,427 -320 -722 -3.4 44,688 7,197 -125 % KDNK % GDP % KDNK % GDP 741,049 51.2 799,108 52.7 719,545 49.7 769,867 50.7 6,500 0.4 7,500 0.5 Terbitan Pelaburan Kerajaan Malaysia Malaysian Government Investment Issues 304,300 21.0 330,300 21.8 Sekuriti Kerajaan Malaysia Malaysian Government Securities Sukuk Perumahan Kerajaan Government Housing Sukuk Pinjaman luar pesisir Offshore borrowings Pinjaman pasaran Market loans Pinjaman projek Project loans 380,345 26.3 404,167 26.6 28,400 21,504 15,907 5,597 2.0 1.5 1.1 0.4 27,900 29,241 23,664 5,577 1.8 2.0 1.6 0.4 -51,724 -3.2 - - - - - - - - - - - - - - - - - - - - - 1 Termasuk Wilayah Persekutuan Kuala Lumpur dan Wilayah Persekutuan Putrajaya.
1 Includes the Federal Territory of Kuala Lumpur and Federal Territory of Putrajaya.

2 Termasuk Wilayah Persekutuan Labuan.

3 Termasuk pelaburan oleh syarikat awam.

2 Includes the Federal Territory of Labuan.

3 Includes investment of public corporations.

4 Positif menunjukkan penggunaan aset; negatif menunjukkan pertambahan aset.

4 Positive indicates drawdown of assets; negative indicates accumulation of assets.

5 Pada 2019, data adalah sehingga akhir Jun 2019.

5 For 2019, data is at end-June 2019.


6 Anggaran.

7 Unjuran.

8 Anggaran disemak.

6 Estimate.

7 Forecast.

8 Revised estimate.

9 Anggaran belanjawan tidak termasuk langkah Belanjawan 2020.

9 Budget estimate, excluding 2020 Budget measures.

Nota: Jumlah angka mungkin berbeza disebabkan pembundaran.

Note: Total may not add up due to rounding.

x 2.
Prakata.indd 10 05/10/2019 10:42 AM Tinjauan Fiskal Fiscal Outlook 2020 Kandungan KATA PENGANTAR PRAKATA AKRONIM DAN SINGKATAN SEKSYEN 1 PERSPEKTIF KESELURUHAN DASAR FISKAL Perspektif Keseluruhan Memperkukuh Institusi Fiskal Rencana – Undang-undang Tanggungjawab Fiskal Kedudukan Fiskal 2019 Tinjauan 2020 Rangka Kerja Fiskal Jangka Sederhana 2020 – 2022 Kesimpulan SEKSYEN 2 HASIL KERAJAAN PERSEKUTUAN Perspektif Keseluruhan Hasil 2019 Rencana – Jawatankuasa Pembaharuan Cukai Tinjauan 2020 Kesimpulan SEKSYEN 3 PERBELANJAAN KERAJAAN PERSEKUTUAN Perspektif Keseluruhan Perbelanjaan 2019 Tinjauan 2020 Pinjaman Boleh Dituntut Persekutuan Kesimpulan SEKSYEN 4 PENGURUSAN HUTANG Perspektif Keseluruhan Pembiayaan Sisipan – Bon Samurai 2019 oleh Kerajaan Malaysia Hutang Kerajaan Persekutuan Rencana – Analisis Kemampanan Hutang Malaysia Hutang Luar Hutang Sektor Awam Tinjauan 2020 Kesimpulan SEKSYEN 5 RISIKO FISKAL DAN LIABILITI Perspektif Keseluruhan Hutang dan Pendedahan Liabiliti Sisipan – Cadangan oleh Jawatankuasa Pilihan Khas Bajet di bawah Parlimen Jaminan Kerajaan 1Malaysia Development Berhad Liabiliti Lain Kesimpulan SEKSYEN 6 SEKTOR AWAM DISATUKAN Kerajaan Negeri Kerajaan Am Syarikat Awam Bukan Kewangan Sektor Awam Disatukan Muka Surat iii v xiii xi 3.
Kandungan.indd 11 05/10/2019 10:55 AM Tinjauan Fiskal 2020 JADUAL Jadual 1.1.

Kedudukan Kewangan Kerajaan Persekutuan Jadual 1.2.

Rangka Kerja Fiskal Jangka Sederhana (MTFF) Jadual 2.1.

Hasil Kerajaan Persekutuan Jadual 3.1.

Perbelanjaan Mengurus Kerajaan Persekutuan Mengikut Komponen Jadual 3.2.

Perbelanjaan Pembangunan Kerajaan Persekutuan Mengikut Sektor Jadual 4.1.

Pembiayaan Kerajaan Persekutuan Jadual 4.2.

Hutang Kerajaan Persekutuan Mengikut Instrumen Jadual 4.3.
Garis Panduan Perundangan dan Pentadbiran Hutang Jadual 4.4.

Hutang Kerajaan Persekutuan Mengikut Pemilik Jadual 4.5.

Hutang Luar Jadual 4.6.

Hutang Sektor Awam Jadual 5.1.

Hutang dan Pendedahan Liabiliti Kerajaan Persekutuan Jadual 5.2.

Penerima Utama Jaminan Kerajaan Jadual 5.3.

Komitmen Jaminan Jadual 5.4.

Komponen Hutang 1MDB Jadual 6.1.

Kedudukan Kewangan Kerajaan Negeri Disatukan Jadual 6.2.

Kedudukan Kewangan Kerajaan Am Disatukan Jadual 6.3.

Kedudukan Kewangan SABK Disatukan Jadual 6.4.


Kedudukan Kewangan Sektor Awam Disatukan RAJAH Rajah 1.1.

Baki Keseluruhan dan Primer Kerajaan Persekutuan Rajah 1.2.

Hasil, Perbelanjaan Mengurus dan Baki Semasa Kerajaan Persekutuan Rajah 1.3.

Baki Keseluruhan MTFF Kerajaan Persekutuan Rajah 2.1.

Hasil Berkaitan Petroleum dan Bukan Petroleum Rajah 2.2.

Hasil Sebagai Peratusan KDNK Rajah 3.1.

Rajah 3.2.

Rajah 3.3.

Perbelanjaan Mengurus Mengikut Komponen Rajah 3.4.


Perbelanjaan Mengurus Mengikut Sektor Rajah 3.5.

Perbelanjaan Pembangunan Mengikut Sektor Rajah 3.6.

Pinjaman Boleh Dituntut Persekutuan di bawah Kumpulan Wang Jumlah Perbelanjaan Mengikut Sektor Jumlah Perbelanjaan Mengikut Kementerian dan Agensi Pembangunan Mengikut Penghutang Rajah 4.1.

Terbitan Mengikut Tempoh Kematangan Rajah 4.2.

Nisbah BTC MGS dan MGII Rajah 4.3.

Keluk Kadar Hasil Penanda Aras MGS Rajah 4.4.

Kadar Hasil MGS Rajah 4.5.


Komposisi Hutang Kerajaan Persekutuan Rajah 4.6.

Hutang Kerajaan Persekutuan Mengikut Pemegang Rajah 4.7.

Pemegangan Hutang dalam Denominasi Ringgit oleh Bukan Pemastautin Rajah 4.8.

Hutang Kerajaan Persekutuan Mengikut Baki Tempoh Matang Rajah 4.9.

Bayaran Khidmat Hutang Rajah 4.10.

Profil Kematangan Hutang Rajah 5.1.

Rajah 5.2.

Rajah 5.3.

Profil Kematangan Jaminan Pinjaman Rajah 5.4.

Obligasi PPP Terkumpul Mengikut Sektor Rajah 6.1.


Aset dan Liabiliti SABK Jaminan Pinjaman Terkumpul Jaminan Pinjaman Terkumpul Mengikut Sektor STATISTIK KEWANGAN AWAM MEMORANDUM PERBENDAHARAAN MENGENAI ANGGARAN HASIL KERAJAAN PERSEKUTUAN TAHUN 2020 xii Muka Surat 3.
Kandungan.indd 12 05/10/2019 10:55 AM Tinjauan Fiskal 2020 AKRONIM DAN SINGKATAN 1MDB 1Malaysia Development Berhad GFSM Government Finance Statistics Manual ATM BNM BOP bps BSH BTC CBU CCB purata tempoh matang Bank Negara Malaysia imbangan pembayaran mata asas Bantuan Sara Hidup bidaan kepada terbitan Completely-Built-Up Commissioned Company for Bondholders GGs GoM GPA GST ICT IMF jaminan kerajaan Kerajaan Malaysia Akta Perolehan Kerajaan Cukai Barang dan Perkhidmatan Teknologi Maklumat dan Komunikasi Tabung Kewangan Antarabangsa CITA cukai pendapatan syarikat IPSAS Piawaian Perakaunan Sektor Awam Antarabangsa CKHT cukai keuntungan harta tanah IR 4.0 Revolusi Industri 4.0 CPS DE sektor awam disatukan perbelanjaan pembangunan DMO Pejabat Pengurusan Hutang JBIC JPH Japan Bank for International Cooperation Jawatankuasa Pengurusan Hutang Analisis Kemampanan Hutang KDNK Keluaran Dalam Negeri Kasar DSA DSC ECRL EDTP bayaran khidmat hutang Landasan Keretapi Pantai Timur Projek Landasan Berkembar Elektrik Fed Rizab Persekutuan AS FELDA Lembaga Kemajuan Tanah Persekutuan FPC FRA FRL G2G GATE Jawatankuasa Dasar Fiskal Akta Tanggungjawab Fiskal Undang-Undang Tanggungjawab Fiskal kerajaan dengan kerajaan Guarantee and Acquisition toward Tokyo market Enhancement KKM KPM KVDT KWAP Kementerian Kesihatan Kementerian Pendidikan Landasan Keretapi Berkembar Elektrik Lembah Klang Kumpulan Wang Persaraan (Diperbadankan) LHDN Lembaga Hasil Dalam Negeri LPPSA Lembaga Pembiayaan Perumahan Sektor Awam LRT3 MAA MAC Transit Aliran Ringan Laluan 3 Persatuan Automotif Malaysia negara yang mempunyai akses kepada pasaran MARA Majlis Amanah Rakyat xiii 4.
FO-Acronyms & Abbreviations (BM).indd 13 05/10/2019 10:59 AM Tinjauan Fiskal 2020 AKRONIM DAN SINGKATAN MGII MGS MITB Terbitan Pelaburan Kerajaan Malaysia Sekuriti Kerajaan Malaysia Bil Perbendaharaan Islam Malaysia MPC Jawatankuasa Dasar Monetari MRT2 Transit Aliran Massa Laluan 2 MTB Bil Perbendaharaan Malaysia MTFF O&G OE OPR Rangka Kerja Fiskal Jangka Sederhana minyak dan gas perbelanjaan mengurus Kadar Dasar Semalaman PDRM Polis Diraja Malaysia PETRONAS Petroliam Nasional Berhad PPP PPR PTPTN kerjasama awam swasta Projek Perumahan Rakyat Perbadanan Tabung Pendidikan Tinggi Nasional RMKe-11 Rancangan Malaysia Kesebelas SABK SPK SST SVDP syarikat awam bukan kewangan Sukuk Perumahan Kerajaan Cukai Jualan dan Cukai Perkhidmatan Program Pengakuan Khas Sukarela TBBC GST Tabung Bayaran Balik GST TNB TRC Tenaga Nasional Berhad Jawatankuasa Pembaharuan Cukai PFI PIC inisiatif pembiayaan swasta TVET pendidikan dan latihan teknikal dan vokasional Kompleks Bersepadu Pengerang WGBI Indeks Bon Kerajaan Dunia PITA cukai pendapatan petroleum ZBB belanjawan berasaskan sifar xiv 4.
FO-Acronyms & Abbreviations (BM).indd 14 05/10/2019 10:59 AM Tinjauan Fiskal 2020 SEKSYEN 1: PERSPEKTIF KESELURUHAN DASAR FISKAL • Perspektif Keseluruhan • Memperkukuh Institusi Fiskal Rencana – Undang-undang Tanggungjawab Fiskal • Kedudukan Fiskal 2019 • Tinjauan 2020 • Rangka Kerja Fiskal Jangka Sederhana 2020 – 2022 • Kesimpulan Seksyen 1 Tek BM.indd 1 05/10/2019 11:10 AM 2 Seksyen 1 Tek BM.indd 2 05/10/2019 11:10 AM SEKSYEN 1 PERSPEKTIF KESELURUHAN DASAR FISKALTinjauan Fiskal 2020 SEKSYEN 1: PERSPEKTIF KESELURUHAN DASAR FISKAL Perspektif Keseluruhan Da s a r f i s k a l m e m a i n k a n p e r a n a n penting dalam memastikan kestabilan makroekonomi dan kekukuhan kewangan awam.
Pelaksanaan dasar fiskal yang efektif melalui pelarasan perbelanjaan awam dan langkah percukaian dijangka mampu mengekalkan momentum pertumbuhan dan meningkatkan potensi output ekonomi serta mengukuhkan kewangan Kerajaan.

Malaysia merupakan sebuah ekonomi terbuka yang terdedah kepada ketidaktentuan persekitaran luar seperti kelemahan ekonomi dan perdagangan global, ketegangan geopolitik serta ketidakstabilan harga komoditi dan pasaran kewangan.
Situasi tersebut terus menjadi cabaran utama dalam menguruskan ekonomi negara dan kewangan awam.

Justeru, penggubalan dasar fiskal yang berkesan amat penting untuk memastikan ekonomi berdaya tahan dan berupaya menyediakan langkah kitaran balas dalam menangani kejutan luaran dengan objektif keseluruhan untuk memastikan agenda pembangunan negara tercapai.
Kerajaan sentiasa konsisten memperkenalkan langkah dan inisiatif fiskal bagi mengukuhkan kewangan awam, mempelbagaikan sumber ekonomi dan meningkatkan kesejahteraan rakyat.

Pendirian fiskal Kerajaan dalam menyokong usaha konsolidasi fiskal bersandarkan kepada dua tonggak utama iaitu meningkatkan asas hasil dan memastikan perbelanjaan awam ke atas program dan projek yang mempunyai kesan pengganda tinggi kepada ekonomi.
Dasar fiskal yang menyokong pertumbuhan ini bertujuan untuk menggalakkan pelaburan, meningkatkan daya saing dan inklusiviti serta menambah baik infrastruktur awam.

Melalui dasar fiskal yang lebih berhemat dan berdisiplin, Kerajaan akan memastikan agenda sosioekonomi kekal menjadi keutamaan dalam memacu negara ke arah merealisasikan Wawasan Kemakmuran Bersama 2030.
Memperkukuh Institusi Fiskal Kerajaan terus komited untuk melaksanakan pembaharuan institusi terutamanya berkaitan kewangan awam dan tadbir urus.

Penubuhan Jawatankuasa Pilihan Khas Bajet di bawah Parlimen merupakan antara langkah signifikan dalam usaha mengukuhkan institusi fiskal.

Jawatankuasa ini ditugaskan untuk meneliti dan memantau urusan berkaitan belanjawan P e r s e k u t u a n .
J a w a t a n k u a s a i n i t e l a h membentangkan laporan berkenaan kedudukan hutang dan liabiliti kepada Parlimen pada Jadual 1.1.
Kedudukan Kewangan Kerajaan Persekutuan 2018 – 2020 RM juta Perubahan (%) Bahagian kepada KDNK (%) 2018 20192 20205 2018 20192 20205 2018 20192 20205 Hasil Perbelanjaan mengurus Baki semasa 232,882 263,3003 244,530 230,960 262,2604 241,020 1,922 1,040 3,510 Perbelanjaan pembangunan kasar 56,095 53,700 56,000 Tolak: Terimaan balik pinjaman 788 900 766 Perbelanjaan pembangunan bersih 55,307 52,800 55,234 Baki keseluruhan Baki primer1 -53,385 -51,760 -51,724 -22,838 -18,760 -16,779 5.7 6.1 25.0 -57.5 28.5 13.1 13.6 -4.3 14.2 -4.5 -7.1 -8.1 4.3 -14.9 4.6 1 Tidak termasuk bayaran khidmat hutang.
2 Anggaran disemak.

3 Anggaran hasil termasuk dividen khas PETRONAS secara one-off sebanyak RM30 bilion.

4 Anggaran perbelanjaan mengurus termasuk peruntukan secara one-off bagi tunggakan bayaran balik cukai sebanyak RM37 bilion.

5 Anggaran belanjawan tidak termasuk langkah Belanjawan 2020.
16.1 16.0 0.1 3.9 0.1 3.8 -3.7 -1.6 17.4 17.3 0.1 3.5 0.0 3.5 -3.4 -1.2 15.2 14.9 0.3 3.5 0.0 3.5 -3.2 -1.0 3 Seksyen 1 Tek BM.indd 3 05/10/2019 11:10 AM SEKSYEN 1 PERSPEKTIF KESELURUHAN DASAR FISKAL Tinjauan Fiskal 2020 Julai 2019 yang menggariskan lapan cadangan bagi menambah baik pengurusan hutang dan liabiliti.
Antara cadangan tersebut termasuk melaporkan hutang dan liabiliti terkini kepada Parlimen secara berkala; menilai kemampanan jaminan kerajaan (GG) dan kebarangkalian menetapkan had GG; melaksanakan analisis perbandingan hutang Kerajaan dengan negara setara; mengkaji semula pelaporan Kerjasama Awam Swasta dan Inisiatif Pembiayaan Swasta; serta memperkenalkan kod khusus bagi bayaran komitmen kewangan yang lain dalam dokumen belanjawan tahunan.
Inisiatif ini dijangka terus menambah baik akauntabiliti dan ketelusan dalam menguruskan hutang dan liabiliti Kerajaan.

Kerajaan juga telah menubuhkan Jawatankuasa Pengurusan Hutang (JPH) pada Mei 2019 bagi memastikan pengurusan hutang yang lebih berhemat serta mengurangkan hutang dan liabiliti kepada paras terkawal.
Jawatankuasa ini bertanggungjawab untuk merangka strategi dan rangka kerja pengurusan hutang jangka masa sederhana dan panjang serta mengesyorkan hala tuju dasar bagi menangani risiko berkaitan kedudukan fiskal dan hutang.

Di samping itu, JPH juga ditugaskan untuk membantu pelaksanaan amalan terbaik mengenai pengurusan hutang yang telus dan mampan.
Kerajaan akan terus berpegang teguh kepada prinsip asas yang telah ditetapkan dalam pengurusan fiskal bagi menyokong haluan konsolidasi fiskal ke arah belanjawan berimbang.

Prinsip utama bertujuan untuk mengekalkan lebihan operasi iaitu perbelanjaan mengurus (OE) dibiayai sepenuhnya melalui kutipan hasil manakala pinjaman hanya untuk perbelanjaan pembangunan (DE).
Selain itu, Kerajaan akan mematuhi had hutang yang ditetapkan tidak melebihi 55% daripada KDNK dan memastikan bayaran khidmat hutang tidak melebihi 15% daripada hasil.

Peranan Jawatankuasa Dasar Fiskal juga sangat penting dalam menggubal serta memandu pelaksanaan prinsip fiskal dan inisiatif pembaharuan.

Prinsip tersebut akan diinstitusikan melalui pengenalan Akta Tanggungjawab Fiskal (FRA) pada 2021 seperti yang telah diumumkan dalam Belanjawan 2019.
Dalam hal ini, penggubalan FRA mencerminkan komitmen Kerajaan untuk memulihkan disiplin fiskal dan ketelusan walaupun berhadapan dengan cabaran persekitaran luaran.

Inisiatif ini penting bagi mengukuhkan kewangan Kerajaan dan memastikan kemampanan fiskal jangka masa panjang.

Kerajaan juga sedang menggubal Akta Perolehan Kerajaan untuk mengukuhkan tadbir urus dalam perolehan awam ke arah mencapai nilai faedah terbaik, menambah baik kecekapan perbelanjaan dan meningkatkan ketelusan.
Akta ini dijangka dibentangkan di Parlimen pada 2020.

Justeru, pelaksanaan inisiatif pembaharuan fiskal akan mengukuhkan lagi kedudukan kewangan dan menyediakan ruang fiskal yang fleksibel serta meningkatkan a k a u n t a b i l i t i d a n m e n e ra p k a n a m a l a n terbaik dalam pengurusan kewangan awam.

Rencana Undang-undang Tanggungjawab Fiskal Pengenalan Kerajaan telah mengumumkan beberapa inisiatif pembaharuan untuk mengukuhkan pentadbiran fiskal dalam Belanjawan 2019.
Pengenalan Akta Tanggungjawab Fiskal yang merupakan antara inisiatif tersebut akan dibentangkan di Parlimen pada 2021.

Pengenalan Akta ini menyokong komitmen Kerajaan untuk mengukuhkan kewangan awam melalui peningkatan disiplin fiskal, keberkesanan perbelanjaan dan ketelusan.

Undang-undang Tanggungjawab Fiskal (FRL) merupakan dokumen perundangan yang merangkumi standard, peraturan dan prosedur berkaitan pengurusan fiskal dan belanjawan.
Undang-undang ini bertujuan mengukuhkan kewangan awam bagi memastikan kemampanan fiskal jangka masa sederhana dan panjang.

Pelaksanaan FRL yang berkesan menyumbang kepada kestabilan fiskal, ketelusan, akauntabiliti dan proses belanjawan yang teratur.

Objektif tersebut boleh dicapai melalui pembangunan rangka kerja peraturan fiskal yang baik berfokuskan kepada prinsip, prosedur, peraturan fiskal atau mana-mana kombinasi berdasarkan keperluan sesebuah negara.
4 Seksyen 1 Tek BM.indd 4 05/10/2019 11:10 AM SEKSYEN 1 PERSPEKTIF KESELURUHAN DASAR FISKALTinjauan Fiskal 2020 Peraturan Fiskal Kandungan FRL meliputi peraturan fiskal yang menjadi panduan dalam pentadbiran dasar fiskal melalui penetapan sasaran atau had tertentu ke atas agregat belanjawan.

Secara umumnya, terdapat empat jenis peraturan fiskal utama iaitu baki belanjawan, hutang, perbelanjaan dan hasil untuk kerajaan persekutuan atau negeri.
Peraturan ke atas baki belanjawan atau baki belanjawan struktural mengehadkan saiz defisit seterusnya mengawal peningkatan nisbah hutang.

Sementara itu, peraturan berkaitan hutang menetapkan had jelas ke atas jumlah hutang awam berbanding KDNK.

Peraturan berkaitan perbelanjaan pula menetapkan had ke atas perbelanjaan keseluruhan, perbelanjaan primer atau perbelanjaan operasi dari segi kadar pertumbuhan atau nisbah kepada KDNK.
Peraturan berkaitan hasil menetapkan had ke atas hasil bagi memastikan kemampanan kutipan hasil dan mencukupi untuk membiayai perbelanjaan.

Peraturan fiskal yang tunggal tidak memadai bagi menangani isu berkaitan kemampanan fiskal.

Sehubungan itu, gabungan lebih daripada satu peraturan yang fleksibel merupakan pilihan yang tepat dalam membangunkan rangka kerja fiskal yang baik.

Tambahan pula, setiap peraturan fiskal mempunyai kekuatan dan kelemahan tersendiri.
Jadual 1: Kekuatan dan Kelemahan bagi Setiap Peraturan Fiskal Jenis Peraturan Kekuatan Kelemahan Baki belanjawan  Panduan operasi yang jelas  Tiada ciri penstabilan ekonomi (boleh  Berkait rapat dengan kemampanan hutang  Mudah diperjelas dan dipantau Baki belanjawan struktural  Secara relatifnya merupakan panduan operasi yang jelas  Berkait rapat dengan kemampanan hutang  Fungsi penstabilan ekonomi (sebagai contoh mengambil kira kejutan ekonomi)  Mengambil kira faktor one-off atau faktor sementara Hutang  Mempunyai kaitan langsung dengan kemampanan hutang  Mudah diperjelas dan dipantau menjadi pro-kitaran)  Baki belanjawan boleh terjejas berikutan perkembangan yang berlaku di luar kawalan kerajaan (sebagai contoh kemelesetan ekonomi)  Langkah pembetulan untuk kitaran adalah rumit terutamanya bagi negara yang mengalami perubahan struktural  Perlu mengenal pasti terlebih dahulu faktor one-off dan faktor sementara bagi mengelakkan disalah guna  Bersifat kompleks menyebabkan peraturan ini sukar diperjelas dan dipantau  Tiada panduan operasi yang jelas dalam jangka masa pendek kerana kesan dasar terhadap nisbah hutang tidak berlaku serta-merta dan tidak terhad  Tiada ciri penstabilan ekonomi (boleh menjadi pro-kitaran)  Peraturan boleh dipenuhi melalui langkah sementara (sebagai contoh transaksi di luar belanjawan)  Hutang boleh terjejas berikutan perkembangan yang berlaku di luar kawalan kerajaan (sambungan) 5 Seksyen 1 Tek BM.indd 5 05/10/2019 11:10 AM SEKSYEN 1 PERSPEKTIF KESELURUHAN DASAR FISKAL Tinjauan Fiskal 2020 Jadual 1: Kekuatan dan Kelemahan bagi Setiap Peraturan Fiskal (sambungan) Jenis Peraturan Kekuatan Kelemahan Perbelanjaan  Panduan operasi yang jelas  Boleh digunakan untuk menstabilkan ekonomi  Menentukan saiz sumber kerajaan  Mudah diperjelas dan dipantau Hasil  Menentukan saiz sumber kerajaan  Boleh menambah baik dasar dan pentadbiran hasil  Boleh menghalang perbelanjaan pro-kitaran (peraturan yang menghalang penggunaan hasil luar biasa)  Tidak berkait secara langsung dengan kemampanan hutang kerana tiada penetapan peraturan mengaitkan perbelanjaan dengan hasil  Boleh menyebabkan perubahan yang tidak sepatutnya dalam pengagihan perbelanjaan melalui pindahan kepada kategori perbelanjaan yang tidak dikawal oleh peraturan bagi memenuhi had perbelanjaan  Tidak berkait secara langsung dengan kemampanan hutang kerana tiada penetapan peraturan mengaitkan hasil dengan perbelanjaan (kecuali peraturan yang menghalang penggunaan hasil luar biasa)  Tiada ciri penstabilan ekonomi (boleh menjadi pro-kitaran) Sumber: Fiscal Rules in Response to the Crisis-Toward the “Next-Generation” Rules.
A New Dataset, Tabung Kewangan Antarabangsa.

Komponen FRL Dalam penggubalan FRL, kerajaan boleh mempertimbangkan pelbagai komponen utama dan opsyenal untuk dijadikan undang-undang.

Strategi dasar fiskal jangka sederhana merupakan antara komponen utama FRL yang menyediakan panduan fiskal, unjuran dan inisiatif dasar utama yang kebiasaannya untuk tempoh tiga tahun.

Di samping itu, strategi dasar belanjawan tahunan merupakan satu lagi komponen utama FRL yang melengkapi objektif fiskal jangka masa sederhana.
Komponen utama lain termasuk penerbitan laporan secara berkala mengenai prestasi dasar fiskal dan penyata kewangan diaudit bagi memastikan ketepatan dan kebolehpercayaan maklumat.

Terdapat beberapa komponen opsyenal yang boleh dijadikan undang-undang bagi meningkatkan lagi kredibiliti dan ketelusan pengurusan dasar fiskal.
Dalam hal ini, Kerajaan mungkin perlu mengukur impak langkah perbelanjaan atau hasil baharu berbanding dasar sedia ada dan memberikan justifikasi untuk menyokong sasaran fiskal yang diingini.

Di samping itu, risiko fiskal termasuk tanggungan luar jangka merupakan komponen opsyenal yang popular.

Tanggungan luar jangka mungkin berlaku dan menyebabkan kedudukan fiskal tersasar daripada pelan asal.
Komponen opsyenal lain termasuk pelaporan perbelanjaan cukai, peraturan fiskal, analisis kemampanan hutang serta pelbagai unjuran senario jangka masa panjang lain seperti perbelanjaan pencen dan kesihatan.
6 Seksyen 1 Tek BM.indd 6 05/10/2019 11:10 AM SEKSYEN 1 PERSPEKTIF KESELURUHAN DASAR FISKALTinjauan Fiskal 2020 Jadual 2: Komponen FRL Utama Opsyenal  Haluan jangka masa sederhana  Dasar baharu berbanding sedia ada  Strategi dasar belanjawan tahunan  Peraturan fiskal  Laporan berkala  Analisis kemampanan hutang  Laporan kewangan yang diaudit  Risiko fiskal termasuk liabiliti luar jangka  Perbelanjaan cukai  Pelbagai unjuran senario jangka masa panjang Sumber: Kementerian Kewangan Malaysia.
Pengalaman Negara Lain Kebanyakan negara maju dan membangun telah mengguna pakai FRL bagi mengukuhkan institusi fiskal serta menggalakkan pengurusan fiskal yang lebih bertanggungjawab dan telus.

Peraturan dan prinsip FRL dimasukkan dalam perlembagaan, undang-undang sistem belanjawan dan perjanjian antarabangsa atau digubal secara berasingan sebagai panduan pentadbiran kewangan awam.
Negara seperti Chile, Ireland, New Zealand dan Thailand menjadikan FRL sebagai undang- undang berasingan kerana beberapa kelebihan antaranya merangkumi pelbagai lapisan kerajaan, menumpukan pada proses fiskal berbanding proses belanjawan dan meningkatkan komitmen politik bagi pembaharuan fiskal.
Jadual 3: Ciri-ciri Utama FRL bagi Beberapa Negara Terpilih New Zealand Chile (Fiscal Responsibility Act, 1994) (Fiscal Responsibility Law, 2006)  Peraturan fiskal: Lebihan semasa  Peraturan fiskal: Baki struktural  Memfokuskan kepada kemampanan fiskal  Penubuhan jawatankuasa bebas dan majlis dan paras hutang yang berhemat fiskal  Mengekalkan paras nilai bersih  Kerajaan dikehendaki menetapkan sasaran fiskal khusus untuk jangka masa sederhana  Menambah baik laporan risiko fiskal  Akta ini telah dimansuh dan dimasukkan dalam Public Finance Act, Part 2 pada 2013  Penubuhan dana pencen serta dana penstabilan ekonomi dan sosial  Menambah baik laporan risiko fiskal dan liabiliti luar jangka (sambungan) 7 Seksyen 1 Tek BM.indd 7 05/10/2019 11:10 AM SEKSYEN 1 PERSPEKTIF KESELURUHAN DASAR FISKAL Tinjauan Fiskal 2020 Jadual 3: Ciri-ciri Utama FRL bagi Beberapa Negara Terpilih (sambungan) Ireland Thailand (Fiscal Responsibility Act, 2012) (Fiscal Responsibility Act, 2018)  Peraturan fiskal: Baki belanjawan umum  Peraturan fiskal: Peraturan perbelanjaan  Memperkenalkan peraturan hutang  Memperkenalkan peraturan hutang  Konsisten dengan perjanjian Stability and  Menetapkan sasaran pelaburan awam Growth Pact di bawah EU  Menetapkan had dana luar jangka dan  Menetapkan objektif belanjawan jangka bayaran balik hutang masa sederhana  Memerlukan rangka kerja fiskal jangka masa  Menubuhkan majlis penasihat fiskal sederhana  Menambah baik laporan fiskal dan penilaian  Menubuhkan National Fiscal Policy Board terhadap dasar dan prestasi fiskal  Menambah baik laporan risiko fiskal Sumber: Government of Ireland, New Zealand Institute of Economic Research, UNESCAP dan Inter-American Development Bank.
Kesimpulan Beberapa kerajaan telah mengguna pakai undang-undang tanggungjawab fiskal untuk meningkatkan pengurusan dasar fiskal, akauntabiliti dan ketelusan.

Penggubalan FRL yang baik seharusnya mempunyai peraturan yang fleksibel, mudah, telus dan teratur.

Peraturan fiskal perlu dipantau dan dilaporkan secara berkala agar tidak tersasar daripada dasar fiskal.

Di samping itu, komitmen politik yang padu dapat memastikan kelancaran pelaksanaan FRL terutamanya dalam persekitaran ekonomi global yang dinamik.
Rujukan Government of Ireland.

Fiscal Responsibility Act 2012.

Dicapai pada 5 Ogos 2019 daripada http:// www.irishstatutebook.ie.

IMF (2018).

How to Select Fiscal Rules: A Primer, How to Notes, International Monetary Fund.

Lienert, I.

2010.

Should Advanced Countries Adopt a Fiscal Responsibility Law?, IMF Working Paper, International Monetary Fund.

Marcel, M. (2013).

Inter-American Development Bank (Discussion Paper No.

IDB-DP-289).

Dicapai pada 5 Ogos 2019 daripada https://publications.iadb.org.
New Zealand Institute of Economic Research.

(2018).

The Fiscal Responsibility Act 1994.

Dicapai pada 5 Ogos 2018 daripada https://nzier.org.nz.

Schaechter A., Kinda T., Budina N., & Weber A., (2012).

Fiscal Rules in Response to the Crisis— Toward the “Next-Generation” Rules.

A New Dataset, IMF Working Paper, International Monetary Fund.

Victor, L., Yoon, S., Fang X., Mbaye S., & Kim Y., (2017).

Fiscal Rules at a Glance, IMF Background paper, International Monetary Fund.
Wongchaiwat, P. Fiscal Rules and Fiscal Responsibility Laws in case of Thailand.

Dicapai pada 5 Ogos 2019 daripada https://www.unescap.org.

8 Seksyen 1 Tek BM.indd 8 05/10/2019 11:10 AM SEKSYEN 1 PERSPEKTIF KESELURUHAN DASAR FISKALTinjauan Fiskal 2020 Kedudukan Fiskal 2019 Prestasi kutipan hasil pada 2019 dijangka kekal menggalakkan walaupun berhadapan dengan cabaran ekonomi global.
Jumlah hasil disemak dijangka meningkat RM1.5 bilion kepada RM263.3 bilion bersamaan 17.4% daripada KDNK berbanding anggaran asal.

Hasil cukai dijangka bertambah 3.4% kepada RM180 bilion atau 11.9% daripada KDNK disumbangkan oleh kutipan cukai jualan dan cukai perkhidmatan yang lebih tinggi manakala hasil bukan cukai diunjur RM83.3 bilion atau 5.5% daripada KDNK.

Jumlah perbelanjaan dijangka meningkat RM1.4 bilion kepada RM316 bilion atau 20.8% daripada KDNK berbanding anggaran asal.
Peruntukan OE dijangka meningkat RM2.4 bilion kepada RM262.3 bilion bersamaan 17.3% daripada KDNK terutamanya disebabkan oleh peningkatan keperluan subsidi minyak berikutan penjadualan semula pelaksanaan program subsidi minyak bersasar.

Walau bagaimanapun, DE dijangka berkurang kepada RM53.7 bilion berikutan semakan semula beberapa projek dan penyusunan semula tempoh masa pelaksanaan projek.
Peningkatan perbelanjaan dijangka tidak menjejaskan sasaran defisit fiskal kerana diimbangi oleh unjuran hasil lebih tinggi.

Secara keseluruhan, defisit fiskal Kerajaan Persekutuan dijangka kekal 3.4% daripada KDNK seperti sasaran asal dalam Belanjawan 2019.

Selain itu, baki primer iaitu baki keseluruhan setelah ditolak bayaran khidmat hutang dijangka merekodkan defisit lebih rendah kepada 1.2% daripada KDNK (2018: -1.6%).
Tinjauan 2020 Dasar fiskal akan terus memberi penekanan kepada pertumbuhan ekonomi yang mampan, peningkatan hasil dan perbelanjaan berhemat.

Kerajaan akan meneruskan pembaharuan institusi fiskal terutamanya inisiatif pembaharuan cukai untuk menambah baik pentadbiran cukai, mengukuhkan pengauditan dan penyiasatan serta mengecilkan jurang cukai.
Di samping itu, Kerajaan akan terus melaksanakan belanjawan berasaskan sifar dalam pengurusan perbelanjaan bagi memastikan perbelanjaan yang cekap dan berkesan serta menyusun semula keutamaan program dengan memberi tumpuan kepada projek yang mempunyai impak pengganda tinggi.

Usaha juga akan terus dipergiat bagi menyediakan pelaporan yang lebih komprehensif mengenai kedudukan aset dan liabiliti.

Hasil Kerajaan Persekutuan dijangka mencatat RM244.5 bilion atau 15.2% daripada KDNK pada 2020.
Kutipan hasil cukai adalah lebih tinggi iaitu RM189.9 bilion manakala hasil bukan cukai RM54.6 bilion.

Jumlah perbelanjaan diunjur RM297 bilion atau 18.4% daripada KDNK dengan OE sebanyak RM241 bilion dan DE berjumlah RM56 bilion.

Kerajaan komited meneruskan usaha konsolidasi fiskal bagi mengukuhkan kedudukan kewangan negara sementara dasar fiskal terus menyokong pertumbuhan dan mengekalkan daya tahan ekonomi.
Sasaran defisit fiskal pada 2020 dijangka meningkat sedikit kepada 3.2% daripada KDNK berbanding sasaran asal 3% seperti diumumkan dalam Belanjawan 2019 namun masih kekal pada landasan konsolidasi fiskal.

Peningkatan ini disebabkan oleh keputusan strategik Kerajaan bagi mengukuhkan aktiviti ekonomi domestik sebagai langkah segera untuk menyokong dan mengekalkan momentum pertumbuhan berikutan unjuran pertumbuhan ekonomi global yang lebih perlahan.
Sehubungan itu, Kerajaan telah memperuntukkan suntikan tambahan iaitu 0.2% daripada KDNK menerusi DE untuk merancakkan semula pelaburan awam melalui pembentukan modal bagi mengukuhkan potensi ekonomi jangka masa panjang.

Peruntukan ini akan digunakan untuk mempercepat pelaksanaan projek terutamanya projek pengangkutan dan perhubungan berimpak tinggi seperti pembinaan Lebuhraya Pan Borneo Projek, Transit Aliran Massa Laluan 2 serta Landasan Berkembar Elektrik Gemas- Johor Bahru.
Projek pembangunan berskala kecil juga akan dilaksanakan seperti menaik taraf sekolah daif, klinik, loji rawatan air dan pembetungan serta kemudahan infrastruktur jalur lebar di pinggir bandar.

Projek tersebut dijangka mempunyai kesan pengganda yang tinggi kepada ekonomi ke arah mencapai pembangunan inklusif.
9 Seksyen 1 Tek BM.indd 9 05/10/2019 11:10 AM SEKSYEN 1 PERSPEKTIF KESELURUHAN DASAR FISKAL Tinjauan Fiskal 2020 Di samping itu, peruntukan juga disediakan bagi pelaksanaan pelan rasionalisasi Lembaga Kemajuan Tanah Persekutuan (FELDA) dan Lembaga Tabung Haji serta komitmen bayaran khidmat hutang yang lebih tinggi untuk SRC International Sdn.

Bhd.
Bhd.

Kerajaan juga akan memberi tumpuan kepada program yang mewujudkan lebih banyak peluang pekerjaan dan menjana pendapatan seterusnya meningkatkan kesejahteraan rakyat.

Setelah mengambil kira langkah segera ini, defisit keseluruhan pada 2020 dijangka lebih rendah iaitu 3.2% daripada KDNK (2019: -3.4%) dengan konsolidasi fiskal kekal pada trajektori dan kedudukan hutang pada paras yang terkawal.
Rangka Kerja Fiskal Jangka Sederhana 2020 – 2022 Kerajaan telah mengguna pakai Rangka Kerja Fiskal Jangka Sederhana (MTFF) sebagai alat perancangan fiskal jangka masa sederhana.

Rangka kerja ini menyediakan unjuran makro fiskal untuk tempoh tiga tahun dengan menetapkan sasaran dan siling untuk hasil, perbelanjaan serta defisit keseluruhan.

Unjuran ini akan disemak setiap tahun secara rolling basis dengan mengambil kira unjuran jangka sederhana terkini hasil dan perbelanjaan serta andaian makroekonomi.
Penggunaan MTFF penting untuk memastikan konsolidasi fiskal kekal pada landasan dengan meningkatkan disiplin fiskal, mengoptimumkan pengagihan sumber serta menentukan unjuran dan hala tuju belanjawan.

Unjuran MTFF 2019-2021 telah disemak berdasarkan andaian makroekonomi terkini selepas mengambil kira persekitaran global semasa dan harga minyak mentah yang lebih rendah.
Dalam hal ini, MTFF bagi tempoh 2020-2022 diunjur berdasarkan kepada andaian pertumbuhan KDNK sebenar dalam lingkungan 4.5% hingga 5% (pertumbuhan KDNK nominal: 5.5%–6%), harga minyak mentah antara USD60 hingga USD65 setong dan pengeluaran minyak mentah sebanyak 600,000 tong sehari.

Andaian ini memberikan anggaran hasil yang konservatif untuk disesuaikan dengan peruntukan perbelanjaan berhemat sepanjang tahun belanjawan.
10 Unjuran MTFF 2020-2022 yang dirangka RM764.9 bilion atau 15% daripada KDNK.

Hasil bukan petroleum yang terus menjadi sumber pendapatan utama dijangka menyumbang RM615.7 bilion atau 12.1% daripada KDNK.

Di samping itu, hasil berkaitan petroleum diunjur RM149.2 bilion atau 2.9% daripada KDNK.
Kerajaan akan meneruskan usaha bagi meningkatkan kutipan hasil melalui i n i s i at i f u n t u k m e l u a s k a n a s a s c u k a i , mengurangkan ketirisan dan meneroka sumber hasil baharu.

Dari segi perbelanjaan, jumlah siling indikatif dianggar RM910.4 bilion atau 17.8% daripada KDNK bagi tempoh 2020-2022.

Peruntukan OE berjumlah RM751.4 bilion atau 14.7% daripada KDNK manakala DE sebanyak RM159 bilion atau 3.1% daripada KDNK.
Jumlah siling indikatif menyediakan nilai ambang kepada kementerian dan agensi untuk meningkatkan kecekapan proses perancangan belanjawan di peringkat program dan aktiviti.

Siling perbelanjaan yang berdasarkan sumber dan Jadual 1.2.
Rangka Kerja Fiskal Jangka Sederhana (MTFF) 2020 – 2022 2020 – 2022 RM bilion Bahagian kepada KDNK (%) Hasil Bukan petroleum Berkaitan petroleum Perbelanjaan mengurus Baki semasa Perbelanjaan pembangunan kasar Tolak: terimaan balik pinjaman Perbelanjaan pembangunan bersih Baki keseluruhan Baki primer Asas andaian: 764.9 615.7 149.2 751.4 13.5 159.0 1.8 157.2 -143.7 -31.9 15.0 12.1 2.9 14.7 0.3 3.1 0.0 3.1 -2.8 -0.6 Pertumbuhan KDNK benar (%) Pertumbuhan KDNK nominal (%) Harga minyak mentah (USD setong) Pengeluaran minyak (tong sehari) 4.5 - 5.0 5.5 - 6.0 60 - 65 600,000 Nota: Anggaran MTFF tidak termasuk langkah belanjawan.
Sumber: Kementerian Kewangan Malaysia.

Seksyen 1 Tek BM.indd 10 05/10/2019 11:10 AM SEKSYEN 1 PERSPEKTIF KESELURUHAN DASAR FISKALTinjauan Fiskal 2020 keupayaan berbelanja akan memastikan pengurusan fiskal yang lebih berhemat dan cekap.

Siling perbelanjaan ini akan menjadi mekanisma kawalan utama bagi memastikan konsolidasi fiskal jangka masa sederhana kekal pada landasan seterusnya mengukuhkan kewangan Kerajaan.
Sehubungan itu, defisit fiskal disasarkan pada purata 2.8% daripada KDNK bagi tempoh tiga tahun.

Defisit yang lebih rendah akan memberikan lebih fleksibiliti dan kapasiti kepada Kerajaan untuk mewujudkan ruang fiskal serta bertindak balas kepada sebarang ketidaktentuan sekiranya berlaku krisis ekonomi.

Kesimpulan Kerajaan akan terus mengukuhkan kedudukan kewangan meskipun berhadapan dengan cabaran luaran terutamanya ketegangan perdagangan dan volatiliti harga komoditi.
Inisiatif pembaharuan fiskal akan terus meningkatkan lagi akauntabiliti dan ketelusan Kerajaan serta menyumbang kepada kemampanan fiskal.

Defisit fiskal dijangka berkurang kepada 3.2% daripada KDNK pada 2020 dan terus berkurang kepada purata 2.8% dalam tempoh jangka masa sederhana, manakala baki primer dianggar lebih rendah pada 1% daripada KDNK dan purata 0.6%.

Seksyen 1 Tek BM.indd 11 05/10/2019 11:10 AM 11 SEKSYEN 1 PERSPEKTIF KESELURUHAN DASAR FISKAL Tinjauan Fiskal 2020 Rajah 1.1.
Baki Keseluruhan dan Primer Kerajaan Persekutuan % KDNK 0 -1 -2 -3 -4 -5 -6 -7 -8 (1.3) (1.1) (1.2) (3.4) (3.2) (3.1) (3.0) (1.3) (1.7) (1.1) (1.0) (0.8) (1.2) (1.0) (1.6) (2.3) (2.7) (3.4) (3.4) (3.8) (3.2) (3.1) (2.9) (3.4) (3.2) (3.7) (4.6) (4.7) (4.3) (4.7) (5.3) Baki keseluruhan Baki primer (6.7) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Rajah 1.2.
Hasil, Perbelanjaan Mengurus dan Baki Semasa Kerajaan Persekutuan RM bilion 280 Hasil Perbelanjaan mengurus Baki semasa 210 140 70 0 -70 -140 -210 -280 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Rajah 1.3.

Baki Keseluruhan MTFF Kerajaan Persekutuan Laluan konsolidasi ﬁskal % KDNK 0 -1 -2 -3 -4 -5 -6 -7 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Nota: 2019: Anggaran disemak.
2020: Anggaran belanjawan tidak termasuk langkah Belanjawan 2020.

Sumber: Kementerian Kewangan Malaysia.
12 Seksyen 1 Tek BM.indd 12 05/10/2019 11:10 AM SEKSYEN 1 PERSPEKTIF KESELURUHAN DASAR FISKALTinjauan Fiskal 2020 SEkSyEn 2: HASIL kERAJAAn PERSEkUTUAn • Perspektif Keseluruhan • Hasil 2019 Rencana — Jawatankuasa Pembaharuan Cukai • Tinjauan 2020 • Kesimpulan Seksyen 2 Tek BM.indd 13 05/10/2019 11:23 AM 14 Seksyen 2 Tek BM.indd 14 05/10/2019 11:23 AM seksyen 2 hasil kerajaan persekutuantinjauan Fiskal 2020 SEkSyEn 2: HASIL kERAJAAn PERSEkUTUAn Perspektif Keseluruhan Kerajaan akan terus memperkukuh pengurusan hasil melalui beberapa inisiatif pembaharuan terutamanya penambahbaikan sistem percukaian sedia ada dan meningkatkan hasil sebagai peratusan kepada KDNK.
Inisiatif tersebut akan terus memberi tumpuan untuk memperkemas pentadbiran cukai dan mengurangkan ketirisan cukai serta menggalakkan pelaburan baharu untuk mengekalkan pertumbuhan ekonomi.

Tambahan pula, Jawatankuasa Pembaharuan Cukai (TRC) sedang mengkaji semula langkah untuk mengurangkan jurang cukai, menambah baik kecekapan dan meningkatkan kutipan hasil secara mampan.
Bagi tujuan tersebut, pembaharuan ini akan memberi keutamaan kepada kajian semula insentif cukai sedia ada untuk mengelakkan herotan dalam pengagihan sumber; usaha meningkat dan memperluas asas hasil secara konsisten untuk memperkukuh inklusiviti; dan memperkemas pentadbiran dan pematuhan cukai secara keseluruhan serta meningkatkan keberkesanan kutipan cukai.
Dalam hal ini, Kerajaan telah memperkenalkan b e b e r a p a l a n g k a h p a d a 2 0 1 9 u n t u k mempertingkat kutipan hasil dan memperluas asas cukai termasuk Program Pengakuan Khas Sukarela (SVDP), cukai perkhidmatan ke atas perkhidmatan diimport dan levi pelepasan.

Dalam tempoh sedekad lalu, kebergantungan terhadap hasil berkaitan petroleum telah berkurang kepada sekitar 5% daripada KDNK p a d a 2 0 1 9 b e r b a n d i n g 9 .

2 % p a d a 2 0 0 9 mencerminkan usaha Kerajaan mempelbagai asas cukai.
Usaha untuk memperluas asas hasil juga dijangka akan menyediakan ruang fiskal tambahan bagi menambah baik kecekapan pengagihan semula pendapatan dan seterusnya mencapai agenda sosio ekonomi negara.

Jadual 2.1.
Hasil kerajaan Persekutuan 2018 – 2020 RM juta Perubahan (%) Peratusan (%) Hasil cukai Cukai langsung antaranya: CITA Individu PITA Cukai tidak langsung antaranya: GST/SST Duti eksais Duti import Duti eksport Hasil bukan cukai antaranya: Lesen dan permit Pendapatan pelaburan Jumlah hasil % KDNK Anggaran disemak.
2 Anggaran Belanjawan, tidak termasuk langkah belanjawan 2020.

3 Termasuk dividen PETRONAS secara one-off sebanyak RM30 bilion.

Sumber: Kementerian Kewangan Malaysia.
2018 -2.0 12.1 3.1 12.6 70.7 -28.6 -42.0 6.6 4.1 27.3 37.6 9.8 47.4 5.7 20191 20202 2018 20191 20202 3.4 4.3 6.4 8.0 -10.9 0.8 4.4 -2.7 -7.8 -25.8 41.6 8.4 86.6 13.1 5.5 5.2 6.7 6.1 -2.4 6.5 5.6 4.9 4.9 1.6 -34.5 -0.2 -52.0 - Seksyen 2 Tek BM.indd 15 05/10/2019 11:23 AM seksyen 2 hasil kerajaan persekutuantinjauan Fiskal 2020 Hasil 2019 Hasil Kerajaan Persekutuan pada 2019 dijangka mencatat pertumbuhan lebih tinggi 13.1% kepada RM263.3 bilion disumbangkan oleh dividen khas PETRONAS secara one-off.
Walau bagaimanapun, hasil cukai kekal sebagai penyumbang utama iaitu 68.4% daripada jumlah hasil atau 11.9% daripada KDNK manakala hasil bukan cukai mewakili 31.6% atau 5.5% daripada KDNK.

Kutipan hasil tersebut akan disokong oleh pertumbuhan ekonomi yang berterusan serta usaha Kerajaan untuk memperluas asas hasil.

Hasil cukai dianggar meningkat 3.4% kepada RM180 bilion dengan peratusan cukai langsung 75.4% dan cukai tidak langsung 24.6%.
Kutipan cukai langsung dijangka meningkat 4.3% kepada RM135.6 bilion terutamanya disumbangkan oleh kutipan cukai pendapatan syarikat (CITA) dan individu yang lebih tinggi berikutan inisiatif SVDP serta pertumbuhan berterusan gaji dan pendapatan korporat yang stabil.

Sekitar 270,000 peserta mengisytiharkan pendapatan yang tidak dilapor secara sukarela di bawah SVDP dengan jangkaan tambahan kutipan hasil berjumlah RM6 bilion.
Langkah ini juga menyumbang kepada peningkatan kutipan cukai pendapatan individu dan CITA kepada RM35.2 bilion dan RM70.8 bilion.

Sementara itu, sektor perkhidmatan dan pembuatan merupakan penyumbang terbesar kepada CITA.

Kutipan cukai pendapatan petroleum (PITA) dijangka berkurang 10.9% kepada RM17.9 bilion selaras dengan jangkaan harga minyak mentah global yang lebih rendah pada purata USD63 setong (2018: USD71 setong).
Duti setem dan cukai keuntungan harta tanah (CKHT) dianggar berjumlah RM6.3 bilion dan RM1.6 bilion yang menunjukkan keuntungan lebih tinggi daripada transaksi pasaran harta tanah.

Rencana Jawatankuasa Pembaharuan Cukai Pengenalan Kerajaan telah mengumumkan penubuhan Jawatankuasa Pembaharuan Cukai (TRC) 1 pada September 2018 yang terdiri daripada pengamal dan pakar berpengalaman luas dalam bidang percukaian.
Jawatankuasa ini bertujuan untuk mengkaji semula dan mencadangkan langkah pembaharuan sistem percukaian antaranya penyelarasan insentif cukai, mengurangkan jurang cukai, meningkatkan kecekapan cukai serta memperluas dan mempelbagaikan hasil cukai.
Bagi melaksanakan tugas tersebut, TRC telah mengadakan perbincangan dengan pelbagai pihak berkepentingan termasuk agensi kerajaan, komuniti perniagaan, persatuan perdagangan, firma perunding cukai dan perakaunan, badan profesional, penganalisis dan agensi penarafan.

Jawatankuasa ini juga ditugaskan untuk menganalisis beberapa cadangan dan telah diumumkan dalam Belanjawan 2019.
Cadangan ini termasuk pengenaan duti eksais ke atas minuman bergula, levi pelepasan, cukai perkhidmatan ke atas perkhidmatan digital yang disediakan oleh pembekal luar pesisir, kajian semula Cukai Keuntungan Harta Tanah (CKHT) dan kadar duti setem serta isu yang berkaitan sekatan ke atas kerugian perniagaan dibawa ke hadapan.
Senario Semasa Sistem Percukaian Malaysia Pertumbuhan hasil Kerajaan Persekutuan telah menunjukkan trend penurunan daripada purata tahunan 10.7% bagi tempoh 2000 – 2009 kepada 4.5% bagi tempoh 2010 – 2018 iaitu kurang daripada purata pertumbuhan tahunan 8.1% KDNK nominal bagi tempoh 1 Ahli jawatankuasa bebas terdiri daripada Tan Sri Hasmah Abdullah, Dato’ Khodijah Abdullah, Dato’ Chua Tia Guan, Dr. Veerinderjeet Singh dan Encik Amardeep Singh.
16 Seksyen 2 Tek BM.indd 16 05/10/2019 11:23 AM seksyen 2 hasil kerajaan persekutuantinjauan Fiskal 2020 Rajah 1: Perbandingan Jumlah Hasil Negara Terpilih Mengikut KDNK, 2017 Rajah 2: Perbandingan Jumlah Hasil Cukai Negara Terpilih Mengikut KDNK, 2017 Poland* Botswana* Korea Selatan Arab Saudi* Viet Nam Chile Singapura Thailand Malaysia* Filipina Sepanyol* Indonesia 33.5% 31.1% 27.8% 26.8% 21.8% 21.1% 20.5% 19.2% 16.3% 15.6% 15.6% 12.2% % KDNK Poland* Botswana* Korea Selatan Arab Saudi* Viet Nam Chile Singapura Thailand Malaysia* Filipina Sepanyol* Indonesia 22.1% 19.0% 17.4% 16.8% 15.4% 14.8% 14.2% 14.2% 13.8% 13.1% 9.9% 3.4% % KDNK 0 10 20 30 40 0 Nota: *Negara bertaraf A- i.e.
negara penarafan setara Malaysia.

Sumber: Bank Dunia.

2010 – 2018 (purata pertumbuhan KDNK nominal 2000 – 2009: 8.4%).

Dari segi peratusan kepada KDNK, jumlah hasil mencatat 20.9% berbanding 19% dalam tempoh sama.

Sementara itu, rajah berikut menunjukkan peratusan jumlah hasil dan hasil cukai Malaysia kepada KDNK berbanding negara terpilih.

Pemberian insentif yang meluas, pelbagai pelepasan dan pengurangan kadar cukai telah menyebabkan asas hasil cukai semasa di Malaysia mengecil.
Pada akhir 2017, sebanyak 62.4% daripada 1,251,190 syarikat telah berdaftar dengan Lembaga Hasil Dalam Negeri (LHDN) namun hanya 7.8% tertakluk kepada cukai.

Pada masa sama, hanya 16.5% daripada 15 juta tenaga kerja tertakluk kepada cukai pendapatan individu.
Walaupun Kerajaan telah mengurangkan kebergantungan terhadap hasil berkaitan petroleum dengan ketara daripada 41.3% pada 2009 kepada sekitar 23% pada 2018, namun peratusan tersebut masih besar dan mampu mendatangkan risiko terutamanya apabila berlaku kejatuhan harga minyak mentah.

Laporan Bank Dunia (2015) mendapati Malaysia telah memberikan insentif cukai yang berlebihan.

Walau bagaimanapun, terdapat isu sama ada insentif pelaburan sedia ada berkesan dalam memenuhi objektif Kerajaan.
Insentif cukai yang diberikan kepada syarikat menjadi kos kepada Kerajaan kerana diukur melalui jumlah kehilangan hasil cukai.

Sebaliknya, Kerajaan boleh menggunakan kehilangan hasil tersebut untuk projek pembangunan lain atau mengurangkan defisit fiskal.

Insentif juga terdedah kepada salah guna yang boleh menyebabkan kehilangan hasil tidak sepatutnya kepada Kerajaan.
Sehubungan itu, kajian semula kerelevanan, keberkesanan dan kecekapan ke atas keseluruhan struktur insentif cukai dalam Akta Penggalakan Pelaburan 1986 dan Akta Cukai Pendapatan 1967 adalah tepat pada masanya.

Selain itu, terdapat keperluan yang mendesak untuk menangani isu pelarian cukai dan salah lapor pendapatan yang menjejaskan sistem taksir sendiri serta keyakinan orang ramai terhadap keseluruhan sistem percukaian.
Kewujudan sektor tersembunyi, tidak formal dan sektor yang sukar dikenakan cukai turut menyebabkan ketidakadilan kepada pembayar cukai yang patuh.

Sehubungan itu, pelari cukai perlu dimasukkan ke dalam jaringan cukai secara strategik.

17 Seksyen 2 Tek BM.indd 17 05/10/2019 11:23 AM seksyen 2 hasil kerajaan persekutuantinjauan Fiskal 2020 Sistem percukaian yang berkesan memerlukan kewujudan persekitaran yang mendorong pembayar cukai mematuhi undang-undang percukaian secara sukarela.
Sementara itu, tugas pentadbiran cukai yang efisien perlu dilaksanakan pada kos yang minimum kepada masyarakat.

Justeru, pengurusan pematuhan bukan hanya melibatkan pengauditan, pengesahan dan penguatkuasaan tetapi juga memudahkan pematuhan pembayar cukai.
Pendekatan Strategik TRC Jawatankuasa ini akan menumpukan kepada pencapaian objektif strategik dalam meningkatkan peratusan hasil cukai kepada KDNK dan mengoptimumkan hasil cukai berdasarkan empat asas berikut:  Mengurangkan jurang cukai terutamanya dalam sektor tidak formal dan sukar dikenakan cukai serta memperluas asas cukai melalui pendigitalan dan penguatkuasaan yang berkesan;  Mengurangkan ketirisan cukai dengan mengkaji semula insentif dan undang-undang cukai sedia ada;  Meneroka sumber baharu hasil cukai yang mampan seperti cukai digital dan alam sekitar; dan  Meningkatkan pentadbiran cukai melalui kajian semula undang-undang serta mempermudah proses dan prosedur pentadbiran ke arah peningkatan pematuhan.
Falsafah Pembaharuan Cukai Langkah percukaian bagi menangani isu dan cabaran semasa di bawah empat asas pembaharuan cukai akan berasaskan kepada prinsip neutraliti, ekuiti dan mudah.

Prinsip neutraliti menunjukkan bahawa walaupun sistem cukai meningkatkan hasil, namun pelaksanaannya tidak mendiskriminasi atau menyebelahi sektor ekonomi tertentu.
Selain itu, prinsip ekuiti pula dikategorikan sebagai ekuiti melintang (percukaian setara ke atas pendapatan setara) dan ekuiti menegak (cukai yang lebih tinggi ke atas pendapatan yang lebih tinggi).

Sebagai contoh, pelaksanaan levi pelepasan yang diumumkan dalam Belanjawan 2019 serta pindaan ke atas Akta Cukai Keuntungan Harta Tanah 1976 berasaskan kepada prinsip ekuiti menegak iaitu pembayaran dibuat berdasarkan kemampuan pembayar cukai.
Secara umum, amalan ini menggambarkan sistem percukaian yang mempunyai struktur kadar cukai pendapatan progresif.

Undang-undang, struktur dan prosedur cukai juga perlu jelas dan ringkas bagi memudahkan pemahaman terhadap kewajipan dan hak pembayar cukai.

Falsafah di sebalik struktur cukai yang mudah ialah untuk menggalakkan pematuhan secara sukarela.
Kajian mengenai tingkah laku pembayar cukai menunjukkan bahawa penambahbaikan perkhidmatan seperti pelaporan, pemfailan dan pembayaran cukai yang mudah; penerbitan garis panduan yang jelas dan tepat pada masa; serta penyediaan bantuan untuk mengurangkan kos pematuhan lebih berkesan bagi memastikan pematuhan berbanding langkah yang dirangka untuk mengurangkan ketidakpatuhan (Wenzel, 2004).
Pendekatan lain bagi meningkatkan pematuhan cukai ialah dengan memupuk rasa tanggungjawab setiap warganegara untuk membayar cukai seterusnya melahirkan rasa bangga kerana dapat menyumbang kepada negara.

Prinsip tersebut akan menggalakkan pembayaran cukai terutamanya daripada ekonomi tidak formal ke dalam asas cukai seterusnya mengurangkan pengelakan dan pelarian cukai.
Sehubungan itu, beban pematuhan dan akauntabiliti di bawah undang-undang secara langsung dan tidak langsung perlu digalas oleh pembayar cukai.

18 Seksyen 2 Tek BM.indd 18 05/10/2019 11:23 AM seksyen 2 hasil kerajaan persekutuantinjauan Fiskal 2020 Pihak berkuasa cukai yang berkaitan perlu berusaha memastikan pihak yang memperoleh atau menjana pendapatan bercukai berdaftar sebagai pembayar cukai dan memfailkan penyata cukai pada masa yang ditetapkan.
Inisiatif berkenaan meliputi program pendidikan dan jangkauan berterusan oleh agensi cukai bagi membantu pembayar cukai berpotensi terutamanya yang tidak pernah memfailkan penyata cukai atau menyelenggara rekod perniagaan dengan betul seterusnya memudahkan peralihan ke dalam jaringan cukai.

Di samping itu, pihak berkuasa perlu melaksanakan pendekatan spesifik serta strategi penguatkuasaan yang berkesan secara berterusan terhadap pembayar cukai yang ingkar.
Melangkah ke hadapan Pentadbiran cukai yang efektif memerlukan ekosistem yang menggalakkan rakyat mematuhi undang-undang cukai secara sukarela manakala tugas pentadbiran cukai yang efisien melibatkan kos yang minimum.

Penguatkuasaan berkesan oleh pihak berkuasa cukai merupakan komponen penting bagi memastikan kutipan cukai yang tinggi secara berterusan.
Justeru, pihak berkuasa cukai harus segera berubah menjadi entiti berorientasikan perkhidmatan yang memanfaatkan teknologi digital serta merangka dan menyelaras semula sistem dan prosedur sedia ada.

Penubuhan gerbang maklumat bagi data bersepadu membolehkan perkongsian maklumat dalam masa sebenar dan menyelaraskan sistem pentadbiran cukai seterusnya meningkatkan pematuhan dan kutipan hasil.
Kebergantungan tinggi terhadap cukai langsung menjejaskan kutipan hasil kerana berkait rapat dengan pertumbuhan ekonomi dan kitaran perniagaan.

Sehubungan itu, mengimbangi semula cukai langsung kepada cukai tidak langsung terutamanya cukai berasaskan kepenggunaan dapat meluaskan asas hasil cukai dan meningkatkan keapungan cukai.
Terdapat peningkatan peralihan daripada cukai langsung kepada cukai tidak langsung di peringkat global berikutan usaha kebanyakan negara untuk memastikan kutipan hasil cukai yang mampan.

Kesimpulan Jawatankuasa ini percaya bahawa Kerajaan perlu meningkatkan usaha untuk memperkukuh aliran hasil.

Kerajaan mempunyai pelbagai pilihan inisiatif untuk menambah baik sistem cukai sedia ada seperti mengkaji insentif cukai, memperkemas pentadbiran cukai dan meneroka sumber hasil yang mampan.
Secara keseluruhannya, kejayaan memasukkan pembayar cukai yang berpotensi ke dalam jaringan cukai menjadi prasyarat bagi memperluas asas hasil demi menambah baik ruang fiskal.

Rujukan Bank Dunia.

Dicapai pada 18 September 2019 daripada http://documents.worldbank.org/curated/ en/182271468280761125/pdf/359340MY.pdf.

Wenzel, M, An Analysis of Norm Processes in Tax Compliance” 2004, Journal of Economic Psychology, Vol 25, No.

2.
2.

Addressing The Tax Challenges of the Digital Economy, Bab 2, mukasurat 30 & 31, Fundamental Principles of Taxation.

Sumber: Jawatankuasa Pembaharuan Cukai.

19 Seksyen 2 Tek BM.indd 19 05/10/2019 11:23 AM seksyen 2 hasil kerajaan persekutuantinjauan Fiskal 2020 Hasil cukai tidak langsung dianggar meningkat s e c a ra m a r g i n a l s e b a nya k 0 .

8 % ke p a d a RM44.4 bilion disumbangkan oleh kutipan Cukai Jualan dan Cukai Perkhidmatan (SST) yang lebih tinggi.
Unjuran asal kutipan SST berjumlah RM22 bilion dalam Belanjawan 2019 telah disemak semula kepada RM26.8 bilion berikutan kutipan yang lebih baik berbanding jangkaan pada separuh pertama 2019.

Daripada jumlah ini, kutipan cukai jualan dijangka mencatat RM15.5 bilion berikutan permintaan yang lebih tinggi ke atas kenderaan pacuan empat roda (4WD) dan kenderaan utiliti sukan (SUV) serta mesin dan alat ganti.
Menurut laporan Persatuan Automotif Malaysia (MAA), jualan kenderaan 4WD dan SUV bagi separuh pertama 2019 meningkat 77.4% berbanding tempoh yang sama pada 2018.

Di samping itu, cukai perkhidmatan dianggar berjumlah RM11.3 bilion terutamanya disumbang oleh permintaan tinggi sektor makanan dan minuman diikuti sektor telekomunikasi dan insurans.
Walau bagaimanapun, duti eksport dijangka berkurang kepada RM1.3 bilion disebabkan oleh harga minyak mentah dan jumlah eksport yang lebih rendah selaras dengan pertumbuhan permintaan global yang perlahan berikutan ketegangan perdagangan yang berterusan.

Di samping itu, kutipan duti eksais dijangka berkurang 2.7% kepada RM10.5 bilion susulan permintaan kenderaan complete-built-up (CBU) dan rokok yang lebih perlahan.
Duti eksais ke atas rokok dijangka berkurang disebabkan oleh penutupan operasi syarikat tembakau di Malaysia dan pengurangan jumlah rokok import.

Sebanyak 3.2 bilion batang rokok diimport pada separuh pertama 2019 berbanding 3.5 bilion dalam tempoh yang sama pada 2018.

Sementara itu, duti eksais ke atas minuman bergula dijangka mencatat RM100 juta sejak pelaksanaannya pada Julai 2019.
Dividen khas PETRONAS secara one-off berjumlah RM30 bilion telah diumumkan dalam Belanjawan 2019 bagi membiayai sebahagian bayaran balik cukai pendapatan dan Cukai Barang dan Perkhidmatan (GST) yang berjumlah RM37 bilion.

Sementara itu, baki bayaran balik cukai sebanyak RM7 bilion akan dibiayai melalui hasil Kerajaan Persekutuan pada 2019.

Sebanyak RM12.5 bilion atau 69.4% daripada RM18 bilion peruntukan tunggakan bayaran balik cukai 20 pendapatan telah digunakan sehingga akhir Ogos 2019.
Manakala, jumlah peruntukan yang disediakan untuk bayaran balik Tabung Bayaran Balik GST (TBBC GST) pula berjumlah RM22.9 bilion iaitu setelah mengambil kira RM3.9 bilion baki dibawa ke hadapan dan peruntukan RM19 bilion pada 2019.

Sebanyak 66.4% atau RM15.2 bilion tuntutan GST telah dibayar sehingga akhir Ogos 2019.
Sementara itu, hasil bukan cukai dijangka meningkat ketara 41.6% kepada RM83.3 bilion terutamanya disumbangkan oleh dividen lebih tinggi daripada PETRONAS berjumlah RM54 bilion merangkumi dividen khas RM30 bilion secara one- off.

Dividen daripada Bank Negara Malaysia pula berjumlah RM2.5 bilion.

Terimaan daripada lesen dan permit dijangka mencatat RM15.2 bilion, meningkat 8.4% terutamanya disumbang oleh terimaan lebih tinggi daripada royalti petroleum, lesen kenderaan bermotor dan levi pekerja asing.
Hasil berkaitan petroleum pada 2019 diunjur RM81.2 bilion.

Walau bagaimanapun, jumlah hasil tersebut tanpa mengambil kira dividen khas sebanyak RM30 bilion dianggar berkurang 6.1% selaras dengan harga minyak mentah yang lebih rendah.

Sebaliknya, hasil bukan petroleum dijangka meningkat 2.1% kepada RM182.1 bilion berikutan usaha Kerajaan dalam memperluas asas hasil menerusi pelbagai langkah cukai.

Tinjauan 2020 Hasil Kerajaan Persekutuan pada 2020 dijangka berkurang 7.1% kepada RM244.5 bilion.
Walau bagaimanapun, hasil dijangka meningkat 4.8% jika tidak mengambil kira dividen khas PETRONAS dalam anggaran disemak 2019.

Hasil cukai kekal sebagai penyumbang utama hasil Kerajaan Persekutuan dengan jumlah kutipan RM189.9 bilion.

Hasil cukai sebagai peratusan kepada KDNK dijangka stabil 11.8%.

Kutipan cukai langsung dianggar meningkat 5.2% kepada RM142.7 bilion merangkumi 75.1% daripada jumlah hasil cukai.
Sebahagian besar kenaikan tersebut terutamanya disumbangkan oleh peningkatan kutipan CITA dan cukai pendapatan individu Seksyen 2 Tek BM.indd 20 05/10/2019 11:23 AM seksyen 2 hasil kerajaan persekutuantinjauan Fiskal 2020 sebanyak RM75.5 bilion dan RM37.4 bilion.

Prospek pendapatan korporat yang lebih baik dan usaha berterusan dalam menambah baik audit dan pematuhan cukai akan menyumbang kepada peningkatan kutipan CITA.
Kerajaan juga akan mempertimbangkan pelaksanaan inisiatif yang dicadangkan oleh TRC dalam jangka masa sederhana bertujuan memperluas asas cukai dan mengurangkan jurang cukai.

Sementara itu, hasil cukai langsung lain yang terdiri daripada duti setem, CKHT dan cukai lain dijangka meningkat 7% kepada RM8.7 bilion.

Peningkatan duti setem kepada RM6.8 bilion dan CKHT kepada RM1.7 bilion selaras dengan jangkaan pasaran harta tanah yang stabil.
Cukai tidak langsung dijangka meningkat 6.5% kepada RM47.3 bilion terutamanya disumbang oleh hasil SST yang lebih tinggi.

Kutipan SST pada 2020 diunjur RM28.3 bilion atau 1.8% daripada KDNK selaras dengan perbelanjaan penggunaan yang lebih tinggi, program Tahun Melawat Malaysia 2020 dan pelbagai program antarabangsa.

Kerajaan telah menetapkan sasaran ketibaan 30 juta pelancong dan jangkaan pendapatan sektor pelancongan sebanyak RM100 bilion pada 2020.
Hasil cukai jualan dijangka meningkat 5.4% kepada RM16.3 bilion terutamanya disumbangkan oleh mesin dan alat ganti serta jualan kenderaan.

Pada masa sama, cukai perkhidmatan dianggar berjumlah RM12 bilion yang sebahagian besarnya disumbangkan oleh permintaan tinggi terhadap sektor makanan dan minuman diikuti oleh sektor telekomunikasi dan insurans.

Kutipan duti eksais pada 2020 dijangka meningkat 4.9% kepada RM11 bilion berikutan peningkatan permintaan terhadap kenderaan bermotor.
Berdasarkan MAA, pengeluaran keseluruhan industri dijangka meningkat 2% berikutan permintaan berterusan untuk model baharu kenderaan dan promosi agresif oleh syarikat automotif.

Sementara itu, duti eksport dijangka kekal sekitar RM1.3 bilion.

Hasil bukan cukai tanpa mengambil kira dividen khas PETRONAS dianggar berkurang 2.4% kepada RM54.6 bilion atau 3.4% daripada KDNK.

Dividen tahunan PETRONAS diunjur berjumlah RM24 bilion.
Lesen dan permit dijangka berkurang secara marginal kepada RM15.2 bilion berikutan pengurangan hasil royalti petroleum selaras dengan harga minyak mentah yang lebih rendah.

Walau bagaimanapun, komponen utama lain bagi lesen dan permit seperti lesen kenderaan bermotor dan levi pekerja asing masing-masing dijangka meningkat kepada RM3.4 bilion mencatat RM50.5 bilion pada 2020 selaras dengan purata harga minyak mentah dunia USD62 setong.
Jumlah hasil berkaitan petroleum dianggar berkurang 1.4% berbanding 2019 (tidak termasuk dividen khas PETRONAS) berikutan harga minyak mentah yang lebih rendah.

Walau bagaimanapun, hasil bukan petroleum diunjur meningkat 6.6% kepada RM194.1 bilion selaras dengan komitmen Kerajaan untuk mempelbagai hasil melalui inisiatif pembaharuan cukai.

Hasil bukan petroleum dijangka kekal stabil sekitar 12.1% daripada KDNK (2019: 12% daripada KDNK).
Kerajaan akan terus memperluas hasil bukan petroleum untuk memastikan aliran pendapatan yang mampan dalam jangka masa sederhana.

Kesimpulan K e ra j a a n a k a n m e m p e r l u a s a s a s h a s i l , mengurangkan jurang cukai dan meningkatkan kecekapan cukai bagi memastikan kutipan hasil yang mampan.

Matlamat ini akan dicapai antara lain dengan merasionalisasi i n s e n t i f c u k a i , m e n g u ra n g k a n ke t i r i s a n cukai dan meningkatkan pematuhan cukai melalui pengauditan yang berkesan.
Inisiatif yang dicadang oleh TRC akan membantu usaha meningkatkan kutipan hasil melalui semakan semula sistem cukai sedia ada dan meneroka sumber baharu yang mampan.

Penambahbaikan dasar cukai akan terus berpegang kepada prinsip neutraliti, ekuiti dan mudah bagi menuju ke arah meningkatkan daya saing negara.

Seksyen 2 Tek BM.indd 21 05/10/2019 11:23 AM 21 seksyen 2 hasil kerajaan persekutuantinjauan Fiskal 2020 Rajah 2.1.
Hasil Berkaitan Petroleum dan Bukan Petroleum (% kepada jumlah hasil) Hasil petroleum Lain-lain SST/GST Cukai langsung tidak termasuk PITA Dividen Khas PETRONAS Petroleum 41.3 Bukan petroleum 19.0 7.5 32.2 35.4 19.2 7.6 37.8 23.4 18.4 11.0 47.2 11.4 19.3 14.4 10.2 44.7 20.7 Petroleum 16.5 11.6 51.2 Bukan petroleum 2009 2010 2018 20191 20202 Rajah 2.2.
Hasil Sebagai Peratusan KDNK Hasil petroleum Lain-lain Pendapatan pelaburan (kecuali dividen PETRONAS) Dividen khas PETRONAS SST/GST Cukai tidak langsung (kecuali SST/GST) Cukai langsung (kecuali PITA) 22.3 9.2 1.0 1.0 1.4 2.5 7.2 Petroleum Bukan petroleum 19.4 6.9 1.2 0.5 1.5 2.0 7.3 16.5 3.6 1.1 0.8 1.6 1.3 8.1 17.4 2.0 3.6 0.6 0.4 1.8 1.2 7.8 15.2 3.1 1.0 0.3 1.8 1.2 7.8 Petroleum Bukan petroleum 2009 2010 2018 20191 20202 1Anggaran disemak.

2Anggaran belanjawan, tidak termasuk langkah belanjawan 2020.
Sumber: Kementerian Kewangan Malaysia.
22 Seksyen 2 Tek BM.indd 22 05/10/2019 11:23 AM seksyen 2 hasil kerajaan persekutuantinjauan Fiskal 2020 SEKSYEN 3: PERbElaNjaaN KERajaaN PERSEKutuaN • Perspektif Keseluruhan • Perbelanjaan 2019 • Tinjauan 2020 • Pinjaman Boleh Dituntut Persekutuan • Kesimpulan Seksyen 3 Tek BM.indd 23 05/10/2019 11:59 AM 24 Seksyen 3 Tek BM.indd 24 05/10/2019 11:59 AM SEKSYEN 3 Perbelanjaan kerajaan Persekutuantinjauan Fiskal 2020 SEKSYEN 3: PERbElaNjaaN KERajaaN PERSEKutuaN Perspektif Keseluruhan Ke ra j a a n Pe r s e k u t u a n t e r u s m e m b e r i penekanan untuk meningkatkan kecekapan dan keberkesanan perbelanjaan.
Langkah ini selaras dengan komitmen Kerajaan untuk memulihkan kewangan awam bagi memastikan kedudukan fiskal yang kukuh dan pertumbuhan ekonomi yang mampan.

Di samping itu, Kerajaan juga akan memberi tumpuan kepada pelaporan perbelanjaan yang lebih telus dan bertanggungjawab.
Kerajaaan telah mempertingkat kecekapan program dan projek berdasarkan keperluan dan kepentingan serta mendapatkan lebih penjimatan kos melalui kajian semula beberapa projek.

Projek tersebut yang diteruskan dengan semakan semula skop dan kos yang lebih rendah dijangka meningkatkan nilai faedah terbaik dan mengurangkan ketirisan di samping menjana kesan pengganda tinggi kepada ekonomi.
Projek yang terlibat termasuk Transit Aliran Massa Laluan 2 (MRT2), Landasan Keretapi Pantai Timur (ECRL), Transit Aliran Ringan Laluan 3 (LRT3) serta projek infrastruktur dan kemudahan awam lain.

Kerajaan juga komited menyelesaikan tunggakan b aya ra n b a l i k c u k a i ya n g d i a n g g a r k a n RM37 bilion sebahagiannya dibiayai oleh dividen khas PETRONAS secara one-off.
Di samping itu, beberapa langkah penambahbaikan diteruskan terhadap dasar pengurusan dan pelaporan perbelanjaan awam bagi memastikan ketelusan dan akauntabiliti yang lebih tinggi.

Usaha ini akan dilaksanakan secara berterusan berteraskan tadbir urus dan amalan terbaik dalam menguruskan sumber awam.

Perbelanjaan 2019 Pendekatan belanjawan berasaskan sifar (ZBB) diguna pakai dalam merangka Belanjawan iaitu perbelanjaan diperuntukkan 2019 justifikasi keperluan dan berdasarkan keutamaan.
Pelaksanaan ZBB bertujuan untuk memastikan kecekapan dan keberkesanan belanjawan bagi mencapai objektif disasarkan.

Pe l a k s a n a a n b e r h e m at berdasarkan keupayaan Kerajaan penting bagi menyokong pengurusan fiskal yang kukuh berikutan kekangan sumber Kerajaan.
p e r b e l a n j a a n Pe r u n t u k a n K e ra j a a n Pe r s e k u t u a n 2 0 1 9 disemak semula kepada RM316 bilion iaitu lebih tinggi daripada anggaran belanjawan RM314.6 bilion terutamanya untuk menampung perbelanjaan mengurus (OE) yang lebih tinggi.

Daripada jumlah ini, OE berjumlah RM262.3 bilion atau 17.3% daripada KDNK manakala perbelanjaan pembangunan (DE) sebanyak RM53.7 bilion atau 3.5% daripada KDNK.
Selepas ditolak perbelanjaan tanggungan dan bayaran pindahan yang merangkumi 36.1% daripada jumlah perbelanjaan, sektor sosial terus menerima peruntukan terbesar 34.1% atau 7.1% daripada KDNK, diikuti sektor ekonomi (14%; 2.9% daripada KDNK), keselamatan (9.6%; 2% daripada KDNK), dan pentadbiran am (6.2%; 1.3% daripada KDNK).

Peruntukan OE pada 2019 disemak semula dengan tambahan RM2.4 bilion terutamanya untuk menampung keperluan program sedia ada berdasarkan keperluan mendesak oleh kementerian.
Sebahagian daripada peruntukan perbelanjaan tambahan disalurkan untuk subsidi bahan api berikutan keputusan Kerajaan untuk menjadual semula pelaksanaan program subsidi bahan api bersasar; dan menetapkan siling bermula Mac 2019 bagi harga runcit RON95 dan diesel pada RM2.08 seliter dan RM2.18 seliter.

Selain itu, peruntukan tambahan juga disediakan untuk subsektor pendidikan dan kesihatan termasuk bantuan makanan asrama, perkhidmatan pembersihan sekolah dan bekalan perubatan.
Peruntukan OE dianggarkan terus meningkat 13.6% kepada RM262.3 bilion berbanding 2018 iaitu 17.3% daripada KDNK terutamanya disebabkan oleh peruntukan tunggakan b aya ra n b a l i k c u k a i s e c a ra o n e - o f f. 25 Seksyen 3 Tek BM.indd 25 05/10/2019 11:59 AM SEKSYEN 3 Perbelanjaan kerajaan Persekutuantinjauan Fiskal 2020 Walau bagaimanapun, jika peruntukan bayaran balik cukai tidak diambil kira, OE dianggarkan berkurang 2.5% kepada RM225.3 bilion atau 14.8% daripada KDNK.
Sebahagian besar OE adalah untuk emolumen, bayaran persaraan, bayaran khidmat hutang serta perkhidmatan dan bekalan, merangkumi 65.5%.

Emolumen dijangka meningkat 2.6% kepada RM82 bilion terutamanya disebabkan kenaikan gaji tahunan.

Bayaran persaraan pula dianggarkan lebih tinggi pada RM26.6 bilion berikutan kenaikan tahunan dan untuk menampung sekitar 853,000 pesara dan waris.

Di samping itu, bayaran khidmat hutang dianggarkan terus meningkat kepada RM33 bilion.
Perkhidmatan dan bekalan p u l a d i u n j u r k a n p a d a R M 3 0 .

2 b i l i o n dengan 73% untuk penyenggaraan dan pembaikan, perkhidmatan profesional dan bekalan bahan lain.

Perbelanjaan untuk subsidi dan bantuan sosial dianggarkan berkurang kepada RM23.6 bilion berbanding 2018 terutamanya disebabkan oleh subsidi bahan api dan Bantuan Sara Hidup (BSH) yang lebih rendah.

Pengurangan subsidi bahan api berikutan andaian harga minyak mentah yang lebih rendah dengan purata USD63 setong.
Sementara itu, BSH dianggarkan pada RM5 bilion (2018: RM6.4 bilion) berikutan penstrukturan semula kriteria penerima dan jumlah bantuan bermula 2019.

Sekitar 3.6 juta isi rumah terus menerima BSH yang distruktur semula iaitu isi rumah dengan anak berkeperluan khas menerima bantuan yang lebih tinggi dan manfaat yang lebih baik berbanding program BSH sebelum ini.
Perbelanjaan Kerajaan terus difokuskan kepada pelaburan infrastruktur awam dan membangunkan pemboleh ekonomi untuk merangsang pertumbuhan dalam tahun keempat Rancangan Malaysia Kesebelas (RMKe-11).

Peruntukan DE akan disalurkan kepada program dan projek dengan kesan pengganda yang tinggi kepada ekonomi di samping memastikan kesejahteraan rakyat.
Peruntukan DE pada 2019 dianggarkan RM53.7 bilion iaitu lebih rendah berbanding anggaran asal RM54.7 bilion berikutan semakan dan penjadualan semula beberapa projek pembangunan.

Daripada jumlah ini, RM51.7 bilion merupakan peruntukan secara langsung manakala RM2 bilion berbentuk pinjaman kepada kerajaan negeri dan entiti berkaitan Kerajaan.

Sektor ekonomi kekal sebagai penerima terbesar merangkumi 53.7% daripada jumlah DE diikuti sektor sosial 28%, keselamatan 12.5% dan pentadbiran am 5.8%.
Perbelanjaan bagi Jadual 3.1.
Perbelanjaan Mengurus Kerajaan Persekutuan mengikut Komponen 2018 – 2020 Perubahan (%) 20191 2.6 5.5 8.0 -0.4 -14.5 -14.3 50.6 4.3 -4.0 356.7 13.6 2018 3.8 10.4 9.6 7.0 1.6 23.1 -13.4 9.2 -2.0 -5.0 6.1 Bahagian (%) 20191 31.3 10.1 12.6 2.9 11.5 9.0 0.3 0.4 5.0 16.9 20203 34.3 11.2 14.5 3.2 16.0 10.0 0.3 0.4 6.3 3.8 20203 0.7 1.9 5.9 2.4 27.7 2.6 -3.4 7.2 15.5 -79.7 2018 34.6 10.9 13.2 3.3 15.3 11.9 0.2 0.4 6.0 4.2 -8.1 100.0 100.0 100.0 Emolumen RM juta 2018 20191 20203 79,989 82,045 82,611 Bayaran persaraan 25,177 26,557 27,055 Bayaran khidmat hutang 30,547 33,000 34,945 Pemberian dan serahan kepada kerajaan negeri 7,605 7,571 7,749 Perkhidmatan dan bekalan 35,283 30,178 38,546 Subsidi dan bantuan sosial 27,516 23,569 24,186 Pembelian aset Bayaran balik dan hapus kira Pemberian kepada badan berkanun Lain-lain Jumlah 447 883 673 921 650 987 13,763 13,218 15,272 9,750 44,5282 9,019 230,960 262,260 241,020 Bahagian kepada KDNK (%) 16.0 17.3 14.9 ¹ Anggaran disemak.
2 Termasuk peruntukan tunggakan bayaran balik cukai secara one-off.

3 Anggaran belanjawan tidak termasuk langkah Belanjawan 2020.

Sumber: Kementerian Kewangan Malaysia.

26 Seksyen 3 Tek BM.indd 26 05/10/2019 11:59 AM SEKSYEN 3 Perbelanjaan kerajaan Persekutuantinjauan Fiskal 2020 sektor ekonomi pada 2019 dianggarkan R M 2 8 .
8 b i l i o n d a n d i t u m p u k a n ke p a d a pembangunan infrastruktur pengangkutan awam; peningkatan aktiviti perdagangan dan perindustrian; penambahbaikan kemudahan awam; serta mempergiat pertanian dan p e m b a n g u n a n l u a r b a n d a r. S u b s e k t o r pengangkutan diperuntukkan RM11.2 bilion terutamanya untuk membiayai projek MRT2 dan Lebuhraya Pan Borneo serta menaik taraf sistem dan infrastruktur Landasan Keretapi Berkembar Elektrik Lembah Klang (KVDT) fasa 1 menghubungkan Rawang dan Salak Selatan.
Subsektor tenaga dan utiliti awam diperuntukkan RM2.6 bilion manakala perdagangan dan perindustrian RM3 bilion.

Antara projek utama yang sedang dilaksanakan termasuk River of Life, menaik taraf loji rawatan kumbahan, program pembiayaan usahawan serta skim pinjaman mudah untuk automasi dan pemodenan.

Tiga subsektor tersebut merangkumi 31.3% daripada jumlah DE.
Perbelanjaan untuk sektor sosial dijangka meningkat 16.6% kepada RM15 bilion berbanding 2018 dengan subsektor utama termasuk pendidikan dan latihan, kesihatan serta perumahan.

Subsektor pendidikan dan latihan menerima peruntukan terbesar RM8 bilion.
Program dan projek di bawah subsektor ini termasuk pembinaan sekolah baharu; menaik taraf dan membaik pulih sekolah, kuarters guru dan institusi tertiari; peluasan infrastruktur dan fasiliti hospital pengajar; pelaksanaan program latihan dan pendidikan MARA; serta menambah baik program pendidikan dan latihan teknikal dan vokasional (TVET).

Peruntukan bagi subsektor kesihatan dijangka meningkat 27.4% kepada RM2.3 bilion.
Projek dan program di bawah subsektor ini termasuk membina dan menaik taraf hospital dan klinik termasuk Klinik Kesihatan Padang Besar, Hospital Pulau Pinang dan Hospital Kota Marudu.

Sementara itu, subsektor perumahan diperuntukkan RM1.8 bilion terutamanya untuk membina rumah mampu milik untuk kumpulan sasar.

Sektor keselamatan diperuntukkan RM6.7 bilion pada 2019.

Perbelanjaan disalurkan untuk program dan projek yang bertujuan memperkukuh dan meningkatkan pertahanan dan keselamatan dalam negeri.
Perbelanjaan utama termasuk p e r o l e h a n d a n m e n a i k t a ra f p e ra l at a n ketenteraan dan keselamatan; membina dan membaik pulih pejabat, kuarters dan kem; serta menyelenggara sistem komunikasi bersepadu.

Sementara itu, perbelanjaan bagi sektor pentadbiran am termasuk perbelanjaan untuk projek ICT, pengurusan aset serta menaik taraf pejabat dan peralatan Kerajaan dijangka meningkat 45.3% kepada RM3.2 bilion (2018: RM2.2 bilion).
Tinjauan 2020 Sebanyak RM297 bilion atau 18.4% daripada KDNK diperuntukkan bagi Belanjawan 2020 iaitu RM241 bilion atau 81.1% untuk OE manakala baki RM56 bilion untuk DE.

Daripada jumlah ini, 37.9% diperuntukkan untuk program dan projek di bawah sektor sosial diikuti oleh ekonomi (16.2%), keselamatan (11.3%) dan pentadbiran am (7.5%), manakala baki 27.1% merupakan perbelanjaan tanggungan dan bayaran pindahan.
Kementerian Pendidikan (KPM) (RM64.1 bilion), Kementerian Kewangan (RM37.8 bilion) dan Kementerian Kesihatan (KKM) (RM30.6 bilion) merupakan tiga kementerian yang menerima peruntukan tertinggi merangkumi 44.6% daripada jumlah peruntukan.

Kerajaan akan menyalurkan peruntukan untuk mengukuhkan pembentukan modal bagi memastikan kemampanan pertumbuhan ekonomi jangka masa panjang.
Sehubungan itu, suntikan tambahan sebanyak 0.2% daripada KDNK disediakan melalui DE untuk mempercepat pelaksanaan projek dengan kesan pengganda tinggi dan strategik seperti pembinaan landasan kereta api dan jalan raya, menaik taraf sekolah, klinik dan loji rawatan air serta memperluas jaringan infrastruktur jalur lebar di pinggir bandar.

Langkah segera ini dijangka dapat mengekalkan momentum pertumbuhan dan mengembangkan kapasiti ekonomi, seterusnya meningkatkan kesejahteraan rakyat.
Peruntukan OE dianggar berjumlah RM241 bilion atau 14.9% daripada KDNK pada 2020 dan meningkat 7% berbanding RM225.3 bilion pada 2019 tanpa mengambil kira peruntukan t u n g g a k a n b aya ra n b a l i k c u k a i s e c a ra one-off sebanyak RM37 bilion.
Sebahagian 27 Seksyen 3 Tek BM.indd 27 05/10/2019 11:59 AM SEKSYEN 3 Perbelanjaan kerajaan Persekutuantinjauan Fiskal 2020 besar OE disalurkan untuk emolumen yang mencakupi 5.1% daripada KDNK, diikuti perkhidmatan dan bekalan (2.4%), bayaran khidmat hutang (2.2%), bayaran persaraan (1.7%) serta subsidi dan bantuan sosial (1.5%).

Emol umen kekal sebagai k o mp on e n O E terbesar dan dianggarkan meningkat kepada RM82.6 bilion terutamanya berikutan kenaikan gaji tahunan.
Peruntukan ini bertujuan untuk membayar gaji dan upah, elaun dan pelbagai imbuhan lain kepada hampir 1.4 juta penjawat awam Kerajaan Persekutuan dengan 67.5% diperuntukkan kepada KPM dan KKM terutamanya untuk guru, doktor dan jururawat.

Bayaran persaraan yang merangkumi bayaran pencen bulanan, bayaran ganjaran secara one-off dan bayaran balik kepada pesara bagi gantian cuti rehat dianggarkan meningkat 1.9% kepada RM27.1 bilion.
Sekitar 75% bayaran persaraan terdiri daripada bayaran pencen bulanan untuk hampir 874,000 pesara dan waris.

Memandangkan komitmen pencen yang semakin meningkat dan keprihatinan terhadap kemampanan skim pencen semasa, Kerajaan sedang meneliti pilihan skim yang lebih mantap dengan matlamat untuk mengurus dengan cekap tanggungan pencen pada masa hadapan.

Perkhidmatan dan bekalan yang merupakan komponen OE kedua terbesar dijangka meningkat 27.7% kepada RM38.5 bilion.
Peningkatan ini terutamanya disebabkan oleh perbelanjaan yang lebih tinggi bagi pembaikan dan penyenggaraan serta perkhidmatan profesional.

Bagi komponen ini, KKM akan menerima peruntukan tertinggi (28.2%) dengan sebahagian besar untuk perolehan bekalan perubatan serta pembaikan dan penyenggaraan fasiliti perubatan.

KPM menerima peruntukan kedua tertinggi (16%) dengan sebahagian besar peruntukan untuk pembaikan dan penyenggaraan kemudahan sekolah, perkhidmatan keselamatan dan perkhidmatan pembersihan.
Subsidi dan bantuan sosial diunjur pada RM24.2 bilion terutamanya untuk BSH dan bantuan kebajikan; subsidi berkaitan padi dan minyak; pampasan tol; serta bantuan berkaitan pendidikan termasuk biasiswa.

Subsidi minyak dianggar lebih rendah dengan jangkaan pelaksanaan semula sistem apungan terkawal untuk RON95 dan diesel seiring dengan pelaksanaan program subsidi bahan 28 api bersasar.

Sementara itu, Kerajaan akan menyediakan BSH berjumlah RM5 bilion pada 2020 bertujuan mengurangkan beban kewangan penerima.
Pemberian kepada badan berkanun yang sebahagian besarnya untuk perbelanjaan operasi seperti emolumen serta perkhidmatan dan bekalan dianggarkan meningkat sebanyak 15.5% kepada RM15.3 bilion.

Peningkatan ini terutamanya disebabkan keperluan lebih tinggi oleh universiti awam dan hospital pengajar berjumlah RM8.6 bilion atau 56.5% daripada jumlah pemberian kepada badan berkanun (2019: RM8.2 bilion; 62.1%).
Sementara itu, pemberian dan serahan kepada kerajaan negeri dianggarkan RM7.7 bilion dengan RM5.7 bilion merupakan pemberian yang ditetapkan di bawah Perlembagaan Persekutuan.

Bayaran khidmat hutang Kerajaan Persekutuan dijangka mencatat RM34.9 bilion.

Daripada jumlah ini, 97.7% diperuntukkan untuk pembayaran kupon atas hutang dalam negeri terutamanya untuk Sekuriti Kerajaan Malaysia dan Terbitan Pelaburan Kerajaan Malaysia, manakala baki adalah untuk pinjaman luar pesisir.
Nisbah bayaran khidmat hutang kepada OE dianggarkan 14.5%.

Peruntukan DE pada 2020 akan disalurkan bagi menggalakkan pembangunan ekonomi, merapatkan jurang infrastruktur bandar dan luar bandar serta meningkatkan taraf hidup rakyat.

Sebanyak RM56 bilion akan diperuntukkan iaitu RM53.5 bilion adalah peruntukan secara langsung manakala baki RM2.5 bilion berbentuk pinjaman kepada kerajaan negeri dan entiti berkaitan Kerajaan.
Peningkatan peruntukan terutamanya untuk mempercepat pelaksanaan program dan projek bagi menyokong momentum pertumbuhan dan mengukuhkan kapasiti ekonomi jangka masa panjang.

Selain itu, peruntukan juga disediakan untuk pelan rasionalisasi FELDA dan Lembaga Tabung Haji serta komitmen khidmat hutang yang tinggi oleh SRC International Sdn.

Bhd.

Daripada peruntukan 2020, sebanyak RM53.2 bilion diperuntukkan untuk 4,744 projek sambungan manakala RM2.8 bilion untuk 722 projek baharu.
Sektor ekonomi kekal sebagai penerima terbesar merangkumi 55.4% daripada DE diikuti sektor sosial (26.9%), keselamatan (11.7%) dan pentadbiran am (6%).

Seksyen 3 Tek BM.indd 28 05/10/2019 11:59 AM SEKSYEN 3 Perbelanjaan kerajaan Persekutuantinjauan Fiskal 2020 Sektor ekonomi dijangka menerima peruntukan RM31 bilion (2019: RM28.8 bilion) sejajar dengan usaha untuk meningkatkan produktiviti dan daya saing ekonomi.
Peruntukan dalam sektor ini terutamanya untuk subsektor pengangkutan, tenaga dan utiliti awam serta perdagangan dan perindustrian.

Subsektor pengangkutan kekal sebagai penerima terbesar yang merangkumi 21.8% daripada jumlah DE atau RM12.2 bilion.

Projek di bawah subsektor ini termasuk pengangkutan awam dan lebuh raya seperti MRT2, KVDT dan Lebuhraya Pan Borneo; peluasan lapangan terbang di Sandakan dan Kota Bharu; serta menyenggara dan menaik taraf jalan raya, jambatan, pelabuhan dan landasan kereta api.
Sejumlah RM4.3 bilion atau 7.7% daripada jumlah DE akan diperuntukkan bagi subsektor tenaga dan utiliti awam.

Peruntukan ini sejajar dengan usaha Kerajaan untuk menyediakan akses yang lebih baik kepada perkhidmatan, utiliti dan kemudahan utama termasuk meningkatkan kecekapan dan produktiviti perkhidmatan bekalan air dan pembetungan; meningkatkan akses dan keboleharapan bekalan elektrik; dan menaik taraf infrastruktur tebatan banjir.
Subsektor pertanian dan pembangunan luar bandar akan menerima RM3 bilion atau 5.3% daripada jumlah DE terutamanya untuk sistem pengairan padi, aktiviti penanaman semula kelapa sawit dan getah, serta dana usahawan pertanian.

Subsektor perdagangan dan perindustrian diperuntukkan RM2.4 bilion iaitu merangkumi 4.4% daripada jumlah DE.
Program dan projek di bawah subsektor ini ditumpukan kepada aktiviti mempromosi perdagangan dan pelaburan termasuk program pembangunan usahawan, pembangunan koridor dan ketersediaan industri dalam mengadaptasi teknologi IR 4.0.

Di samping itu, subsektor alam sekitar akan diperuntukkan RM1.7 bilion terutamanya bagi projek pemeliharaan dan pemuliharaan sungai bagi mengurangkan risiko banjir serta membina dan menaik taraf loji rawatan kumbahan.
Perbelanjaan di bawah sektor sosial dianggarkan RM15.1 bilion atau 26.9% daripada jumlah DE.

Daripada jumlah ini, RM7.9 bilion diperuntukkan untuk subsektor pendidikan dan latihan termasuk membina semula sekolah daif di seluruh negara serta mengubah suai dan menambah baik infrastruktur sekolah.

Selain itu, peruntukan juga disediakan untuk menaik taraf kemudahan di institusi tertiari Jadual 3.2.
Perbelanjaan Pembangunan Kerajaan Persekutuan mengikut Sektor 2018 – 2020 RM juta Perubahan (%) Bahagian (%) 2018 20191 20202 2018 20191 20202 2018 20191 20202 36,103 28,820 31,019 49.3 -20.2 7.6 64.4 53.7 55.4 Ekonomi antaranya: Pengangkutan Perdagangan dan perindustrian Tenaga dan utiliti awam Pertanian dan pembangunan luar bandar Alam sekitar Sosial antaranya: Pendidikan dan latihan Kesihatan Perumahan Keselamatan Pentadbiran am Jumlah Bahagian kepada KDNK (%) 17,004 2,512 2,254 11,209 3,022 2,584 12,195 2,446 4,338 63.0 -33.9 -8.9 -34.1 20.3 14.6 8.8 -19.1 67.9 2,133 2,310 2,973 -3.9 8.3 28.7 1,665 1,945 1,734 -19.2 12,873 15,010 15,068 3.6 6,505 1,773 1,285 4,929 2,190 56,095 3.9 8,020 2,258 1,830 6,689 3,181 53,700 3.5 7,864 2,898 1,491 6,557 3,356 56,000 3.5 3.1 20.6 63.7 -7.6 -25.5 25.0 16.8 16.6 23.3 27.4 42.4 35.7 45.3 -4.3 1 Anggaran disemak.
2 Anggaran belanjawan tidak termasuk langkah Belanjawan 2020.

Sumber: Kementerian Kewangan Malaysia.


30.3 4.5 4.0 3.8 3.0 20.9 5.6 4.8 4.3 3.6 21.8 4.4 7.7 5.3 3.1 -10.8 0.4 22.9 28.0 26.9 -1.9 28.3 -18.5 -2.0 5.5 4.3 11.6 3.2 2.3 8.8 3.9 100.0 14.9 4.2 3.4 12.5 5.8 100.0 14.0 5.2 2.7 11.7 6.0 100.0 29 Seksyen 3 Tek BM.indd 29 05/10/2019 11:59 AM SEKSYEN 3 Perbelanjaan kerajaan Persekutuantinjauan Fiskal 2020 dan latihan; menyediakan dana pendidikan, latihan dan penyelidikan; dan membina hospital pengajar.
Sebanyak RM2.9 bilion atau 5.2% daripada jumlah DE akan diperuntukkan bagi subsektor kesihatan pada 2020.

Peruntukan ini disalurkan terutamanya untuk membina, menaik taraf dan menyenggara hospital dan klinik serta perolehan peralatan perubatan.

Langkah ini selaras dengan keutamaan Kerajaan untuk menyediakan perkhidmatan penjagaan kesihatan yang berkualiti dan akses kepada perkhidmatan kesihatan yang lebih baik.
Projek utama yang sedang dalam pelaksanaan di bawah subsektor ini termasuk pembinaan Hospital Kemaman dan makmal patologi di Hospital Sultanah Aminah, peluasan Hospital Segamat dan menaik taraf Hospital Kajang.

Kerajaan komited untuk meningkatkan pemilikan rumah kepada golongan berpendapatan rendah dan sederhana dengan terus menyediakan rumah mampu milik yang mencukupi serta berkualiti melalui pelbagai skim.

Subsektor perumahan diperuntukkan RM1.5 bilion atau 2.7% daripada jumlah DE.
Peruntukan ini khusus bagi pembinaan Projek Perumahan Rakyat (PPR) dan kuarters penjawat awam serta pemulihan projek perumahan swasta terbengkalai.

Sektor keselamatan yang terdiri daripada pertahanan dan keselamatan dalam negeri kekal menjadi keutamaan dengan anggaran perbelanjaan RM6.6 bilion atau 11.7% daripada jumlah DE.

Sebanyak RM3.2 bilion akan diagihkan untuk subsektor pertahanan manakala RM3.4 bilion bagi subsektor keselamatan dalam negeri.
Perbelanjaan ini terutamanya untuk membangunkan perkhidmatan rangkaian bersepadu, mengukuhkan pertahanan awam, menaik taraf peralatan ketenteraan dan keselamatan serta meningkatkan pengawasan dan penguatkuasaan.

Peruntukan ini juga bertujuan membina dan membaik pulih kemudahan seperti balai polis, kem tentera dan kuarters anggota keselamatan.

S e k t o r p e n t a d b i ra n a m d i p e r u n t u k k a n RM3.4 bilion pada 2020.
Perbelanjaan sektor ini terutamanya untuk membangunkan sistem perakaunan kewangan dan perkhidmatan maklumat; peluasan pusat data sektor awam; dan mengubah suai serta menaik taraf bangunan Kerajaan.

Projek utama yang sedang dalam pelaksanaan di bawah subsektor ini termasuk Rangkaian Telekomunikasi Bersepadu Malaysia, Komunikasi Bersepadu Kerajaan Malaysia dan penyenggaraan kuarters kerajaan.
Pinjaman Boleh Dituntut Persekutuan Baki pada 31 Disember 2018 bagi Pinjaman Boleh Dituntut Persekutuan1 yang dikeluarkan daripada Kumpulan Wang Pembangunan berjumlah RM43.2 bilion atau 3% daripada KDNK.

Daripada jumlah ini, RM22.4 bilion merupakan hutang oleh syarikat.

Hutang oleh kerajaan negeri merangkumi RM15.3 bilion terutamanya bagi projek bekalan air.
Di samping itu, hutang oleh badan berkanun berjumlah RM5.1 bilion diikuti kerajaan tempatan RM0.2 bilion, organisasi lain RM0.2 bilion dan koperasi RM6.9 juta.

Pengeluaran pinjaman melalui DE pada 2019 dianggarkan RM2 bilion.

Penerima pinjaman terdiri daripada syarikat (73.8%), kerajaan negeri (23%), badan berkanun (1.9%) dan organisasi lain (1.3%).

Pengeluaran pinjaman tertinggi diberi kepada syarikat untuk projek infrastruktur jalan manakala kerajaan negeri untuk projek bekalan air.
Bayaran balik pinjaman berjumlah RM900.3 juta dijangka diterima pada 2019.

Dalam hal ini, kerajaan negeri terus menjadi pembayar hutang utama kepada Kerajaan Persekutuan dengan anggaran bayaran balik berjumlah RM598.6 juta atau 66.5% daripada jumlah bayaran balik pinjaman.

Sarawak dan Sabah dijangka mencatat bayaran balik pinjaman tertinggi kerajaan negeri pada 2019.
1 Pinjaman Boleh Dituntut Persekutuan adalah sebahagian daripada aset kewangan Kerajaan Persekutuan yang terdiri daripada kemudahan pinjaman yang diberikan kepada kerajaan negeri, kerajaan tempatan, badan berkanun, syarikat, koperasi dan pelbagai organisasi.

30 Seksyen 3 Tek BM.indd 30 05/10/2019 11:59 AM SEKSYEN 3 Perbelanjaan kerajaan Persekutuantinjauan Fiskal 2020 Sebanyak RM159.3 juta atau 17.7% daripada jumlah bayaran balik pinjaman dijangka diterima daripada syarikat.
Tiga pembayar utama bagi 2019 ialah Yayasan Tekun Nasional, Projek Lintasan Kota Sdn.

Bhd.

dan Syarikat Bekalan Air Selangor Sdn.

Bhd.

dengan anggaran bayaran balik pinjaman berjumlah RM60.1 juta.

Bayaran balik daripada badan berkanun dianggarkan berjumlah RM128.8 juta manakala kerajaan tempatan RM6.9 juta.

Sementara itu, bayaran balik pinjaman daripada organisasi lain seperti kelab dan persatuan dianggarkan berjumlah RM6.7 juta.
Kerajaan Persekutuan terus menyediakan pinjaman di bawah DE pada 2020 kepada kerajaan negeri, badan berkanun, syarikat dan pelbagai organisasi.

Jumlah pinjaman yang dikeluarkan dari Kumpulan Wang Pembangunan dianggarkan R M 2 .

5 b i l i o n .

P i n j a m a n ya n g d i b e r i k a n kepada syarikat dianggarkan RM1.9 bilion, kerajaan negeri RM505.5 juta, badan berkanun RM68.8 juta dan organisasi lain RM24.2 juta.
Terimaan pinjaman oleh syarikat akan digunakan terutamanya untuk membiayai program dan projek berkaitan bekalan air dan elektrik, pemulihan tanah, penanaman semula kelapa sawit dan pembinaan lebuh raya.

Sementara itu, pinjaman yang diterima oleh kerajaan negeri, kerajaan tempatan dan badan berkanun akan digunakan terutamanya untuk menaik taraf bekalan air, infrastruktur pembetungan serta membiayai projek pembangunan kawasan tanaman.
Kerajaan Persekutuan dianggarkan menerima bayaran balik pinjaman berjumlah RM766.5 juta pada 2020.

Sebanyak RM448 juta bayaran balik dijangka diterima daripada kerajaan negeri dengan bayaran balik tertinggi oleh Sarawak dan Sabah.

Syarikat pula dijangka membuat bayaran balik berjumlah RM240.3 juta manakala bayaran balik pinjaman selebihnya dijangka daripada kerajaan tempatan (RM6.9 juta), badan berkanun (RM63.9 juta) dan organisasi lain (RM7.4 juta).
Kesimpulan Kerajaan Persekutuan akan terus meningkatkan kecekapan dan keberkesanan perbelanjaan serta memastikan amalan terbaik dan telus dalam pengurusan perbelanjaan awam.

Perbelanjaan akan ditumpukan kepada projek berimpak tinggi dan berpaksikan rakyat serta berdasarkan keperluan dan keupayaan untuk berbelanja tanpa menjejaskan penyampaian perkhidmatan awam.
Langkah ini sejajar dengan usaha mengoptimumkan perbelanjaan dan nilai faedah terbaik, seterusnya menjamin kewangan awam yang kukuh bagi menyokong pertumbuhan ekonomi yang mampan.

Seksyen 3 Tek BM.indd 31 05/10/2019 11:59 AM 31 SEKSYEN 3 Perbelanjaan kerajaan Persekutuantinjauan Fiskal 2020 Rajah 3.1.

Jumlah Perbelanjaan mengikut Sektor Rajah 3.2.
Jumlah Perbelanjaan mengikut Kementerian dan Agensi 11.3% 27.1% 9.6% 20202: RM297.0 bilion 36.1% 20191: RM316.0 bilion 34.1% 37.9% 7.5% Keselamatan Sosial Ekonomi Pentadbiran am Lain-lain 6.2% 14.0% 16.2% Kementerian Air, Tanah & Sumber Asli Kementerian Perumahan & Kerajaan Tempatan Kementerian Pertanian & Industri Asas Tani Kementerian Kerja Raya Kementerian Pembangunan Luar Bandar Kementerian Pertahanan Kementerian Dalam Negeri Kementerian Kesihatan Kementerian Kewangan3 Kementerian Pendidikan OE 20191 OE 20202 DE 20191 DE 20202 Rajah 3.3.
Perbelanjaan Mengurus mengikut Komponen (% kepada OE) Rajah 3.4.
Perbelanjaan Mengurus mengikut Sektor 0 10 20 30 40 50 60 70 RM bilion Bayaran persaraan Bayaran khidmat hutang Perkhidmatan dan bekalan Emolumen Lain-lain Pemberian dan serahan kepada kerajaan negeri Pemberian kepada badan berkanun Subsidi dan bantuan sosial 11.2% 9.0% 20202: RM241.0 bilion 20191: RM262.3 bilion 6.3% 5.9% 35.4% 40.5% 33.4% 43.4% 7.8% 2011 2012 2013 2014 2015 2016 2017 2018 20191 20202 7.1% Keselamatan Sosial Ekonomi Pentadbiran am Lain-lain 100 90 80 70 60 50 40 30 20 10 0 Rajah 3.5.
Perbelanjaan Pembangunan mengikut Sektor Rajah 3.6.

Pinjaman Boleh Dituntut Persekutuan di bawah Kumpulan Wang Pembangunan mengikut Penghutang (Akhir 2018) 6.0% 11.7% 5.8% 12.5% RM bilion 24 20202: RM56.0 bilion 22.4 20 16 12 8 4 0 15.3 0. 5.1 n a d a B n u n a k r e B 0.01 i s a r e p o K t a k i r a y S 0.2 n a i l i i s a s n a g r O 20191: RM53.7 bilion 28.0% 26.9% 53.7% 55.4% Keselamatan Sosial Ekonomi Pentadbiran am 1 Anggaran disemak.
2 Anggaran belanjawan tidak termasuk langkah Belanjawan 2020.

3 OE termasuk peruntukan Kumpulan Wang Terkanun.

Sumber: Kementerian Kewangan Malaysia.
32 Seksyen 3 Tek BM.indd 32 05/10/2019 11:59 AM SEKSYEN 3 Perbelanjaan kerajaan Persekutuantinjauan Fiskal 2020 SEKSYEN 4: PENguruSaN hutaNg • Perspektif Keseluruhan • Pembiayaan Sisipan – Bon Samurai 2019 oleh Kerajaan Malaysia • Hutang Kerajaan Persekutuan Rencana – Analisis Kemampanan Hutang Malaysia • Hutang Luar • Hutang Sektor Awam • Tinjauan 2020 • Kesimpulan Seksyen 4 Tek BM.indd 33 05/10/2019 12:12 PM 34 Seksyen 4 Tek BM.indd 34 05/10/2019 12:12 PM SEKSYEN 4 Pengurusan hutangtinjauan Fiskal 2020 SEKSYEN 4: PENguruSaN hutaNg Perspektif Keseluruhan Ob j e k t i f u t a m a p e n g u r u s a n h u t a n g bertujuan memastikan Kerajaan mampu memenuhi keperluan pembiayaan dengan kos minimum dalam jangka masa panjang di samping mengekalkan pasaran sekuriti kerajaan yang kukuh.
Keseimbangan antara kos dan risiko berkaitan seperti mata wang dan risiko pembiayaan semula adalah penting dalam persekitaran global yang dinamik dan mencabar.

Kerajaan melaksanakan strategi pengurusan hutang berhemat secara berterusan di samping mematuhi peraturan berkaitan hutang yang ditetapkan.

Strategi hutang yang dilaksanakan termasuk memberi tumpuan kepada terbitan dalam denominasi ringgit untuk menyokong pasaran bon tempatan di samping mengurangkan kos dan pendedahan risiko tukaran asing.
Terbitan pinjaman luar pesisir bertujuan mewujudkan keluk kadar hasil sebagai penanda aras, mempelbagaikan asas pelabur dan mendapatkan lindung nilai semula jadi.

Terbitan juga ditumpukan kepada kertas instrumen hutang bertempoh sederhana dan panjang untuk memastikan profil kematangan yang terurus.
Di samping itu, untuk menyokong pasaran yang mempunyai kecairan tinggi dan berfungsi dengan baik, Kerajaan akan terus meningkatkan ketelusan melalui terbitan secara tender terbuka di mana semua pelabur boleh berurus niaga dengan yakin dan pada masa sama menggalakkan dagangan sekuriti kerajaan pada harga kompetitif.
Selain itu, pengurusan hutang secara berpusat p e n t i n g b ag i m e m a s t i k a n p e m b a n g u n a n strategi dan pelaksanaan pengurusan hutang negara yang efektif, teratur dan menyeluruh.

Sehubungan itu, Kerajaan telah mengumumkan penubuhan Pejabat Pengurusan Hutang (DMO) pada 15 Mei 2019 bertujuan mengukuhkan proses dan tadbir urus keseluruhan pengurusan hutang dan liabiliti.
Pejabat ini ditugaskan untuk memantau dan menyemak semula potensi risiko yang mungkin berlaku disebabkan oleh hutang Kerajaan Persekutuan, jaminan Kerajaan dan liabiliti lain seperti komitmen projek kerjasama awam swasta.

Pembiayaan Program pinjaman Kerajaan ditentukan oleh unjuran keperluan pembiayaan merangkumi pembiayaan semula hutang yang matang dan anggaran defisit fiskal.
Kerajaan Persekutuan dijangka membuat pinjaman kasar pada 2019 sebanyak RM135.2 bilion atau 8.9% daripada KDNK merangkumi 94.5% pinjaman dalam negeri manakala baki melalui terbitan luar pesisir.

Terimaan kasar digunakan untuk pembiayaan semula hutang prinsipal berjumlah R M 8 3 .

3 b i l i o n d a n p e m b i a ya a n d e f i s i t (RM51.8 bilion).
Pembiayaan semula hutang p r i n s i p a l ya n g m at a n g t e r d i r i d a r i p a d a Sekuriti Kerajaan Malaysia (MGS) berjumlah RM43.4 bilion; Terbitan Pelaburan Kerajaan M a l ay s i a ( M G I I ) b e r j u m l a h R M 2 4 b i l i o n ; Jadual 4.1.
Pembiayaan Kerajaan Persekutuan 2018 – 2019 rM juta Bahagian (%) Pinjaman kasar Dalam negeri MGS MGII Bil Perbendaharaan Luar pesisir Pinjaman pasaran Pinjaman projek Bayaran balik Dalam negeri Luar pesisir Pinjaman bersih Dalam negeri Luar pesisir Perubahan aset1 Jumlah pembiayaan defisit 2018 36 - 36 20192 131,600 135,164 131,564 127,700 51,030 57,200 64,305 58,500 16,229 12,000 7,464 7,434 30 77,493 83,279 77,137 83,012 267 54,107 51,885 54,427 44,688 7,197 -125 53,385 51,760 -320 -722 356 2018 100.0 99.9 38.8 48.9 12.3 0.1 - 0.1 100.0 99.5 0.5 - - - - - 20192 100.0 94.5 42.3 43.3 8.9 5.5 5.5 0.0 100.0 99.7 0.3 - - - - - 1 (+) menunjukkan penggunaan aset; (-) menunjukkan pertambahan aset.
2 Anggaran.

Sumber: Kementerian Kewangan Malaysia.

35 Seksyen 4 Tek BM.indd 35 05/10/2019 12:12 PM SEKSYEN 4 pengurusan hutangtinjauan Fiskal 2020 bil Perbendaharaan berjumlah RM14 bilion; Sukuk Perumahan Kerajaan (SPK) berjumlah RM1.6 bilion; dan pinjaman luar pesisir berjumlah RM0.3 bilion.

Pinjaman dalam negeri kasar dianggarkan mencapai RM127.7 bilion daripada jumlah pinjaman kasar.
Terbitan MGS dijangka mencatatkan RM57.2 bilion atau 42.3% daripada jumlah pembiayaan kasar sementara RM58.5 bilion diterbitkan melalui MGII.

Di samping itu, bil Perbendaharaan diunjurkan berjumlah RM12 bilion bagi pengurusan aliran tunai.

Kerajaan menerbitkan instrumen hutang jangka masa sederhana dan panjang secara berkala di pasaran domestik sebagai sekuriti penanda aras untuk mewujudkan keluk hasil penanda aras serta memanfaatkan persekitaran kadar faedah rendah.
Pembukaan semula instrumen hutang penanda aras mungkin dilaksanakan untuk meningkatkan saiz terbitan terkumpul dalam menggalakkan kecairan pasaran.

Di samping itu, sekuriti jangka masa panjang juga diterbitkan untuk mewujudkan keluk kadar hasil sebagai penanda aras bagi kertas berjangka masa panjang.

Dalam tempoh lima tahun terdahulu, komposisi instrumen hutang jangka masa panjang bertempoh 10-tahun dan ke atas meningkat daripada 38.4% pada 2015 kepada 62.8% daripada jumlah terbitan pada 2019.
Bagi mewujudkan profil kematangan yang baik, instrumen berjangka masa panjang diterbitkan untuk mengurangkan risiko pembiayaan semula dengan memanjangkan tempoh matang terbitan selaras dengan strategi pengurusan hutang RM190.9 bilion berbanding jumlah terbitan RM69.5 bilion dalam tempoh lapan bulan pertama 2019 menandakan permintaan kukuh untuk MGS dan MGII.
Purata nisbah bidaan kepada terbitan (BTC) pada akhir Ogos 2019 ialah 2.81 kali yang menunjukkan peningkatan ketara berbanding tempoh sama pada 2018 iaitu 2.28 kali.

Peningkatan ini mencerminkan keyakinan pelabur dan kecairan pasaran kewangan domestik.

Permintaan instrumen hutang ini disokong oleh kecenderungan pelabur yang lebih tinggi terhadap sekuriti pendapatan tetap, pengurangan kadar Rizab Persekutuan AS (Fed), potensi kelonggaran dasar monetari global dan inflasi sederhana.
36 Kerajaan terus memangkin pembangunan pasaran modal Islam melalui terbitan MGII dan Bil Perbendaharaan Islam Malaysia (MITB) yang berterusan.

Inisiatif ini bertujuan untuk terus menyokong persekitaran kondusif dalam mempromosikan Malaysia sebagai pasaran kewangan Islam utama.

Permintaan kukuh terhadap MGII menyediakan peluang kepada Kerajaan untuk memperoleh dana pada kos yang lebih rendah sekali gus mewujudkan proses penemuan harga yang cekap untuk instrumen patuh Syariah.
Spread kadar hasil MGS dan MGII bertempoh matang 10-tahun mengecil kepada 4 mata asas pada Ogos 2019 daripada 17 mata asas pada Disember 2018 mencerminkan permintaan kukuh ke atas MGII.

Di samping itu, MGII mencatatkan purata BTC yang lebih tinggi iaitu 3.11 kali berbanding MGS sebanyak 2.48 kali.

Lebihan langganan dan kecenderungan terhadap terbitan MGII menggambarkan peningkatan permintaan instrumen patuh Syariah.
Keluk kadar hasil sekuriti Kerajaan bagi semua tempoh matang beralih ke bawah dalam tempoh lapan bulan pertama 2019.

Kadar hasil ini berkurang dengan purata 80 mata asas berbanding 2018 dengan kadar hasil MGS berjangka masa panjang menyusut paling banyak dalam lingkungan 95 hingga 109 mata asas.

Kadar hasil instrumen berjangka masa panjang beralih ke bawah berikutan permintaan berterusan pelabur ke atas sekuriti berjangka masa panjang terutamanya didorong oleh pengurangan kadar faedah oleh Fed.
Sementara itu, kadar hasil instrumen berjangka masa pendek dan sederhana mengecil antara 50 hingga 75 mata asas.

Keluk kadar hasil juga mendatar dengan spread kadar hasil MGS 10-tahun/3-tahun mengecil kepada 20 daripada 45 mata asas.

L a n g k a h B a n k N e g a r a M a l a y s i a ( B N M ) menurunkan Kadar Dasar Semalaman (OPR) sebanyak 25 mata asas pada Mei 2019 telah mengurangkan kadar hasil dalam pasaran sekunder.
Kadar hasil bagi semua tempoh matang terus berkurang pada Julai dan Ogos 2019 disokong oleh permintaan tinggi berikutan jangkaan inflasi yang lebih rendah dan persepsi pasaran terhadap pengumuman BNM semasa mesyuarat Jawatankuasa Dasar Monetari pada Julai 2019.
Di samping itu, kadar hasil kekal rendah b e r i k u t a n p e n g u mu m a n B N M m e n g e n a i Seksyen 4 Tek BM.indd 36 05/10/2019 12:12 PM SEKSYEN 4 Pengurusan hutangtinjauan Fiskal 2020 langkah baharu untuk terus meliberalisasikan pentadbiran pertukaran asing serta libat urus dengan FTSE Russell.

Kadar hasil bagi seluruh spektrum tempoh matang terus berkurang pada akhir Ogos 2019 didorong oleh peningkatan jangkaan kelonggaran dasar monetari oleh bank pusat di seluruh dunia.
Sejak awal tahun sehingga akhir Ogos 2019, kadar hasil MGS 3- dan 5-tahun direkodkan lebih rendah sebanyak 48 dan 53 mata asas.

Kadar yang rendah ini sama seperti yang pernah direkodkan pada 2016.

Di samping itu, kadar hasil MGS 10-tahun telah berkurang dengan ketara sebanyak 77 mata asas iaitu terendah dalam tempoh enam tahun seperti dicatatkan pada Julai 2013.

Keadaan ini mendorong pelabur mencari pasaran yang menawarkan pulangan lebih menarik di pasaran serantau termasuk Malaysia.
Berikutan itu, permintaan asing untuk MGS kembali meningkat dengan aliran masuk bersih sebanyak RM7.6 bilion pada Januari hingga Ogos 2019 (2018: aliran keluar bersih RM18.3 bilion).

Rundingan perdagangan antara AS dengan C h i n a y a n g s e d a n g b e r l a n g s u n g d a n penurunan kadar oleh Fed turut menggalakkan pelaburan asing dalam MGS pada Julai dan Ogos 2019.

Trend positif ini dijangka berterusan berikutan pengumuman terkini oleh FTSE Russell yang mengekalkan bon Malaysia di dalam WGBI.
Pasaran modal domestik mencatatkan aliran masuk dana asing bersih pada Februari dan Mac 2019.

Walau bagaimanapun, terdapat a l i ra n ke l u a r p a d a A p r i l d a n M e i 2 0 1 9 berikutan pengumuman FTSE Russell mengenai kemungkinan Malaysia dikeluarkan dari Indeks Bon Kerajaan Dunia (WGBI) serta ketegangan perdagangan antara AS dengan China.

Trend ini kembali menunjukkan peningkatan sejak Jun 2019 disebabkan oleh pelonggaran dasar monetari oleh bank pusat global dan serantau.
Pinjaman luar pesisir kasar pada 2019 dijangka mencatat RM7.5 bilion terutamanya daripada terbitan pinjaman pasaran.

Kerajaan Persekutuan menerbitkan bon Samurai JPY200 bilion pada 15 Mac 2019 bertempoh matang 10-tahun pada kadar kupon tahunan 0.53%.

Terbitan ini menandakan penyertaan semula Kerajaan Malaysia dalam pasaran bon Jepun selepas 30 tahun dan merupakan terbitan bon berdaulat terbesar dengan jaminan JBIC dalam pasaran tersebut.
Sisipan Bon Samurai 2019 oleh Kerajaan Malaysia Pengenalan Pada 15 Mac 2019, Kerajaan Malaysia telah berjaya menerbitkan bon Samurai1 berjumlah JPY200 bilion dengan tempoh matang 10-tahun pada kadar kupon tahunan 0.53%.

Terbitan ini menandakan kemunculan semula Kerajaan ke pasaran modal Jepun selepas 30 tahun.
Bon ini dijamin oleh Japan Bank for International Cooperation (JBIC) melalui program Guarantee and Acquisition toward Tokyo market Enhancement (GATE) dan dikhaskan kepada pelabur institusi Jepun yang berkelayakan.

Jaminan JBIC memberi nisbah perlindungan sehingga 95% daripada nilai semasa jumlah keseluruhan aliran tunai.

Terimaan terbitan digunakan untuk kegunaan am iaitu bagi membiayai projek dan program pembangunan termasuk sekolah, hospital, jalan dan menyediakan akses kepada utiliti.
Kerjasama di antara kerajaan dengan kerajaan (G2G) ini merupakan usaha bersama Perdana Menteri Tun Dr Mahathir Mohamad dan Perdana Menteri Shinzo Abe untuk mengeratkan lagi hubungan ekonomi dan kebudayaan di antara Malaysia dengan Jepun.

Transaksi Bon Samurai Terbitan bon Samurai dengan tempoh matang 10-tahun ini merupakan terbitan tunggal terbesar sama ada dalam format terbitan awam atau jaminan JBIC.

Transaksi ini mengukuhkan lagi kedudukan Malaysia dalam kalangan pelabur Jepun.
Pada masa sama, Kerajaan berjaya memperoleh pembiayaan jangka masa panjang daripada pasaran Jepun.

1 Bon Samurai merupakan bon yang diterbitkan dalam denominasi yen di Jepun oleh penerbit asing dan tertakluk kepada peraturan Jepun.
37 Seksyen 4 Tek BM.indd 37 05/10/2019 12:12 PM SEKSYEN 4 pengurusan hutangtinjauan Fiskal 2020 SEKSYEN 4 PENGURUSAN HUTANG Rajah 1: Transaksi Terbitan Bon Samurai Kerajaan Malaysia Perjanjian Indemniti Perjanjian Pembelian Bon Perjanjian dengan CCB1 Perjanjian Agensi JAPAN BANK FOR INTERNATIONAL COOPERATION COMMISSIONED COMPANY FOR BONDHOLDERS (CCB) PEMEGANG BON 1 Perjanjian dengan CCB merupakan perjanjian tiga pihak antara Kerajaan Malaysia, JBIC dan CCB.

Sumber: Kementerian Kewangan Malaysia.


Siri jelajah bertemu pelabur utama yang berpusat di Tokyo telah diadakan pada 7 dan 8 Februari 2019.

Siri jelajah tersebut melibatkan liputan pelabur yang komprehensif melalui seminar berkumpulan dan 14 sesi pertemuan khas.

Semasa sesi libat urus, para pelabur menyatakan minat yang tinggi ke atas terbitan yang mencerminkan keyakinan pelabur terhadap kestabilan asas makroekonomi serta pembaharuan tadbir urus dan struktur.
Rajah 2: Perjanjian Transaksi Perjanjian Indemniti (IA) Menetapkan terma ke atas obligasi penerbit untuk membayar ﬁ jaminan dan penerangan mengenai hak indemniti JBIC Perjanjian Agensi (AgA) Menetapkan peranan bank sebagai ejen terbitan dan pembayar serta ejen pentadbiran bagi penerbit Syarat Bon (COB) Menggariskan terma dan syarat bon Perjanjian Pembelian Bon (BPA) Perjanjian jualan bon di antara penerbit dengan pembeli Perjanjian dengan CCB (ACCB) Menjelaskan kuasa dan tanggungjawab CCB seperti diamanahkan oleh Kerajaan Malaysia dan JBIC dalam pentadbiran bon tersebut Syarat Jaminan JBIC (COG) Mengariskan terma dan syarat jaminan bon oleh JBIC Sumber: Kementerian Kewangan Malaysia.
38 Tinjauan Fiskal 2020 Seksyen 4 Tek BM.indd 38 05/10/2019 12:12 PM Profil dan Pengagihan Pelabur Ramai pelabur berkualiti mengambil bahagian dalam transaksi dengan permintaan tinggi daripada bank khusus, bank bandar,2 syarikat insurans dan bank wilayah di Jepun.

Kebanyakan pelabur utama seperti bank khusus dan bank bandar meletakkan tempahan bersaiz besar yang menyokong keseluruhan tempahan.
Pada masa sama, beberapa pelabur wilayah3 turut meletakkan tempahan lebih besar berbanding kebiasaan mencerminkan penerimaan baik daripada pelabur Jepun terhadap kertas hutang Malaysia.

Sebanyak 46 firma pelaburan telah mengambil bahagian dan 31 daripadanya adalah pelabur wilayah.

Secara keseluruhan, Kerajaan menerima tempahan berjumlah JPY324.7 bilion (RM11.9 bilion) iaitu lebihan langganan sebanyak 1.6 kali ganda daripada saiz terbitan.

Kesimpulan Rajah 3.
Kesimpulan Rajah 3.

Peruntukan berdasarkan Jenis Pelabur 0.6% 0.7% 0.9% 0.6% 0.1% 3.8% 6.5% 13.9% 37.9% ¥200 bilion 35.0% Bank khusus Bank bandar Syarikat insurans Bank wilayah Shinkin, dll Bank lain Pengurusan aset Insurans harta tanah Dana awam Lain-lain Sumber: Kementerian Kewangan Malaysia.

Sambutan menggalakkan ke atas terbitan bon Samurai Kerajaan mencerminkan keyakinan kukuh dalam kalangan pelabur Jepun terhadap asas ekonomi Malaysia.
Transaksi istimewa ini bermula daripada perbincangan G2G bagi memupuk hubungan ekonomi dan budaya yang lebih erat di antara kedua-dua negara.

Selain itu, terbitan ini merupakan bon Samurai bertempoh matang tunggal terbesar dengan kadar kupon kompetitif.

Penerbitan ini mempelbagaikan lagi asas pembiayaan di samping meningkatkan lagi kedudukan Malaysia sebagai antara hab pelaburan terkemuka di rantau ini.
2 Bank bandar merupakan bank bersaiz besar yang beribu pejabat di bandar utama dan mempunyai cawangan di Tokyo, Osaka, bandar utama lain dan pinggir bandar terdekat.

3 Pelabur wilayah adalah bank wilayah serta Shinkin dan lain-lain (Bank Shinkin, Shinren dan Shinyo Kumiai).

Hutang Kerajaan Persekutuan Peningkatan ketelusan dan akauntabiliti fiskal merupakan komponen penting dalam pengukuhan pengurusan hutang awam.

Justeru, Kerajaan telah menubuhkan Jawatankuasa Pengurusan Hutang (JPH) pada 15 Mei 2019.
Jawatankuasa ini berperanan merangka dasar pengurusan hutang yang mampan untuk mengurangkan dan panjang di samping meminimumkan pendedahan kepada risiko.

Selain itu, JPH bertanggungjawab untuk mengurus risiko berkaitan pinjaman domestik dan luar pesisir Kerajaan Persekutuan, jaminan Kerajaan serta sebarang hala tuju dasar yang mungkin memberi impak kepada kedudukan fiskal dan hutang.
Kerajaan Persekutuan menerbitkan instrumen hutang di pasaran domestik dan luar pesisir terutamanya bertujuan untuk memenuhi keperluan perbelanjaan pembangunan dan membiayai semula hutang yang matang.

Hutang Kerajaan Persekutuan mencatat RM799.1 bilion atau 52.7% daripada KDNK pada akhir Jun 2019 iaitu rendah berbanding had siling hutang 5 5 % .

H u t a n g i n i t e r d i r i d a r i p a d a 9 6 .
3 % sekuriti berdenominasi ringgit manakala baki 3.7% merupakan pinjaman luar pesisir 39 Seksyen 4 Tek BM.indd 39 05/10/2019 12:12 PM SEKSYEN 4 pengurusan hutangtinjauan Fiskal 2020 Jadual 4.2. hutang Kerajaan Persekutuan Mengikut Instrumen 2018 – 2019 rM juta Bahagian (%) Bahagian kepada KDNK (%) Hutang dalam negeri MGS MGII SPK Bil Perbendaharaan Pinjaman luar pesisir Pinjaman pasaran Pinjaman projek Jumlah Item memorandum: Pemegangan hutang dalam denominasi ringgit oleh bukan pemastautin 1 Akhir Jun 2019.
Sumber: Kementerian Kewangan Malaysia.

terutamanya dalam denominasi dolar AS dan yen.

Keadaan pasaran domestik yang kukuh dan mempunyai kecairan tinggi disokong oleh institusi pelaburan yang teguh memudahkan akses pin jaman d omes tik ol e h K e ra ja an Persekutuan sekali gus mengurangkan dan mengimbangi kos dan risiko tukaran mata wang asing.

Pengurusan hutang Kerajaan Persekutuan tertakluk kepada peraturan dan perundangan yang khusus.
Instrumen hutang konvensional seperti MGS dan Bil Perbendaharaan Malaysia (MTB) dikawal selia di bawah Akta Pinjaman (Tempatan) 1959 [Akta 637] dan Akta Bil Perbendaharaan (Tempatan) 1946 [Akta 188 MITB diterbitkan di bawah Akta Pendanaan Kerajaan 1983 [Akta 275].
Akta 637 dan Akta 275 mendapatkan pembiayaan domestik untuk perbelanjaan pembangunan dan membiayai s e mu l a h u t a n g ya n g a k a n m at a n g .

A k t a tersebut memperuntukkan had statutori hutang terkumpul Kerajaan Persekutuan bagi instrumen MGS, MGII dan MITB tidak melebihi 55% daripada KDNK.

Pada akhir Jun 2019, hutang terkumpul bagi instrumen berkenaan berjumlah RM737.5 bilion atau 48.6% daripada KDNK.
Sementara itu, Akta 188 mengehadkan hutang MTB terkumpul tidak melebihi RM10 bilion (akhir Jun 2019: RM4.5 bilion).

Akta Pinjaman Luar Negeri 1963 [Akta 403] pula menetapkan siling sebanyak RM35 bilion bagi hutang berdenominasi m at a wa n g a s i n g .

Pa d a a k h i r Ju n 2 0 1 9 , pinjaman luar pesisir terkumpul berjumlah RM29.2 bilion.

Had perundangan ini bertindak sebagai mekanisme kawalan dalam memastikan pengurusan hutang berhemat dan mampan.
Hutang dalam negeri mencatat RM769.9 bilion pada akhir Jun 2019 terutamanya terdiri daripada MGS (RM404.2 bilion) dan MGII (RM330.3 bilion).

Instrumen MGS kekal sebagai komponen hutang utama merangkumi 50.6% diikuti oleh MGII sebanyak 41.3% daripada jumlah hutang Kerajaan Persekutuan.

Bil Perbendaharaan iaitu MTB dan MITB merupakan sekuriti jangka masa pendek dengan tempoh matang 3-bulan, 6-bulan, 9-bulan dan 1-tahun yang diterbitkan untuk pengurusan aliran tunai.
Bil Perbendaharaan terkumpul pada akhir Jun 2019 mencatat RM7.5 bilion meliputi 0.9% daripada jumlah h u t a n g K e ra j a a n Pe r s e k u t u a n .

K e ra j a a n m e n e r b i t k a n b i l Pe r b e n d a h a ra a n s e c a ra berkala pada harga diskaun melalui lelongan kompetitif untuk membiayai sebarang kurangan Kerajaan.
Instrumen MGII pertama kali diterbitkan pada 1983 bagi membolehkan bank Islam tempatan memegang sekuriti patuh Syariah untuk memenuhi keperluan mudah tunai bank.
Langkah tersebut sekali gus menggalakkan pembangunan kewangan Islam dalam pasaran 40 Seksyen 4 Tek BM.indd 40 05/10/2019 12:12 PM SEKSYEN 4 Pengurusan hutangtinjauan Fiskal 2020 Jadual 4.3. garis Panduan Perundangan dan Pentadbiran hutang Peraturan Statutori Pentadbiran Pinjaman adalah untuk membiayai perbelanjaan pembangunan sahaja Siling hutang dalam negeri (MGS, MGII, MITB) Siling MTB Akta Pinjaman (Tempatan) 1959 Tidak melebihi 55% daripada KDNK Kertas Statut 76 Tahun 2009, Akta Pinjaman (Tempatan) 1959 dan Akta Pendanaan Kerajaan 1983 (Akhir Jun 2019 :48.6%) Baki semasa sentiasa mempunyai lebihan bagi memastikan perbelanjaan mengurus dibiayai oleh hasil Tidak melebihi RM10 bilion Akta Bil Perbendaharaan (Tempatan) 1946 Had yang ditetapkan: 55% daripada KDNK (Akhir Jun 2019: RM4.5 bilion) (Akhir Jun 2019: 52.7%) Siling pinjaman luar pesisir Tidak melebihi RM35 bilion Kertas Statut 77 Tahun 2009, Akta Pinjaman Luar Negeri 1963 (Akhir Jun 2019: RM29.2 bilion) Had bayaran khidmat hutang (DSC) Bayaran khidmat hutang diklasifikasikan sebagai item tanggungan Perkara 98(1)(b) Perlembagaan Persekutuan DSC ≤ 15% daripada hasil (20191: 12.5% daripada hasil) 1 Anggaran.
Sumber: Kementerian Kewangan Malaysia.

domestik seterusnya meletakkan Malaysia sebagai hab kewangan Islam antarabangsa.

Peratusan MGII dalam jumlah hutang terkumpul terus meningkat daripada 33.9% pada 2015 kepada 41.3% pada akhir Jun 2019.

Instrumen SPK yang diterbitkan oleh Kerajaan Persekutuan sebelum penubuhan Lembaga Pembiayaan Perumahan Sektor Awam (LPPSA) mencatat RM27.9 bilion atau 3.5% daripada keseluruhan hutang.
Kerajaan Persekutuan akan terus membuat bayaran balik SPK mengikut tempoh matang sehingga 2024.

Sejak ditubuhkan pada 2016, LPPSA telah menerbitkan sukuk bagi menyediakan dana pinjaman perumahan untuk penjawat awam dan akan membiayai sendiri obligasi hutang tersebut.

Pinjaman luar pesisir terkumpul yang terdiri daripada pinjaman pasaran dan pinjaman projek mencatat RM29.2 bilion pada akhir Jun 2019.

Pinjaman ini merangkumi pinjaman dalam mata wang asing terutamanya dolar AS (54.5%) dan yen (44.7%).
Pinjaman pasaran mencecah RM23.6 bilion selepas mengambil kira terbitan bon Samurai berjumlah JPY200 bilion pada Mac 2019.

Sementara itu, pinjaman projek yang berjumlah RM5.6 bilion terdiri daripada perjanjian bilateral dan multilateral sedia ada untuk membiayai program dan projek i n f ra s t r u k t u r k h u s u s s e p e r t i u n ive r s i t i , pembentungan dan empangan.
Pemegang pemastautin instrumen hutang Kerajaan Persekutuan kekal seimbang dengan mencatat RM609.1 bilion iaitu 76.2% daripada jumlah keseluruhan hutang.

Kepelbagaian asas pelabur menjadikan aktiviti pasaran sekunder sekuriti Kerajaan lebih aktif seterusnya mendorong kos pembiayaan rendah dan stabil.
Pelabur domestik utama terdiri daripada panjang seperti Kumpulan Wang Simpanan Pekerja (29.3%), syarikat insurans (4.3%) dan Kumpulan Wang Persaraan (Diperbadankan) atau KWAP (3.3%).

Selain itu, institusi perbankan lain-lain memegang 39.3% daripada keseluruhan hutang.
Pe m e g a n g b u k a n p e m a s t a u t i n m e n c at at RM190 bilion atau 23.8% daripada hutang terkumpul Kerajaan Persekutuan.
Pelabur institusi dan berjangka masa panjang seperti bank pusat, supranasional dan kerajaan, dana persaraan, syarikat insurans serta lain-lain 41 Seksyen 4 Tek BM.indd 41 05/10/2019 12:12 PM SEKSYEN 4 pengurusan hutangtinjauan Fiskal 2020 Jadual 4.4. hutang Kerajaan Persekutuan Mengikut Pemilik 2018 – 2019 rM juta Bahagian (%) Bahagian kepada KDNK (%) Pemastautin Kumpulan Wang Simpanan Pekerja Kumpulan Wang Persaraan (Diperbadankan) Syarikat insurans Institusi perbankan Institusi kewangan pembangunan Lain-lain1 Bukan pemastautin Pengurus dana Bank pusat, supranasional dan kerajaan Institusi perbankan Dana persaraan Syarikat insurans Lain-lain2 Jumlah Termasuk institusi kewangan bukan bank, badan berkanun, syarikat penamaan dan amanah, syarikat kerjasama, sekuriti yang disimpan oleh pelabur institusi dalam bank pusat dan butiran yang tidak dapat diklasifikasikan.
2 Termasuk syarikat penamaan/pemegang amanah, individu, syarikat bukan kewangan, institusi multilateral dan bilateral serta sektor yang tidak dapat dikenal pasti.

3 Akhir Jun 2019.

Sumber: Kementerian Kewangan Malaysia.

mempunyai 12.1% pegangan.

Selain itu, pengurus dana dan institusi perbankan memegang 9.1% da n 2.6% d ar ip ada jum l a h h u t a n g .

Pemegangan bukan pemastautin dalam MGS kekal stabil mencatat 36.9% pegangan daripada jumlah terkumpul MGS (akhir 2018: 38.4%).
Purata tempoh matang yang menunjukkan keperluan pembiayaan semula akan datang dijangka meningkat daripada 7.6 tahun pada 2018 kepada 8.1 tahun pada 2019 selepas mengambil kira kesemua terbitan dalam tahun ini.

Peningkatan ini disebabkan oleh terbitan instrumen hutang berjangka masa panjang dengan tempoh matang tujuh tahun yang lebih besar dan jumlah bil Perbendaharaan terkumpul yang lebih rendah.
Oleh itu, profil kematangan lebih terurus dengan jumlah hutang bertempoh matang melebihi 10 tahun meningkat daripada 21.4% pada 2018 kepada 25.9% pada akhir Jun 2019.

Sementara itu, instrumen bertempoh matang lima tahun d a n ke b awa h b e r k u ra n g ke p a d a 4 3 .

5 % (akhir 2018: 48.2%).


Kerajaan dijangka mendapat manfaat daripada strategi memperbanyakkan terbitan instrumen berjangka masa panjang dengan mengambil peluang persekitaran kadar faedah rendah, kecairan yang tinggi dan kecenderungan pelabur.

Bayaran khidmat hutang pada 2019 dianggar berjumlah RM33 bilion atau 12.5% daripada jumlah hasil merangkumi bayaran faedah hutang dalam negeri dan luar pesisir.
Sebanyak 99.7% daripada jumlah bayaran tersebut merupakan kos pinjaman yang dibayar bagi instrumen hutang pasaran manakala selebihnya digunakan untuk bayaran berkaitan pinjaman projek.

Kadar faedah purata berwajaran1 ke atas instrumen pasaran terkumpul pada akhir Jun 2019 mencatat 3.848% iaitu lebih rendah berbanding 4.106% pada 2018.

Penurunan ini sebahagian besarnya disebabkan oleh purata kadar kupon lebih rendah bagi instrumen hutang yang diterbitkan pada separuh pertama 2019.
Keadaan ini disebabkan oleh persekitaran kadar faedah rendah, kecairan tinggi dalam pasaran serta peningkatan keyakinan pelabur.

1 Pengiraan kadar faedah purata berwajaran hanya merangkumi MGS dan MGII sahaja.
42 Seksyen 4 Tek BM.indd 42 05/10/2019 12:12 PM SEKSYEN 4 Pengurusan hutangtinjauan Fiskal 2020 rencana Analisis Kemampanan Hutang Malaysia Latar Belakang Pengurusan hutang yang berkesan penting untuk mengekalkan kemampanan hutang, memperkukuh kedudukan kewangan, memastikan kestabilan makroekonomi dan meningkatkan keyakinan pelabur serta kebolehpercayaan kredit berdaulat.

Bagi mencapai matlamat ini, pelbagai kaedah digunakan untuk menilai tahap kemampanan hutang.
Antara kaedah yang digunakan untuk tujuan ini ialah Analisis Kemampanan Hutang (DSA) yang dibangunkan oleh Tabung Kewangan Antarabangsa (IMF) dan Bank Dunia.

Menurut takrifan IMF, DSA merupakan satu kaedah untuk menilai kemampuan negara membuat bayaran berkaitan hutang dan membiayai pelaksanaan polisi tanpa pelarasan signifikan yang mungkin menjejaskan kestabilan negara.
Bagi tujuan ini, rangka kerja DSA telah dibangunkan untuk menjalankan analisis kemampanan hutang awam dan hutang luar negeri sebagai kaedah untuk mengesan dan mencegah krisis yang mungkin berlaku dengan lebih baik.

Objektif rangka kerja DSA terdiri daripada: i. Menilai kedudukan hutang semasa termasuk struktur kematangan, kadar kupon dan pemegang kertas hutang; ii.
Mengenal pasti kelemahan dalam struktur hutang atau rangka kerja dasar supaya langkah awal dapat diperkenalkan sebelum timbul kesulitan pembayaran; dan iii.

Mengkaji impak dasar penstabilan hutang alternatif bagi senario berlaku kesulitan atau hampir berlaku.

Rangka kerja DSA dibangunkan untuk negara yang mempunyai akses kepada pasaran (MAC) dan negara berpendapatan rendah serta terdiri daripada dua komponen iaitu analisis ke atas hutang awam dan hutang luar negeri.
Analisis bagi kedua-dua komponen ini merangkumi analisis senario unjuran dasar dan analisis sensitiviti.

Senario unjuran dasar merujuk kepada satu set unjuran makroekonomi dan andaian yang menggariskan dasar Kerajaan.

Sementara itu, analisis sensitiviti pula dilaksanakan dengan menggunakan pelbagai ujian tekanan ke atas unjuran dasar untuk melihat impak terhadap profil hutang kerajaan.

Dapatan analisis memberikan indikasi terhadap tahap kemampanan hutang kerajaan.
Analisis Hutang Kerajaan Persekutuan Malaysia Malaysia dikategorikan sebagai sebuah negara yang mempunyai MAC kerana mempunyai akses mudah ke pasaran modal domestik dan antarabangsa.

Berdasarkan MAC, sesebuah negara akan diklasifikasikan di bawah penilaian lebih rendah atau lebih tinggi.

Di bawah penilaian lebih rendah, paras hutang dan keperluan pinjaman kasar tahunan bagi negara yang berkembang pesat tidak boleh melebihi 50% dan 10% daripada KDNK.
Walaupun keperluan pembiayaan kasar Malaysia sekitar 8% daripada KDNK, namun negara diklasifikasikan di bawah penilaian lebih tinggi kerana paras hutang1 yang melebihi 50% daripada KDNK.

A. Analisis Senario Unjuran Dasar 1.


Andaian Makro-Fiskal Andaian dasar makroekonomi dan fiskal jangka masa sederhana di bawah senario unjuran dasar termasuk: i. Perkembangan ekonomi mencatat 4.7% untuk tahun pertama unjuran (2019) dan dijangka berkembang sederhana dengan purata 4.5% untuk tahun berikutnya; 1 Hutang Malaysia merangkumi hutang Kerajaan Persekutuan sahaja.

43 Seksyen 4 Tek BM.indd 43 05/10/2019 12:12 PM SEKSYEN 4 pengurusan hutangtinjauan Fiskal 2020 SEKSYEN 4 PENGURUSAN HUTANG ii.
Kutipan hasil dijangka meningkat 5% manakala perbelanjaan tidak termasuk bayaran faedah meningkat 4% setiap tahun; dan iii.

Kadar faedah nominal dijangka kekal stabil dan meningkat sebanyak 10 mata asas pada 2024.

2.

Analisis Data 2008 – 2018 menunjukkan dua faktor utama yang menyumbang kepada aliran penjanaan hutang iaitu baki primer (defisit fiskal tanpa bayaran faedah) dan kadar faedah benar.
Faktor ini dibuktikan terutamanya semasa krisis kewangan global 2009 – 2010 apabila Kerajaan mengalami defisit yang lebih besar disebabkan oleh pakej rangsangan fiskal.

Berdasarkan trend terdahulu, pendedahan hutang kepada pasaran luar pesisir adalah minimum (kurang 5% daripada jumlah hutang) dan dijangka berterusan sepanjang tahun unjuran.

Sehubungan itu, penyusutan nilai ringgit mempunyai impak minimum kepada penjanaan hutang.
Selain itu, pertumbuhan KDNK nominal merupakan antara faktor penentu aliran penjanaan hutang iaitu nisbah hutang kepada KDNK akan bertambah baik apabila KDNK kekal berkembang dan sebaliknya.

Rajah 1.
Rajah 1.

Aliran Penjanaan Hutang (% KDNK) 12 10 8 6 4 2 0 -2 -4 -6 Baki1 Kadar faedah benar Pertumbuahn KDNK benar Penyusutan kadar tukaran Deﬁsit primer Pertumbuhan hutang kasar Unjuran (% KDNK) 20 15 10 5 0 -5 -10 -15 -20 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Kumulatif 1 Merangkumi perubahan aset pada tahun semasa.

Sumber: Kementerian Kewangan Malaysia dan IMF.


Keperluan pembiayaan kasar Kerajaan Persekutuan dijangka kekal berada di bawah had penanda aras DSA bagi negara yang berkembang pesat iaitu 10% daripada KDNK.

Analisis ini menunjukkan keperluan pembiayaan kasar akan berkurang kepada 7.4% pada 2024 daripada 8.9% pada 2019 dengan andaian konsolidasi fiskal dilaksanakan secara berperingkat dalam tempoh jangka masa sederhana.
Pada masa sama, hutang Kerajaan Persekutuan dijangka kekal terurus dengan mencatat 50.2% daripada KDNK pada 2024 iaitu di bawah had siling 55%.

3.

Senario Alternatif Selain daripada senario unjuran dasar, model ini juga menyediakan analisis senario alternatif yang mengunjurkan paras hutang dan keperluan pembiayaan kasar sebagai nisbah kepada KDNK dengan andaian baki primer tidak berubah dan berdasarkan senario trend terdahulu.
i. Baki Primer Tidak Berubah Dengan andaian tiada pelan konsolidasi fiskal sepanjang tempoh jangka masa sederhana, model menunjukkan bahawa paras hutang akan meningkat kepada 54.6% daripada KDNK berbanding 50.2% di bawah senario asas pada 2024 tetapi masih berada di bawah had siling 55%.

Pada masa sama, keperluan pembiayaan kasar juga akan meningkat kepada 8.9% daripada KDNK namun masih rendah daripada tanda aras DSA 10%.
44 Tinjauan Fiskal 2020 Seksyen 4 Tek BM.indd 44 05/10/2019 12:12 PM SEKSYEN 4 PENGURUSAN HUTANG ii.

Senario Trend Terdahulu Dengan andaian trend terdahulu pemboleh ubah kekal dalam tempoh unjuran, model menunjukkan paras hutang dijangka mencatat 57.6% daripada KDNK iaitu melebihi had siling 55%.

Selain itu, keperluan pembiayaan kasar juga akan meningkat kepada 9.9% daripada KDNK pada 2020 menghampiri had DSA 10%.

Rajah 2.
Rajah 2.

Senario Asas dan Alternatif Hutang Nominal Kasar Keperluan Pembiayaan Kasar (% KDNK) 60 (% KDNK) 14 Unjuran dasar Trend terdahulu Baki primer tidak berubah 58 56 54 52 50 48 46 44 2017 Had siling 55% Unjuran 2018 2019 2020 2021 2022 2023 2024 Sumber: Kementerian Kewangan Malaysia dan IMF.

4.
4.

Realisme Andaian Unjuran Dasar 12 10 8 6 4 2 2017 Had DSA 10% Unjuran 2018 2019 2020 2021 2022 2023 2024 Beberapa kaedah telah dibangunkan dalam rangka kerja DSA untuk menilai kredibiliti dan ketepatan senario unjuran dasar.

Simulasi ini mengenal pasti taburan ralat dalam unjuran Malaysia berbanding semua negara maju dan yang berkembang pesat dengan tahap keberhutangan melebihi 60% daripada KDNK.
Keputusan taburan ralat pertumbuhan KDNK benar dengan kadar peratusan yang agak tinggi sebanyak 74% dan baki primer pada kadar 67% bagi tempoh 2010 – 2018 menunjukkan andaian tidak terlalu optimistik atau pesimistik.

Sementara itu, model menunjukkan unjuran KDNK nominal agak optimistik bagi median taburan ralat deflator KDNK.

Rajah 3.
Realisme Andaian Asas Pertumbuhan KDNK Benar Median ralat unjuran Malaysia, 2010-2018: 0.04 Kedudukan peratusan: 74% Baki Primer Median ralat unjuran Malaysia, 2010-2018: -0.05 Kedudukan peratusan: 67% Inﬂasi (Deﬂator) Median ralat unjuran Malaysia, 2010-2018: -1.78 Kedudukan peratusan: 9% (%) 8 6 4 2 i k i t s m s e p i 0 -2 -4 -6 -8 -10 k i t s m i i t p o (% GDP) 4 2 0 -2 -4 -6 -8 Median Unjuran ralat Malaysia (%) 6 4 2 0 -2 -4 -6 -8 Median Unjuran ralat Malaysia Median Unjuran ralat Malaysia 2010 2011 2012 2013 2014 2015 2016 2017 2018 2010 2011 2012 2013 2014 2015 2016 2017 2018 2010 2011 2012 2013 2014 2015 2016 2017 2018 Nota: Sebaran berwarna menunjukkan taburan ralat dalam unjuran semua negara maju dan yang berkembang pesat dengan tahap keberhutangan melebihi 60% daripada KDNK.
Sumber: Kementerian Kewangan Malaysia dan IMF.

Seksyen 4 Tek BM.indd 45 05/10/2019 12:12 PM Tinjauan Fiskal 2020 45 B. Analisis Sensitiviti Ujian tekanan makro-fiskal dijalankan untuk menilai sensitiviti kemampanan hutang kepada pemboleh ubah luaran dan dasar utama di bawah senario yang berbeza.

Secara khususnya, ujian ini menilai kesan ke atas kemampanan hutang sekiranya berlaku kejutan ke atas pertumbuhan ekonomi, baki primer dan kombinasi semua kejutan.
Di samping itu, ujian tekanan juga dijalankan ke atas liabiliti luar jangka.

Di bawah analisis sensitiviti, IMF meletakkan had tinggi hutang dan keperluan pembiayaan kasar di bawah sebarang senario kejutan tidak boleh melebihi 70% dan 15% daripada KDNK.

i. Senario Kejutan terhadap Baki Primer Berdasarkan andaian kemerosotan baki primer terkumpul sebanyak 1.2% daripada KDNK pada 2020 dan 2021, nisbah hutang kepada KDNK meningkat dengan ketara kepada 54.7% pada 2021 dan mencecah 56.5% pada 2024.
Keperluan pembiayaan kasar pula meningkat ke paras tertinggi pada 9.9% daripada KDNK pada 2020 dan berkurang kepada 9.2% pada 2024.

Kedua-dua indikator kekal di bawah had DSA 70% bagi hutang dan 15% bagi keperluan pembiayaan kasar.

ii.
ii.

Senario Kejutan terhadap Pertumbuhan KDNK Benar Berdasarkan andaian kejutan 1% sisihan piawaian pertumbuhan KDNK benar akan menyebabkan pertumbuhan KDNK benar jatuh kepada 2.1% pada 2020 dan 1.7% pada 2021, kedudukan hutang dijangka mencecah 58.5% daripada KDNK pada 2021 dan berkurang kepada 57.6% pada 2024.

Keperluan pembiayaan kasar juga meningkat kepada 10.5% daripada KDNK pada 2021 dan berkurang kepada 8.7% pada 2024.

Kedua-dua indikator ini masih jauh daripada tanda aras DSA.

iii.
iii.

Senario Kejutan terhadap Kadar Faedah Benar Berdasarkan andaian kadar faedah meningkat sebanyak 200 mata asas pada 2020 dan tahun seterusnya, dengan semua andaian makro-fiskal yang lain kekal seperti senario unjuran dasar, kedudukan hutang mencatat 53.6% daripada KDNK pada 2024.

Keperluan pembiayaan kasar kekal stabil pada 8.6% pada 2024.

Kedua-dua indikator ini juga masih jauh daripada tanda aras DSA.

iv.
iv.

Senario Kombinasi Semua Kejutan Berdasarkan andaian bahawa semua senario kejutan makro-fiskal di atas berlaku secara serentak, kedudukan hutang dijangka meningkat kepada 62.4% daripada KDNK pada 2024 manakala keperluan pembiayaan kasar pula berada pada paras sekitar 10% sepanjang tempoh unjuran, rendah berbanding tanda aras DSA.
v. Senario Kejutan Liabiliti Luar Jangka Berdasarkan andaian bahawa Kerajaan Persekutuan perlu memperuntukkan 0.5% daripada KDNK sebagai perbelanjaan secara bayaran pindahan sekiranya berlaku penzahiran liabiliti luar jangka, kedudukan hutang akan meningkat kepada 59.6% daripada KDNK pada 2020.

Keperluan pembiayaan kasar turut meningkat kepada 15.5% pada 2020, melebihi tanda aras DSA dan berkurang kepada 8.8% pada 2024.
Secara amnya, indikator unjuran hutang dapat membantu mengenal pasti kemampuan Kerajaan untuk berhutang serta merangka langkah awal bagi memastikan hutang berada di paras yang mampan di samping mengekalkan keyakinan pasaran dan pelabur.

46 Seksyen 4 Tek BM.indd 46 05/10/2019 12:12 PM SEKSYEN 4 Pengurusan hutangtinjauan Fiskal 2020 Rajah 4.
Ujian Tekanan Makro-Fiskal Hutang Nominal Kasar (% KDNK) Hutang Nominal Kasar (% Hasil) Keperluan Pembiayaan Kasar (% KDNK) Unjuran dasar Kejutan baki primer Kejutan pertumbuhan KDNK benar Kejutan kadar faedah benar (% KDNK) 60 56 52 48 (% Hasil) 360 340 320 300 280 (% KDNK) 11 10 9 8 7 44 2019 2020 2021 2022 2023 2024 260 2019 2020 2021 2022 2023 2024 6 2019 2020 2021 2022 2023 2024 Hutang Nominal Kasar (% KDNK) Hutang Nominal Kasar (% Hasil) Keperluan Pembiayaan Kasar (% KDNK) Unjuran dasar Kombinasi semua kejutan Kejutan liabiliti luar jangka (% KDNK) 64 60 56 52 48 (% Hasil) 400 360 320 280 240 (% KDNK) 15 12 9 6 3 44 2019 2020 2021 2022 2023 2024 200 2019 2020 2021 2022 2023 2024 0 2019 2020 2021 2022 2023 2024 Sumber: Kementerian Kewangan Malaysia dan IMF.
C. Penilaian Risiko Antara ciri lain DSA ialah penilaian risiko profil hutang yang berdasarkan kepada lima indikator utama.

Sumber utama risiko profil hutang ialah daripada indikator keperluan pembiayaan luar yang ditakrifkan sebagai jumlah akaun semasa dalam imbangan pembayaran (BOP), pelunasan hutang luar negeri dalam tempoh jangka masa sederhana dan panjang serta jumlah hutang luar negeri jangka masa pendek tahun sebelumnya.
Berdasarkan model ini, indikator keperluan pembiayaan luar Malaysia mencatat 45% daripada KDNK iaitu melebihi had penanda aras 15% yang menunjukkan paras risiko tinggi.

Paras pembiayaan luar ini menunjukkan jumlah yang diperlukan bagi melunaskan hutang luar mengikut baki tempoh matang jauh lebih besar daripada lebihan akaun semasa BOP.
Walau bagaimanapun, dalam konteks Malaysia, risiko dikurangkan melalui ketersediaan pasaran hutang yang kukuh dengan kecairan tinggi disokong oleh pelabur institusi domestik berjangka panjang yang besar.

Di samping itu, hutang luar negeri disokong oleh aset luar bukan rizab yang besar dan boleh digunakan untuk memenuhi obligasi hutang luar negeri.

Seksyen 4 Tek BM.indd 47 05/10/2019 12:12 PM 47 SEKSYEN 4 pengurusan hutangtinjauan Fiskal 2020 Rajah 5.
Pendedahan Proﬁl Hutang Malaysia 45% Had rendah Had tinggi 600 200 165 mata asas 15 5 1 0.5 0.2% 45 15 30% 60 20 3% Spread Bon (dalam mata asas) Keperluan Pembiayaan Luar (% KDNK) Pertumbuhan Tahunan Hutang Jangka Pendek (% bahagian) Pegangan Bukan Pemastautin (% bahagian) Hutang dalam Mata Wang Asing (% bahagian) Sumber: Kementerian Kewangan Malaysia dan IMF.

Evolusi unjuran kepadatan hutang menggambarkan kebarangkalian ketidakpastian sekitar unjuran dasar.
Unjuran menunjukkan spektrum dapatan yang mungkin diperoleh menggabungkan pemboleh ubah makroekonomi dan data trend terdahulu untuk menentu ukur keteguhan kejutan.

Di bawah senario simetri iaitu apabila risiko rendah (peningkatan hutang) sepadan dengan risiko tinggi (pengurangan hutang), terdapat 5% kebarangkalian hutang Kerajaan melebihi 60% daripada KDNK pada 2021 dan 25% kebarangkalian pada 2024.
Walau bagaimanapun, di bawah senario asimetri dengan andaian risiko rendah melebihi risiko tinggi, hutang Kerajaan akan melebihi 60% daripada KDNK setahun lebih awal berbanding dengan senario simetri untuk kedua-dua kebarangkalian.

Rajah 6.

Evolusi Unjuran Kepadatan Hutang Nominal Kasar Sebaran Simetri (% KDNK) 70 60 50 40 30 20 10 75-90 50-75 25-50 10-25 Unjuran dasar 0 2017 Sumber: Kementerian Kewangan Malaysia dan IMF.
2019 2021 2018 2020 2022 Sebaran Asimetri (% KDNK) 70 60 50 40 30 20 10 0 2017 75-90 50-75 25-50 10-25 Unjuran dasar 2018 2019 2020 2021 2022 2023 2024 2023 2024 Kesimpulan Rangka kerja DSA memberi gambaran tentang beban hutang negara dalam tempoh jangka masa sederhana berbanding landasan kemampanan hutang dengan mengenal pasti kelemahan dalam struktur hutang atau rangka kerja polisi sedia ada serta mengkaji impak dasar penstabilan hutang alternatif.
Senario unjuran dasar menunjukkan bahawa paras hutang Malaysia kekal mampan di bawah had siling 55% dan jauh lebih rendah daripada 70% KDNK di bawah penanda aras panduan DSA sepanjang tempoh unjuran.

Walau bagaimanapun, ujian tekanan ke atas pertumbuhan KDNK benar, liabiliti luar jangka dan gabungan tekanan makro-fiskal memberi kesan kepada beberapa indikator hutang.

Keperluan pembiayaan luar yang besar merupakan risiko utama profil hutang yang dikenal pasti melalui model ini.
Konsolidasi fiskal dan pengurangan hutang secara berperingkat penting untuk membina penampan fiskal yang mencukupi terutamanya semasa krisis ekonomi dan kewangan global.

Justeru, tahap hutang yang mampan akan terus meningkatkan keyakinan pelabur seterusnya melindungi penarafan berdaulat negara.

48 Seksyen 4 Tek BM.indd 48 05/10/2019 12:12 PM SEKSYEN 4 Pengurusan hutangtinjauan Fiskal 2020 Rujukan: Bank Negara Malaysia.

Sorotan dan Perangkaan Bulanan Jadual 3.7 Hutang Luar.
Dicapai pada 23 Julai 2019 daripada http://www.bnm.gov.my/index.php?ch=en_publication&&pub=msbarc International Monetary Fund (IMF) (2019).

Article IV Staff Report.

Dicapai pada 23 Julai 2019 daripada https://www.imf.org/en/Publications/CR/Issues/2019/03/08/Malaysia-2019-Article-IV- Consultation-Press-Release-Staff-Report-and-Statement International Monetary Fund (IMF) (2017).

Debt Sustainability Analysis: Introduction.


Dicapai pada 23 Julai 2019 daripada https://www.imf.org/external/pubs/ft/dsa/ International Monetary Fund (IMF).

Staff Guidance Note For Public Debt Sustainability Analysis In Market-Access Countries.
Dicapai pada 23 Julai 2019 daripada https://www.imf.org/external/ np/pp/eng/2013/050913.pdf Hutang Luar Hutang luar ditakrifkan sebagai obligasi luar pesisir negara bagi sektor awam dan swasta meliputi pinjaman luar pesisir; pemegangan sekuriti hutang dalam denominasi ringgit oleh bukan pemastautin; deposit bukan pemastautin; dan hutang luar lain.

Jumlah hutang luar mencatat RM931.1 bilion atau 61.3% daripada KDNK pada akhir Jun 2019.
Peningkatan kecil hutang luar disebabkan oleh peningkatan ketara hutang luar pesisir berjangka masa sederhana dan panjang terutamanya oleh sektor swasta.
Walau bagaimanapun, peningkatan Jadual 4.5. hutang Luar 2018 – 2019 rM juta Bahagian (%) Bahagian kepada KDNK (%) Pinjaman luar pesisir Hutang jangka sederhana dan panjang Sektor awam Kerajaan Persekutuan Syarikat awam Sektor swasta Hutang jangka pendek 2018 566,943 333,504 143,325 16,708 126,617 190,179 233,439 20193 580,472 350,709 147,861 24,448 123,413 202,848 229,764 Pemegangan sekuriti hutang dalam denominasi ringgit oleh bukan pemastautin 180,228 181,938 Hutang jangka sederhana dan panjang Kerajaan Persekutuan Lain-lain1 Hutang jangka pendek Deposit bukan pemastautin Lain-lain2 Jumlah Termasuk sektor awam dan syarikat awam.
2 Termasuk kredit perdagangan, peruntukan Hak Pengeluaran Khas IMF dan lain-lain.

3 Akhir Jun 2019.

Nota: Angka tidak semestinya terjumlah disebabkan pembundaran.

Sumber: Bank Negara Malaysia.

49 Seksyen 4 Tek BM.indd 49 05/10/2019 12:12 PM SEKSYEN 4 pengurusan hutangtinjauan Fiskal 2020 ini diimbangi oleh pengeluaran deposit oleh bukan pemastautin.

Hutang luar kekal terurus disokong oleh pemegangan aset luaran bank dan syarikat domestik yang besar seterusnya menjadi penampan terhadap risiko luaran.
Selain itu, hutang berjangka masa sederhana dan panjang merangkumi 58.3% daripada keseluruhan hutang luar mencerminkan risiko pembiayaan semula yang rendah.

P i n j a m a n l u a r p e s i s i r ya n g m e r u p a k a n komponen terbesar hutang luar meningkat kepada RM580.5 bilion atau 38.2% daripada KDNK.
Pinjaman luar pesisir sektor swasta yang merangkumi 21.8% daripada jumlah RM202.8 bilion atau 13.4% daripada KDNK berikutan pinjaman antara bank serta pinjaman antara syarikat induk dan syarikat bersekutu di luar negeri.

Selain itu, pinjaman luar pesisir sektor awam mencatat RM147.9 bilion atau 9.7% daripada KDNK setelah mengambil kira terbitan bon Samurai.
Sementara itu, pemegangan sekuriti hutang pemastautin kekal stabil dengan jumlah RM181.9 bilion atau 12% daripada KDNK.

Jumlah ini meliputi pemegangan bukan pemastautin dalam sekuriti Kerajaan berdenominasi ringgit Jadual 4.6. hutang Sektor awam 2018 – 2019 yang mencatat RM165.6 bilion atau 21.5% daripada jumlah hutang dalam negeri Kerajaan Persekutuan.
Walau bagaimanapun, pengeluaran deposit oleh pemegang asing dalam institusi perbankan domestik menyebabkan pengurangan deposit bukan pemastautin kepada RM91.3 bilion atau 6% daripada KDNK.

Hutang Sektor Awam Hutang sektor awam merujuk kepada hutang terkumpul semua peringkat sektor awam merangkumi Kerajaan Persekutuan, kerajaan negeri, syarikat awam bukan kewangan (SABK) dan hutang badan berkanun yang dijamin Kerajaan.
Hutang sektor awam pada akhir Jun 2019 meningkat kepada RM1.1 trilion atau 76.2% daripada KDNK berikutan pertambahan hutang Kerajaan Persekutuan untuk membiayai defisit fiskal.

Hutang Kerajaan Persekutuan kekal sebagai komponen terbesar dengan RM799.1 bilion atau 69.1% daripada jumlah hutang manakala baki terdiri daripada SABK (24.8%) dan badan berkanun (6.1%).
Hutang bersih badan berkanun meningkat kepada RM70.1 bilion terutamanya disebabkan oleh pertambahan terbitan sukuk oleh LPPSA untuk membiayai pinjaman perumahan penjawat rM juta Bahagian (%) Bahagian kepada KDNK (%) 2018 741,049 719,545 21,504 64,570 64,570 64,570 - 285,368 167,775 167,775 117,593 24,244 20191 799,108 769,867 29,241 70,120 70,120 70,120 - 286,599 169,762 169,762 116,837 24,065 2018 67.9 65.9 2.0 5.9 5.9 5.9 - 26.2 15.4 15.4 10.8 2.2 20191 69.1 66.6 2.5 6.1 6.1 6.1 - 24.8 14.7 14.7 10.1 2.1 1,090,987 1,155,827 100.0 100.0 2018 51.2 49.7 1.5 4.5 4.5 4.5 - 19.7 11.6 11.6 8.1 1.7 75.4 20191 52.7 50.7 2.0 4.6 4.6 4.6 - 18.9 11.2 11.2 7.7 1.5 76.2 Kerajaan Persekutuan Dalam negeri Luar pesisir Badan berkanun Dalam negeri antaranya: Dijamin Luar pesisir Syarikat awam bukan kewangan Dalam negeri antaranya: Dijamin Luar pesisir antaranya: Dijamin Jumlah 1 Akhir Jun 2019.
Sumber: Kementerian Kewangan Malaysia.

50 Seksyen 4 Tek BM.indd 50 05/10/2019 12:12 PM SEKSYEN 4 Pengurusan hutangtinjauan Fiskal 2020 awam dan Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) bagi membiayai pinjaman pendidikan.
Sementara itu, peningkatan dalam hutang SABK kepada RM286.6 bilion disebabkan oleh pengeluaran pinjaman untuk projek infrastruktur sedia ada seperti Transit Aliran Massa (MRT), pemanjangan jajaran Transit Aliran Ringan (LRT) dan pembinaan landasan keretapi serta pelaburan dalam sektor minyak dan tenaga.

langkah mengurangkan hutang ke paras yang terurus.

Oleh itu, Kerajaan akan menambah baik proses dan memperkukuh prosedur dalam melaksanakan pengurusan hutang yang lebih cekap dan teratur.
Usaha tersebut dapat menyokong jangkaan positif pasaran dan memastikan kedudukan hutang negara terurus dalam jangka masa panjang.

Tinjauan 2020 Keperluan pembiayaan kasar Kerajaan pada 2020 dijangka diperoleh terutamanya daripada sumber pasaran domestik dan kekal di bawah penanda aras IMF bagi negara yang berkembang pesat.

Kerajaan akan meneruskan usaha untuk mengukuhkan pasaran domestik dengan memperbanyakkan terbitan instrumen dalam negeri bagi meningkatkan kecairan.
Pada masa sama, keperluan untuk melaksanakan pinjaman luar pesisir bergantung kepada kos berpatutan dengan tahap risiko yang boleh diterima serta situasi pasaran kewangan global.

Melangkah ke hadapan, Kerajaan komited dalam langkah konsolidasi hutang dan mensasarkan nisbah hutang kepada KDNK di bawah paras 50% dalam jangka masa sederhana.
Penubuhan JPH penting dalam memberi panduan penggubalan dasar dan strategi hutang manakala DMO akan memastikan kelancaran pelaksanaan Kesimpulan M a l ay s i a s e b ag a i s e b u a h e k o n o m i ya n g berkembang pesat secara relatifnya mempunyai kedudukan hutang dan keperluan pembiayaan yang terkawal dan berada di bawah had yang ditetapkan.

Hutang yang diterbitkan bertujuan membiayai projek pembangunan termasuk pembinaan sekolah, jalan raya, hospital dan klinik serta menyediakan akses kepada utiliti.
Kerajaan komited melaksanakan pengurusan hutang yang lebih cekap supaya pinjaman yang dibuat dapat meningkatkan kapasiti ekonomi dan memanfaatkan generasi akan datang.

Di samping itu, Kerajaan akan terus mendapatkan sumber pembiayaan daripada pasaran domestik bagi mengukuhkan pasaran modal terutamanya dengan meningkatkan terbitan instrumen patuh Syariah dalam mempromosi Malaysia sebagai hab kewangan Islam utama.
Pada masa sama, Kerajaan akan mengurangkan nisbah hutang kepada KDNK dengan melaksanakan langkah konsolidasi fiskal secara berterusan.

Seksyen 4 Tek BM.indd 51 05/10/2019 12:12 PM 51 SEKSYEN 4 pengurusan hutangtinjauan Fiskal 2020 Rajah 4.1.

Terbitan Mengikut Tempoh Matang Rajah 4.2.


Nisbah BTC MGS dan MGII 3- hingga 7-tahun 10-tahun 15- hingga 20-tahun 30-tahun RM bilion 25 Jumlah terbitan bulanan BTC (skala kanan) Nisbah 4.0 38.4% 52.3% 58.1% 56.3% 62.8% 2015 2016 2017 2018 2019 20 15 10 5 0 2015 2016 2017 2018 20191 1 Akhir Ogos 2019.

% 100 80 60 40 20 0 Rajah 4.3.

Keluk Kadar Hasil Penanda Aras MGS Rajah 4.4.


Kadar Hasil Indikatif MGS 2018 20191 % 5.0 4.8 4.6 4.4 4.2 4.0 3.8 3.6 3.4 3.2 3-tahun 5-tahun 10-tahun 20-tahun % 5.5 4.5 3.5 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 3.564 3.311 3.235 3.136 3.0 3 1 Akhir Ogos 2019.

5 7 10 15 20 30 Tahun 2.5 2015 1 Akhir Ogos 2019.

2016 2017 2018 20191 Rajah 4.5.


Komposisi Hutang Kerajaan Persekutuan RM bilion 1,200 1,000 800 600 400 200 0 MGII MGS Pinjaman luar pesisir Hutang dalam negeri lain Hutang kepada KDNK (skala kanan) Had 55% % KDNK 60 52.7% 2010 2011 2012 2013 2014 2015 2016 2017 2018 20191 50 40 30 20 10 0 1 Akhir Jun 2019.

Sumber: Kementerian Kewangan Malaysia, Bank Negara Malaysia dan Bloomberg.

52 Seksyen 4 Tek BM.indd 52 05/10/2019 12:12 PM SEKSYEN 4 Pengurusan hutangtinjauan Fiskal 2020 Rajah 4.6.
Hutang Kerajaan Persekutuan Mengikut Pemegang (Akhir Jun 2019) Inst.

Kewangan Pembangunan 2.3% Lain-lain 4.7% KWAP 3.3% Syarikat insurans 4.3% Institusi perbankan 32.3% Bukan pemastautin 23.8% KWSP 29.3% RM bilion 80 38.4% 60 40 20 0 a n a d s u r u g n e P 27.3% 16.7% 10.9% 2.7% 4.0% l i n a - , t a s u p k n a B SEKSYEN 4 PENGURUSAN HUTANG Rajah 4.7.
Pemegangan Hutang dalam Denominasi Ringgit oleh Bukan Pemastautin % 70 60 50 40 30 20 10 Pemegangan MGS oleh bukan pemastautin Pemegangan hutang dalam negeri oleh bukan pemastautin 51.9 34.6 38.4 36.9 37.7 23.0 21.5 22.1 2016 2017 2018 20191 1 Akhir Ogos 2019.

Rajah 4.8.

Hutang Kerajaan Persekutuan Mengikut Baki Tempoh Kematangan Rajah 4.9.
Bayaran Khidmat Hutang Pinjaman luar pesisir Hutang dalam negeri % hasil (skala kanan) RM bilion 70 RM bilion 40 60 50 40 30 20 10 0 < 5 tahun 6-10 tahun 11-15 tahun ≥16 tahun 22.8% 16.5% 19.1% 21.4% 25.9% 2015 2016 2017 2018 20191 1 Akhir Jun 2019.

Rajah 4.10.
Rajah 4.10.

Proﬁl Kematangan Hutang RM bilion 90 35 30 25 20 15 10 5 0 2012 2013 2014 2015 2016 2017 2018 2019 MGS MGII Hutang dalam negeri lain Pinjaman luar pesisir % hasil Sumber: Kementerian Kewangan Malaysia.
Tinjauan Fiskal 2020 53 Seksyen 4 Tek BM.indd 53 05/10/2019 12:12 PM Seksyen 4 Tek BM.indd 54 05/10/2019 12:12 PM SEKSYEN 5: RiSiKo FiSKal DaN liaBiliTi • Perspektif Keseluruhan • Hutang Dan Pendedahan Liabiliti Sisipan – Cadangan oleh Jawatankuasa Pilihan Khas Bajet di bawah Parlimen • Jaminan Kerajaan • 1Malaysia Development Berhad • Liabiliti Lain • Kesimpulan Seksyen 5 Tek BM.indd 55 05/10/2019 12:31 PM 56 Seksyen 5 Tek BM.indd 56 05/10/2019 12:31 PM SEKSYEN 5 Risiko Fiskal DaN liaBiliTiTinjauan Fiskal 2020 SEKSYEN 5: RiSiKo FiSKal DaN liaBiliTi Perspektif Keseluruhan Kerajaan menyedari terdapat keperluan bagi menambah baik pengurusan risiko dan komited untuk mengurangkan hutang dan pendedahan liabiliti.
Langkah proaktif telah diambil untuk mengurus hutang dan pendedahan liabiliti semasa bagi memastikan kedudukan fiskal Kerajaan kukuh.
Langkah tersebut termasuk pelaporan kedudukan hutang dan pendedahan liabiliti bermula pada 2018; penubuhan Jawatankuasa Pengurusan Hutang untuk meneliti dan memperaku jaminan kerajaan (GG) dan pinjaman projek baharu; dan memperkenalkan kod khusus dalam buku Anggaran Perbelanjaan Kerajaan Persekutuan untuk komitmen kewangan terutamanya projek kerjasama awam swasta (PPP) dan bayaran pindahan berkaitan hutang dan liabiliti.
Di samping itu, Jawatankuasa Pilihan Khas Bajet di bawah Parlimen telah meneliti dan mengesahkan kedudukan hutang dan obligasi liabiliti Kerajaan Persekutuan secara menyeluruh melalui laporan yang diterbitkan pada Julai 2019.

Semua inisiatif ini akan menambah baik pemantauan dan pelaporan bagi memperkukuh tadbir urus merangkumi elemen akauntabiliti dan ketelusan.
Instrumen fiskal PPP dan GG lazimnya digunakan oleh sesebuah negara dalam pelaburan awam bagi mempercepat pembangunan infrastruktur dan meningkatkan pertumbuhan ekonomi.

Walau bagaimanapun, instrumen fiskal yang tidak diurus dengan baik akan meningkatkan pendedahan risiko kepada kedudukan fiskal negara khususnya penzahiran komitmen kewangan kepada belanjawan Kerajaan.
Sehubungan itu, penilaian yang menyeluruh penting bagi mengimbangi antara manfaat tambahan dengan risiko yang berkaitan dengan instrumen fiskal ini.

Justeru, Kerajaan kekal komited dalam memastikan pendedahan liabiliti diurus dengan baik tanpa menjejaskan kedudukan kewangan dalam jangka masa sederhana.
Hutang dan Pendedahan Liabiliti Selain daripada hutang Kerajaan Persekutuan, pendedahan obligasi Kerajaan yang lain merangkumi komitmen jaminan, hutang 1Malaysia Development Berhad (1MDB) serta liabiliti lain termasuk anggaran komitmen tunai projek PPP dan inisiatif pembiayaan swasta (PFI).

Jumlah hutang dan pendedahan liabiliti dianggarkan RM1,170.3 bilion atau 77.1% daripada KDNK pada akhir Jun 2019 disebabkan peningkatan hutang Kerajaan Persekutuan dan komitmen jaminan.
Hutang Kerajaan Persekutuan mencakupi sekitar 70% daripada jumlah hutang dan liabiliti.

Seiring dengan peralihan kepada piawaian dan pelaporan perakaunan berasaskan akruan, hutang dan obligasi lain Kerajaan akan dilaporkan selaras dengan piawaian dan tatacara statistik di bawah Piawaian Perakaunan Sektor Awam Antarabangsa (IPSAS) dan Public Sector Debt Statistics oleh IMF.

Jadual 5.1.
Jadual 5.1.

Hutang dan Pendedahan Liabiliti Kerajaan Persekutuan Hutang Kerajaan Persekutuan Komitmen jaminan 1Malaysia Development Berhad Liabiliti lain (PPP, PFI & PBLT) Jumlah 1 Akhir Jun 2019.

Sumber: Kementerian Kewangan Malaysia.
RM bilion Bahagian kepada KDNK (%) 2018 741.0 132.7 32.2 184.9 20191 799.1 157.3 32.2 181.7 1,090.8 1,170.3 2018 51.2 9.2 2.2 12.8 75.4 20191 52.6 10.4 2.1 12.0 77.1 57 Seksyen 5 Tek BM.indd 57 05/10/2019 12:31 PM SEKSYEN 5 Risiko Fiskal DaN liaBiliTiTinjauan Fiskal 2020 Sisipan Cadangan oleh Jawatankuasa Pilihan Khas Bajet di bawah Parlimen Jawatankuasa Pilihan Khas Bajet merupakan satu daripada enam jawatankuasa pilihan yang diumumkan pada Disember 2018 selaras dengan usaha untuk menambah baik dan mengukuhkan fungsi institusi Parlimen serta memastikan wujud aspek semak dan imbang.
Keanggotaan Jawatankuasa ini terdiri daripada Ahli Parlimen pihak kerajaan dan pembangkang.

Tugas utama Jawatankuasa ini termasuk meneliti Belanjawan Persekutuan dan perkara yang boleh mempengaruhi pelaksanaan belanjawan.

Pada Mac 2019, Jawatankuasa ini telah memutuskan untuk meneliti kedudukan hutang dan pendedahan liabiliti serta impaknya terhadap belanjawan Kerajaan.

Jawatankuasa ini telah mengkaji dari pelbagai aspek hutang dan liabiliti termasuk projek PPP dan GG.
Laporan Jawatankuasa yang diterbitkan pada Julai 2019 mengesahkan kedudukan pendedahan hutang dan liabiliti serta menggariskan lapan cadangan kepada Kerajaan bagi memperkukuh pengurusan dan meningkatkan ketelusan hutang dan pendedahan liabiliti bersandarkan pada prinsip tadbir urus yang baik, berhemat dan pemantauan berterusan.
Cadangan tersebut merangkumi: • Kedudukan hutang dan pendedahan liabiliti dikemukakan kepada Parlimen secara berkala bagi membolehkan pemantauan pembayaran balik hutang, pembayaran faedah dan tahap hutang.

• Pelaporan liabiliti seperti GG, PPP, PFI dan PBLT perlu dimantapkan dan diperincikan secara spesifik dalam Anggaran Belanjawan tahunan mengikut projek dan kementerian untuk mencerminkan obligasi sebenar projek berkenaan.
• Semakan semula dan penilaian senarai GG untuk menentukan jaminan yang memerlukan bantuan.

• Penetapan had perundangan atau pentadbiran ke atas GG.

• Pengenalan kod butiran khusus dalam Anggaran Belanjawan tahunan untuk komitmen kewangan lain seperti PPP, PFI atau bayaran pindahan berkaitan hutang dan liabiliti.

• Pelaporan terperinci mengenai komitmen sebenar bayaran khidmat hutang dan peratusannya berbanding hasil.
• Pemantauan berterusan terhadap nisbah jumlah hutang dan pendedahan liabiliti kepada KDNK, defisit Kerajaan Persekutuan kepada KDNK serta bayaran khidmat hutang berbanding hasil.

• Analisis mengenai tahap hutang Malaysia berbanding negara setara terutamanya di rantau ASEAN dan negara maju lain secara berkala.

Sumber: “Hutang dan Liabiliti Kerajaan” oleh Jawatankuasa Pilihan Khas Bajet di bawah Parlimen, 2019.
58 Seksyen 5 Tek BM.indd 58 05/10/2019 12:31 PM SEKSYEN 5 Risiko Fiskal DaN liaBiliTiTinjauan Fiskal 2020 Jaminan Kerajaan Pemberian jaminan Kerajaan tertakluk di bawah Akta Jaminan Pinjaman (Pertubuhan Perbadanan) 1965.

Entiti yang diberi jaminan GG bertanggungjawab ke atas obligasinya sementara Kerajaan berperanan sebagai penjamin.
Di bawah Seksyen 8(1) Akta tersebut, entiti berkenaan perlu membayar balik kepada Kerajaan jumlah wang yang dibayar daripada Kumpulan Wang Disatukan bagi sebarang liabiliti yang ditanggung oleh Kerajaan.1 Kemudahan GG membolehkan entiti mendapatkan kos pendanaan yang bersesuaian dan mengurangkan pendedahan risikonya.

Semua GG terkumpul dilaporkan setiap tahun dalam Penyata Kewangan Kerajaan Persekutuan.
Jaminan pinjaman terkumpul pada akhir Jun 2019 berjumlah RM273.8 bilion at a u 1 8 % d a r i p a d a K D N K ( a k h i r 2 0 1 8 : RM266.5 bilion; 18.4%).

Pengeluaran GG baharu bertujuan terutamanya untuk membiayai projek infrastruktur awam seperti Transit Aliran Massa (MRT) dan Lebuhraya Pan Borneo serta pinjaman perumahan penjawat awam yang diuruskan oleh Lembaga Pembiayaan Perumahan Sektor Awam (LPPSA) dan pinjaman Jadual 5.2.
Penerima Utama Jaminan Kerajaan pada akhir Jun 2019 Entiti Jumlah jaminan pinjaman antaranya: DanaInfra Nasional Berhad Perbadanan Tabung Pendidikan Tinggi Nasional Prasarana Malaysia Berhad Lembaga Pembiayaan Perumahan Sektor Awam Malaysia Rail Link Sdn.

Bhd.

Khazanah Nasional Berhad Pengurusan Air SPV Berhad Projek Lebuhraya Usahasama Berhad Suria Strategic Energy Resources Sdn.

Bhd.

GovCo Holdings Berhad Jumlah penerima utama Sumber: Kementerian Kewangan Malaysia.
pendidikan di bawah Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN).

Dari aspek sektoral, hampir separuh daripada jaminan pinjaman disalurkan kepada sektor infrastruktur (49.2%) diikuti oleh perkhidmatan (24.5%), pegangan pelaburan (11.2%), utiliti (10%), kewangan (3.6%) dan perladangan (1.4%).

Daripada jumlah jaminan pinjaman, 10 penerima GG utama mewakili 81%.

Profil kematangan jumlah jaminan pinjaman pada akhir Jun 2019 mencatatkan purata tujuh tahun.
Sekitar 65% jaminan ini dijangka matang dalam tempoh 10 tahun dengan 24.7% akan matang dalam tempoh lima tahun manakala 39.8% matang dalam tempoh antara 6 hingga 10 tahun.

Risiko kadar pertukaran mata wang sebahagian besarnya terkawal memandangkan lebih daripada 90% daripada hutang jaminan adalah dalam denominasi ringgit manakala selebihnya dalam renminbi, yen dan dolar AS.
Terdapat beberapa entiti yang diklasifikasikan di bawah komitmen jaminan memandangkan entiti berkenaan sedang menerima atau mempunyai kebarangkalian tinggi untuk mendapatkan bantuan kewangan daripada Kerajaan pada masa hadapan.
Keadaan ini RM juta 273,847 Bahagian (%) 100.0 57,820 40,300 31,414 20,750 18,715 14,000 12,410 11,000 8,049 7,300 21.1 14.7 11.5 7.6 6.8 5.1 4.5 4.0 2.9 2.7 221,758 81.0 Bahagian kepada KDNK (%) 18.0 3.8 2.7 2.1 1.4 1.2 0.9 0.8 0.7 0.5 0.5 14.6 1 Seksyen 8(1) Akta 96: Jika apa-apa jumlah wang dibayar daripada Kumpulan Wang Disatukan berkenaan dengan apa-apa liabiliti yang ditanggung oleh Kerajaan di bawah suatu jaminan di bawah Akta ini, pertubuhan perbadanan itu hendaklah membayar balik jumlah wang itu (bersama dengan bunganya pada kadar yang sama dengan kadar yang kena dibayar atas pinjaman di bawah perjanjian antara pertubuhan perbadanan itu dengan pihak berkuasa yang daripadanya pinjaman itu diperdapatkan) kepada Kumpulan Wang Disatukan mengikut apa-apa cara dan pada bila-bila masa atau mengikut apa-apa ansuran sebagaimana yang diarahkan oleh Menteri.
59 Seksyen 5 Tek BM.indd 59 05/10/2019 12:31 PM SEKSYEN 5 Risiko Fiskal DaN liaBiliTiTinjauan Fiskal 2020 Jadual 5.3.

Komitmen Jaminan DanaInfra Nasional Berhad Prasarana Malaysia Berhad Urusharta Jamaah Sdn.

Bhd.

Malaysia Rail Link Sdn.

Bhd.

Suria Strategic Energy Resources Sdn.

Bhd.

GovCo Holdings Berhad Jambatan Kedua Sdn.

Bhd.

MKD Kencana Sdn.

Bhd.

SRC International Sdn.

Bhd.

Sentuhan Budiman Sdn.

Bhd.

TRX City Sdn.

Bhd.

Asset Global Network Sdn.

Bhd.

K.L.


International Airport Berhad Jumlah 1 Akhir Jun 2019.

Sumber: Kementerian Kewangan Malaysia.
RM juta 2018 52,740 31,414 - 18,862 7,925 7,300 5,751 3,500 3,600 800 485 228 94 20191 57,820 31,414 20,000 18,715 8,049 7,300 5,679 3,500 3,400 800 429 203 40 Bahagian (%) 2018 20191 39.7 23.7 - 14.2 6.0 5.5 4.3 2.6 2.7 0.6 0.4 0.2 0.1 36.7 20.0 12.7 11.9 5.1 4.6 3.6 2.2 2.2 0.5 0.3 0.1 0.0 132,699 157,349 100.0 100.0 terutamanya disebabkan oleh beberapa faktor seperti bantuan semasa tempoh pembinaan atau pada peringkat permulaan operasi; bantuan untuk modal kerja; atau membiayai sebahagian operasi entiti.
Kebanyakan entiti ini sedang melaksanakan projek infrastruktur awam dan aktiviti pelaburan terutamanya projek pengangkutan awam.

Entiti yang disenaraikan di bawah komitmen jaminan diberikan jaminan di bawah Akta 96 atau jaminan yang tertakluk di bawah Seksyen 14 Akta Tatacara Kewangan 1957 [Akta 61].2 Komitmen jaminan pada akhir Jun 2019 dianggarkan sebanyak RM157.3 bilion atau 10.4% daripada KDNK.
Prestasi kewangan syarikat yang disenaraikan di bawah komitmen jaminan akan dipantau rapi dan dibantu dengan pelan pemulihan bagi memastikan pendedahan risiko kepada Kerajaan dibendung dan dikurangkan secara berperingkat.

1Malaysia Development Berhad Syarikat 1Malaysia Development Berhad (1MDB) ditubuhkan pada 2009 di bawah Akta Menteri Kewangan (Pemerbadanan) 1957 bertujuan asal untuk melaksanakan inisiatif pembangunan strategik negara.
Walau bagaimanapun, berdasarkan laporan Jawatankuasa Kira-kira Wang Negara Parlimen, disebabkan oleh salah urus dan tadbir urus yang lemah, Kerajaan perlu mengambil alih obligasi keseluruhan 1MDB termasuk prinsipal hutang sebanyak RM32.2 bilion.

Kerajaan telah menyalurkan pendahuluan sebanyak RM8.9 bilion pada akhir Jun 2019 kepada 1MDB untuk pembayaran balik hutang dan faedah.

Jadual 5.4.
Jadual 5.4.

Komponen Hutang 1MDB Kadar Tempoh matang Prinsipal (%) (USD juta) (RM juta) Jaminan Kerajaan Sukuk 5.75 2039 - 5,000 IPIC-MOF Inc. 1MDB Energy Ltd 5.99 2022 1,750 7,3201 1MDB Energy (Langat) Letter of Support 5.75 2022 1,750 7,3201 Bon global 4.44 2023 3,000 12,5501 Jumlah 32,190 1 Kadar pertukaran pada akhir Jun 2019: RM/USD = 4.1829.

Sumber: Kementerian Kewangan Malaysia.


2 Seksyen 14(1) Akta 61: No guarantee involving a financial liability shall be binding upon the Federal Government, unless it is entered into with the written authority of the Treasury or in accordance with federal law.

60 Seksyen 5 Tek BM.indd 60 05/10/2019 12:31 PM SEKSYEN 5 Risiko Fiskal DaN liaBiliTiTinjauan Fiskal 2020 Kerajaan juga sedang berusaha untuk memperoleh semula sebahagian daripada aset yang berkaitan dengan jejak kewangan 1MDB.
Proses mendapatkan semula aset ini dijangka akan mengambil masa kerana sebahagian besar aset kini berada di luar negara seperti di Singapura, Switzerland dan AS serta tertakluk kepada keperluan perundangan dan rundingan dengan negara yang terlibat.

Kerajaan telah menerima hampir RM920 juta dari aset yang diperoleh semula sehingga akhir Jun 2019 dan dana ini digunakan untuk memenuhi obligasi hutang 1MDB.
Liabiliti lain Inisiatif PPP memainkan peranan penting dalam memastikan kecekapan operasi dan pembangunan infrastruktur awam.

Dalam usaha menambah baik dasar dan struktur t a d b i r u r u s P P P, p a d a m a s a i n i t i a d a obligasi kewangan tambahan dicatatkan memandangkan Kerajaan sedang mengkaji semula dan menyelaras dasar pendekatan yang baharu.

Komitmen tunai PPP terkumpul pada akhir Jun 2019 dianggarkan sebanyak RM130.6 bilion (akhir 2018: RM135.1 bilion) berdasarkan 100 projek sedia ada.
Kerajaan telah memperuntukkan hampir RM9 bilion dalam 2019 bagi menampung bayaran komitmen PPP.

Komitmen ini terdiri daripada caj ketersediaan, penyelenggaraan dan penggantian aset serta bayaran kontrak perkhidmatan berdasarkan volum sehingga 2047.

Projek PFI mula diperkenalkan dalam Rancangan Malaysia Kesembilan sebagai sebahagian daripada strategi untuk mempercepat pembangunan infrastruktur dan utiliti.
Inisiatif ini meliputi pembinaan, naik taraf dan penyenggaraan sekolah, kemudahan awam dan perumahan kos rendah serta program keusahawanan dan peningkatan kemahiran.

Liabiliti berkaitan projek PFI dianggarkan berjumlah RM45.9 bilion pada akhir Jun 2019.

Dalam usaha untuk meningkatkan kemudahan dan taraf hidup anggota Polis Diraja Malaysia (PDRM), PBLT Sdn.

Bhd.

telah ditubuhkan pada 2005 bagi melaksanakan pembiayaan dan pembinaan kemudahan infrastruktur dan latihan serta kuarters PDRM.
Obligasi Kerajaan dianggarkan sebanyak RM5.2 bilion pada akhir Jun 2019.

Kesimpulan Kerajaan akan terus melaporkan kedudukan hutang dan pendedahan liabiliti yang komprehensif bagi menambah baik pemantauan dan ketelusan.

Di samping itu, Jawatankuasa Pilihan Khas Bajet di bawah Parlimen juga telah mengesyorkan cadangan penambahbaikan yang kini sedang diteliti oleh Kerajaan.
Melangkah ke hadapan, Kerajaan akan beralih kepada piawaian perakaunan akruan dan Government Finance Statistics Manual (GFSM) 2014 seterusnya berupaya menyediakan maklumat holistik dan komprehensif mengenai prestasi kewangan Kerajaan termasuk aset dan liabiliti.

Penubuhan Jawatankuasa Pengurusan Hutang juga dapat menambah baik rangka kerja pengurusan risiko fiskal seterusnya memastikan disiplin fiskal dan tadbir urus yang baik.
Seksyen 5 Tek BM.indd 61 05/10/2019 12:31 PM 61 SEKSYEN 5 Risiko Fiskal DaN liaBiliTiTinjauan Fiskal 2020 Rajah 5.1.

Jaminan Pinjaman Terkumpul RM bilion 300 Jaminan pinjaman % KDNK (skala kanan) 17.4% 18.4% 18.0% 15.5% 15.0% 15.0% 2014 2015 2016 2017 2018 akhir Jun 2019 Rajah 5.2.

Jaminan Pinjaman Terkumpul Mengikut Sektor (Akhir Jun 2019) Infrastruktur 49.2% Kewangan 3.6% Perladangan 1.4% Utiliti 10.0% Perkhidmatan 24.5% Pegangan pelaburan 11.2% % 24 20 16 12 8 4 0 Rajah 5.3.
Proﬁl Kematangan Jaminan Pinjaman (Akhir Jun 2019) RM bilion 120 39.8% Bahagian (%) Rajah 5.4.

Obligasi PPP Terkumpul Mengikut Sektor (Akhir Jun 2019) Sosial 40.7% 24.7% 28.7% Keselamatan 2.7% 6.8% Ekonomi 28.0% Pentadbiran am 28.6% < 5 tahun 6 - 10 tahun 11 - 15 tahun > 16 tahun 250 200 150 100 50 0 100 80 60 40 20 0 Sumber: Kementerian Kewangan Malaysia.
62 Seksyen 5 Tek BM.indd 62 05/10/2019 12:31 PM SEKSYEN 5 Risiko Fiskal DaN liaBiliTiTinjauan Fiskal 2020 SEKSYEN 6: SEKTOR AWAM DISATUKAN • Kerajaan Negeri • Kerajaan Am • Syarikat Awam Bukan Kewangan • Sektor Awam Disatukan Seksyen 6 Tek BM.indd 63 05/10/2019 12:41 PM 64 Seksyen 6 Tek BM.indd 64 05/10/2019 12:41 PM SEKSYEN 6 SEKTOR AWAM DISATUKANTinjauan Fiskal 2020 SEKSYEN 6: SEKTOR AWAM DISATUKAN Kerajaan Negeri Hasil disatukan bagi kerajaan negeri1 pada 2019 diunjur meningkat ketara sebanyak 19.6% kepada RM27.9 bilion.
Daripada jumlah tersebut, 88.1% atau RM24.6 bilion merupakan hasil janaan negeri yang sebahagian besarnya terdiri daripada cukai jualan, royalti petroleum, faedah pelaburan, premium tanah dan cukai tanah manakala selebihnya geran daripada Kerajaan Persekutuan.

Hasil janaan negeri ini dijangka meningkat 30.8% terutamanya disumbangkan oleh pengenalan cukai jualan pada kadar 5% ke atas produk petroleum oleh kerajaan negeri Sarawak pada 1 Januari 2019.
Sarawak, Sabah, Terengganu, Selangor dan Johor terus menjadi penyumbang utama sebanyak 86.1% atau RM21.2 bilion kepada jumlah hasil janaan negeri.

Hasil cukai dianggar berjumlah RM9 bilion atau 32.1% daripada jumlah hasil disatukan.

Cukai langsung yang berjumlah RM3.2 bilion sebahagian besarnya terdiri daripada cukai ke atas sumber asli seperti tanah, perhutanan dan lombong manakala cukai tidak langsung dijangka menyumbang RM5.8 bilion mewakili 64.2% daripada hasil cukai.
Cukai jualan ke atas produk petroleum di negeri Sarawak dijangka berjumlah RM3.9 bilion dan merupakan penyumbang utama peningkatan hasil negeri berbanding tahun terdahulu.

Cukai jualan bagi Sabah dan Sarawak berada di bawah bidang kuasa kerajaan negeri dan merupakan salah satu sumber hasil negeri tersebut seperti termaktub dalam Perlembagaan Persekutuan.2 H a s i l b u k a n c u k a i d i j a n g k a m e n c at at RM12.5 bilion atau 44.7% daripada jumlah hasil disatukan.
Komponen utama hasil tersebut termasuk royalti petroleum berjumlah RM3.6 bilion, faedah pelaburan RM3.4 bilion serta premium tanah RM2.1 bilion.
Terimaan bukan hasil pula berjumlah RM6.5 bilion sebahagian besarnya merangkumi geran daripada Kerajaan Persekutuan termasuk pemberian ikut kepala yang ditetapkan berdasarkan unjuran kependudukan tahunan; pemberian bagi membiayai perbelanjaan mengurus bagi jabatan di bawah Senarai Bersama Perlembagaan Persekutuan; dan bayaran perkhidmatan bagi penglibatan penjawat awam negeri dalam projek pembangunan Kerajaan Persekutuan.
Jumlah perbelanjaan disatukan kerajaan negeri dijangka meningkat 8.9% kepada RM27.6 bilion.

P e r b e l a n j a a n m e n g u r u s ( O E ) d i u n j u r bertambah 13.4% kepada RM14.3 bilion (2018: 2.8%; RM12.6 bilion) terutamanya disebabkan oleh jumlah pemberian dan kenaan bayaran tetap serta peruntukan perkhidmatan dan bekalan yang lebih tinggi.

S e l a i n i t u , p e r b e l a n j a a n p e m b a n g u n a n ( D E ) d i j a n g k a m e n i n g k at 4 .

5 % k e p a d a Jadual 6.1.
Kedudukan Kewangan Kerajaan Negeri Disatukan 2018 – 2019 RM juta Perubahan (%) 2018 20191 2018 20191 Hasil 23,338 27,918 Perbelanjaan mengurus 12,646 14,336 7.2 2.8 19.6 13.4 Baki semasa 10,692 13,582 Perbelanjaan pembangunan kasar Kumpulan Wang Pembangunan Kumpulan Wang Bekalan Air Tolak: Terimaan balik pinjaman Perbelanjaan pembangunan bersih 12,668 13,237 34.0 4.5 12,640 13,044 35.3 3.2 28 193 -75.2 589.3 291 329 3.9 13.1 12,377 12,908 34.9 4.3 Baki keseluruhan % kepada KDNK -1,685 -0.1 674 0.04 1 Anggaran.
Sumber: Kementerian Kewangan Malaysia.

1 Tidak termasuk Wilayah Persekutuan.

2 Bahagian V, Jadual Kesepuluh: Sumber Tambahan Hasil Yang Diserahhakkan Kepada Negeri Sabah dan Sarawak.

65 Seksyen 6 Tek BM.indd 65 05/10/2019 12:41 PM SEKSYEN 6 SEKTOR AWAM DISATUKANTinjauan Fiskal 2020 RM13.2 bilion (2018: 34%; RM12.7 bilion).
Projek utama yang dilaksanakan pada 2019 termasuk pembinaan loji rawatan air di Banting, Selangor dan Kemaman, Terengganu; pembangunan projek bekalan air di Selangor dan Johor; serta projek tebatan banjir di Seberang Perai, Pulau Pinang.

Projek lain termasuk menaik taraf bangunan pentadbiran di Kangar, Perlis dan Kuala Nerus, Terengganu; pembinaan jalan raya di Shah Alam dan Sepang, Selangor; serta pembangunan fasa kedua Bandar Baru Kijal di Kemaman, Terengganu.
Secara keseluruhan, kedudukan kewangan kerajaan negeri disatukan bagi 2019 dijangka mencatat lebihan semasa sebanyak RM13.6 bilion mewakili 48.6% daripada jumlah hasil disatukan.

Baki keseluruhan kerajaan negeri setelah mengambil kira DE dianggar mencatat lebihan RM674 juta atau 0.04% daripada KDNK.

Kerajaan Am Berdasarkan Government Finance Statistics Manual (GFSM) 2014 oleh IMF, kerajaan am merujuk kepada unit institusi yang melaksanakan fungsi ekonomi utama kerajaan.
Fungsi kerajaan am termasuk menyediakan barangan dan perkhidmatan kepada komuniti tidak berasaskan pasaran; pengagihan semula pendapatan dan kekayaan; serta membiayai aktiviti terutamanya melalui cukai atau pindahan.

Sektor kerajaan am di Malaysia merangkumi Kerajaan Persekutuan, kerajaan negeri, kerajaan tempatan dan Badan Berkanun Persekutuan.3 Pelaporan kedudukan kewangan kerajaan am bertujuan untuk menganalisis prestasi dan menilai impak keseluruhan operasi kerajaan ke atas ekonomi.
Hasil disatukan kerajaan am pada 2019 dianggar meningkat 11.3% kepada RM312.7 bilion manakala OE disatukan meningkat 13.5% kepada RM301.5 bilion.

Peningkatan hasil dan OE ini sebahagian besarnya disumbangkan oleh Kerajaan Persekutuan, seterusnya menyebabkan lebihan semasa berkurang kepada RM11.2 bilion berbanding 2018.

Di samping itu, DE disatukan dijangka berkurang 6.5% kepada RM59.1 bilion t e r u t a m a n ya d i s e b a b k a n D E K e r a j a a n Persekutuan yang lebih rendah.
Sehubungan itu, defisit keseluruhan kerajaan am dijangka mencatat RM48 bilion atau 3.2% daripada KDNK pada 2019 selepas semua pindahan dan pinjaman bersih antara unit diasingkan.

Di bawah Perkara 111 dan 112 Perlembagaan Persekutuan, semua kerajaan negeri kecuali Sabah dan Sarawak hanya boleh meminjam daripada atau dengan kelulusan Kerajaan Persekutuan.
Kerajaan tempatan4 pula hanya boleh meminjam dengan kelulusan kerajaan negeri manakala Badan Berkanun Persekutuan juga dibenarkan meminjam dengan kelulusan Kerajaan Persekutuan.

Defisit keseluruhan kerajaan am (kecuali Kerajaan Persekutuan Kerajaan Persekutuan dan rizab terkumpul seterusnya mengawal pendedahan terhadap risiko kredit kerajaan am di peringkat Kerajaan Persekutuan.

Jadual 6.2.
Jadual 6.2.

Kedudukan Kewangan Kerajaan Am Disatukan 2018 – 2020 2018 281,037 265,647 15,390 63,258 -47,868 -3.3 RM juta 20191 312,663 301,512 11,151 59,118 -47,967 -3.2 Hasil Perbelanjaan mengurus Baki semasa Perbelanjaan pembangunan Baki keseluruhan % kepada KDNK 1 Anggaran disemak.

2 Anggaran belanjawan tidak termasuk langkah Belanjawan 2020.

Sumber: Kementerian Kewangan Malaysia.


20202 2018 Perubahan (%) 20191 4.9 5.5 11.3 13.5 20202 -8.0 -7.9 28.4 -6.5 2.1 287,724 277,636 10,088 60,351 -50,263 -3.1 3 Badan Berkanun Persekutuan ditadbir urus oleh kementerian Persekutuan dan tertakluk kepada akta tubuh masing-masing untuk melaksanakan fungsi tertentu Kerajaan dalam pelbagai sektor termasuk pendidikan, kesihatan dan pertanian.

Sebahagian besar hasil diperoleh melalui geran daripada Kerajaan Persekutuan.
4 Seksyen 41 dan 42, Akta Kerajaan Tempatan 1976.

66 Seksyen 6 Tek BM.indd 66 05/10/2019 12:41 PM SEKSYEN 6 SEKTOR AWAM DISATUKANTinjauan Fiskal 2020 Syarikat Awam Bukan Kewangan Kedudukan kewangan disatukan bagi syarikat awam bukan kewangan (SABK) dianggar mencatat lebihan semasa yang lebih rendah iaitu RM31.1 bilion pada 2019 berbanding RM60.7 bilion pada 2018.
Keadaan ini disebabkan oleh peningkatan aliran keluar khususnya pemberian dividen khas secara one-off daripada PETRONAS kepada Kerajaan Persekutuan.

Sehubungan itu, defisit keseluruhan bagi 2019 dianggarkan sebanyak RM47.8 bilion.

Ju m l a h h a s i l d i s at u k a n S A B K d i a n g g a r menyusut sebanyak 0.6% kepada RM385.8 bilion.

Penurunan hasil ini disebabkan oleh harga minyak mentah yang lebih rendah dengan purata USD63 setong.
Walau bagaimanapun, sektor lain seperti sektor tenaga dan sektor pembinaan dijangka merekodkan hasil yang lebih baik berikutan penyiapan beberapa projek pembangunan pada 2019.

Jumlah perbelanjaan SABK bagi 2019 dianggar mencatat RM433.6 bilion.

Perbelanjaan semasa SABK dijangka semakin meningkat 8.3% kepada RM354.6 bilion berikutan penyiapan beberapa projek utama SABK.

Projek yang telah siap termasuk Kompleks Bersepadu Pengerang (PIC) di Johor dan loji jana kuasa arang batu Jimah di Negeri Sembilan.
Peningkatan perbelanjaan semasa ini disebabkan oleh kos input dan kos penyenggaraan yang semakin meningkat terutamanya dalam sektor tenaga dan sektor pembinaan berikutan permintaan utiliti yang lebih tinggi dan kos pegangan harta tanah tidak terjual.

Sementara itu, perbelanjaan modal dianggar kekal RM79 bilion berikutan sebahagian besar projek berada di peringkat akhir pelaksanaan manakala projek baharu masih di peringkat awal pelaksanaan.
Antara projek yang sedang dijalankan termasuk projek fasiliti gas asli cecair terapung di Sabah, loji jana kuasa di Johor; projek solar berskala besar di Kedah; serta Transit Aliran Massa Laluan 2 (MRT2) dan Transit Aliran Ringan Laluan 3 (LRT3) di Lembah Klang.

Pelaburan SABK akan terus ditumpukan dalam projek domestik dan luar negara bagi menambah baik dan memodenkan infrastruktur serta memacu pertumbuhan perniagaan yang mampan.
Projek tersebut termasuk projek pembangunan gas di Sabah dan Sarawak serta projek pembangunan lapangan O&G di Azerbaijan dan Iraq.

Selain itu, secara amnya perbelanjaan modal SABK disalurkan untuk meningkatkan kapasiti pengeluaran dan menambah baik produktiviti untuk memenuhi permintaan yang semakin meningkat.

Projek utama termasuk loji jana kuasa menggunakan turbin gas di Johor dan projek solar berskala besar di Kedah.

Jadual 6.3.
Jadual 6.3.

Kedudukan Kewangan SABK1 Disatukan 2018 – 2019 RM juta 2018 20192 388,130 385,754 Hasil Perbelanjaan semasa 327,410 354,612 Perubahan (%) 2018 20192 17.9 24.6 -0.6 8.3 Baki semasa Perbelanjaan modal 60,720 78,854 31,142 -8.5 -48.7 78,980 -4.5 0.2 Baki keseluruhan -18,134 -47,838 12.0 163.8 % kepada KDNK -1.3 -3.2 1 Merujuk kepada 28 SABK utama.

2 Anggaran.

Sumber: Kementerian Kewangan Malaysia.

Rajah 6.1.


Aset dan Liabiliti SABK (Akhir 2018) RM bilion 1,200 1,000 800 600 400 200 0 1,010.8 Aset bersih: 517.7 493.1 Termasuk hutang: 235.6 Jumlah aset Jumlah liabiliti Sumber: Kementerian Kewangan Malaysia.

Sektor Awam Disatukan Sektor awam disatukan (CPS) di Malaysia terdiri daripada unit kerajaan am dan SABK.
Pelaporan kedudukan kewangan CPS bertujuan menganggar saiz sektor awam, mengukur kesan aktiviti CPS ke atas ekonomi secara makro dan mengenal pasti sumber risiko fiskal.

Dari 67 Seksyen 6 Tek BM.indd 67 05/10/2019 12:41 PM SEKSYEN 6 SEKTOR AWAM DISATUKANTinjauan Fiskal 2020 segi penilaian global, data kerajaan am dan sektor awam boleh dibandingkan di peringkat antarabangsa.
Seperti kerajaan am, CPS memerlukan semua pindahan dan pinjaman bersih di antara setiap unit sektor awam diasingkan untuk menggambarkan kedudukan kewangan sebagai satu entiti.

Penilaian prestasi kewangan perlu dibezakan antara kerajaan am yang berorientasikan sosial dengan SABK yang bertujuan memaksimumkan keuntungan.

Sehubungan itu, DE kerajaan am yang menyumbang kepada peningkatan d e f i s i t m e n c e r m i n k a n p e l ab u ra n m o d a l lebih tinggi untuk manfaat sosioekonomi.
Walau bagaimanapun, defisit SABK yang lebih tinggi tidak semestinya menggambarkan prestasi kewangan yang merosot kerana perbelanjaan modal diklasifikasikan sebagai pelaburan dalam pembentukan aset bagi menjana pendapatan dalam penyata kedudukan kewangan.

Kedudukan kewangan CPS dijangka mencatat lebihan semasa yang lebih rendah sebanyak RM42.2 bilion pada 2019.

Pengurangan ini disebabkan oleh peruntukan tunggakan bayaran balik cukai.
Di samping itu, DE sektor awam disatukan diunjur menurun 2.8% kepada RM138 bilion terutamanya disebabkan oleh DE Kerajaan Persekutuan yang lebih rendah.

Justeru, defisit keseluruhan CPS selepas semua transaksi antara unit diasingkan dijangka meningkat kepada RM95.8 bilion atau 6.3% daripada KDNK pada 2019 (2018: RM66 bilion; 4.6%).

Jadual 6.4.
Jadual 6.4.

Kedudukan Kewangan Sektor Awam Disatukan 2018 – 2020 Hasil Perbelanjaan mengurus Baki semasa Baki semasa SABK 2018 230,488 265,372 -34,884 110,803 Jumlah baki semasa sektor awam 75,919 RM juta 20191 237,769 301,382 -63,613 105,787 42,174 20202 244,518 277,239 -32,721 125,793 93,072 Perbelanjaan pembangunan 141,958 138,006 136,331 Kerajaan am SABK Baki keseluruhan % kepada KDNK 63,104 78,854 -66,039 -4.6 59,026 78,980 -95,832 -6.3 58,977 77,354 -43,259 -2.7 1 Anggaran disemak.
2 Anggaran belanjawan tidak termasuk langkah Belanjawan 2020.

Sumber: Kementerian Kewangan Malaysia.

Perubahan (%) 20191 3.2 13.6 -2.8 -6.5 0.2 2018 0.0 5.5 7.7 28.3 -4.5 20202 2.8 -8.0 -1.2 -0.1 -2.1 68 Seksyen 6 Tek BM.indd 68 05/10/2019 12:41 PM SEKSYEN 6 SEKTOR AWAM DISATUKANTinjauan Fiskal 2020 2020 FISCAL OUTLOOK AND FEDERAL GOVERNMENT REVENUE ESTIMATES 1.

Preface.indd 69 05/10/2019 10:19 AM 70 1.


Preface.indd 70 05/10/2019 10:19 AM Fiscal Outlook 2020 FOREWORD PRIME MINISTER MALAYSIA The year 2020 will see the conclusion of the 11th Malaysia Plan (11MP).

In place, it will also be the year the Government sets the foundation for the 12MP (2021 – 2025) that is going to be premised on the "Shared Prosperity" vision or agenda.
While economic growth and dynamism must be pursued actively, disparities in economic opportunities should be addressed to create an equitable foundation for national development.

The private sector has a vital role to play in fulfilling the Shared Prosperity vision.

Business-led initiatives in R&D partnerships, technology and skills transfer and infrastructure investment have the potential to spur development, support productivity, create quality jobs, strengthen skills and promote technological progress.
Furthermore, Malaysian companies must equip themselves with the right capabilities and resources to compete successfully in the age of Industry 4.0.

Digitalisation is now necessary to increase productivity, reduce dependency on foreign labour and explore new high value add business models.

Domestic companies should not be afraid to engage with foreign investors in mutually beneficial collaborations that will open up new markets and introduce way of doing business.
On the part of the Government, it remains committed to institutional reforms, particularly in areas related to public finances and governance, aimed at restoring public confidence in public institutions.

The formation of the Parliament Special Select Committee on Budget is one of the significant moves to enhance the check and balance mechanism within the Government.
The National Anti-Corruption Plan (NACP) 2019 – 2023 serves as the primary reference for all government agencies to strengthen its integrity and governance with respect to combating corruption.

These initiatives are expected to boost investor confidence and improve investment climate in Malaysia.

It is essential for the Government to manage its fiscal policy effectively by finding the balance between supporting economic growth and keeping all of its debt and liabilities on a sustainable path.
Resources are limited and any allocation should be optimised according to socioeconomic priorities while maintaining a comfortable fiscal space.

Several initiatives have been implemented to address issues related to public finances, in cluding expenditure optimisation exercise, exploring new sources of sustainable revenue and ensuring effective implementation of various fiscal measures.
Moreover, several committees were established to improve Government’s revenue base and formulate sustainable debt management policy.

Fiscal Outlook 2020 71 1.

Preface.indd 71 05/10/2019 10:19 AM The announcement on the formation of legislations related to fiscal responsibility and government procurement will further enhance credibility and accountability of public finances.
Furthermore, the Government will be fully converting to accrual-based accounting by 2021 for a more transparent disclosure of its debt and liabilities.

These initiatives coupled with good governance, will create new fiscal space for countercyclical measures, if it is necessary.

In the spirit of inclusivity and shared prosperity, the Government will strive to fulfil its promised initiatives.

Despite limitations and challenges, the Government will continue to safeguard the welfare of the rakyat.
Thank you.

Thank you.

DR MAHATHIR BIN MOHAMAD DR MAHATHIR BIN MOHAMAD 11 October 2019 72 Fiscal Outlook 2020 1.

Preface.indd 72 05/10/2019 10:19 AM PREFACE MINISTER OF FINANCE MALAYSIA This document details the Federal Government’s fiscal policy in 2019-2020.

It updates the readers with the latest fiscal parameters such as revenue, expenditure, debt and the consolidated public sector fiscal standing that assesses other layers of government as well as public corporations.
The Fiscal Outlook and Federal Government Revenue Estimates report give the public and analysts insights to fiscal operations and the associated risks.

This is the second year the Government is publishing this document in such a format.

It is published so in order to raise the level of transparency in the public sector.

It is also done to improve communication and raise public understanding with respect to fiscal policy.
The Government remains committed to consolidating its fiscal deficit and debt level relative to the GDP.

Measures to improve the Government’s fiscal health are required to achieve macroeconomic stability, and support long-term national development agenda.
In this regard, the Tax Reform Committee (TRC) has been set up to make a comprehensive review of the Malaysian tax system by rationalising various tax incentives, simplifying tax administration, and by exploring new sources of sustainable revenue without burdening the rakyat.

Meanwhile, the Debt Management Committee (DMC) has been established to consolidate the management of all debt, guarantees and liabilities of the Federal Government.
As part of its institutional reforms, the Government will enhance its zero-based budgeting process in allocating resources, while strengthening its open tender process.

High-impact programmes and projects will be prioritised, while institutional reforms will help to cut down on leakages.

The Government expects to introduce the Government Procurement Act in 2020, which is aimed at promoting good governance in managing public spending.
Furthermore, the Government is formulating the Fiscal Responsibility Act, which is expected to be tabled in 2021, to strengthen fiscal stability, transparency and accountability within the public sector.

1.

Preface.indd 73 05/10/2019 10:19 AM 73 Fiscal Outlook 2020 Finally as a trading nation, Malaysia will not be spared from the impact of synchronised global growth slowdown.
Faced with such a challenging global environment, it is imperative for the Government to have sufficient policy flexibility so that domestic growth will remain robust to continue raising the living standards of all Malaysians.

The Government will monitor all external developments closely and be ready to act, if necessary, to ensure sustainable economic growth.

Sayangi Malaysiaku!

LIM GUAN ENG 11 October 2019 74 1.
Preface.indd 74 05/10/2019 10:19 AM Fiscal Outlook 2020 THE 2020 FEDERAL GOVERNMENT BUDGET WHERE IT COMES FROM BORROWINGS 17.7% NON-TAX REVENUE 18.4% RM297,0201 million INCOME TAX 45.1% INDIRECT TAX 15.9% OTHER DIRECT TAX 2.9% WHERE IT GOES DEVELOPMENT EXPENDITURE SOCIAL 5.1% SECURITY 2.2% GENERAL ADMINISTRATION 1.1% ECONOMIC 10.4% EMOLUMENTS 27.8% OTHERS 8.7% RM297,0202 million SUBSIDIES AND SOCIAL ASSISTANCE 8.2% GRANTS AND TRANSFERS TO STATE GOVERNMENTS 2.6% RETIREMENT CHARGES 9.1% SUPPLIES AND SERVICES 13.0% 1 Consists of revenue and borrowings.
2 Excludes contingency reserves.

Source: Ministry of Finance, Malaysia.

DEBT SERVICE CHARGES 11.8% OPERATING EXPENDITURE 75 1.

Preface.indd 75 05/10/2019 10:19 AM Fiscal Outlook 2020 1.
Preface.indd 76 05/10/2019 10:19 AM Contents FOREWORD PREFACE ACRONYMS AND ABBREVIATIONS SECTION 1 FISCAL POLICY OVERVIEW Overview Strengthening Fiscal Institutions Feature Article – Fiscal Responsibility Legislation Fiscal Position in 2019 Outlook for 2020 Medium-Term Fiscal Framework 2020-2022 Conclusion SECTION 2 FEDERAL GOVERNMENT REVENUE Overview Revenue in 2019 Feature Article – Tax Reform Committee Outlook for 2020 Conclusion SECTION 3 FEDERAL GOVERNMENT EXPENDITURE Overview Expenditure in 2019 Outlook for 2020 Federal Recoverable Loans Conclusion SECTION 4 DEBT MANAGEMENT Overview Financing Information Box – Government of Malaysia's 2019 Samurai Bond Federal Government Debt Feature Article – Malaysia's Debt Sustainability Analysis External Debt Public Sector Debt Outlook for 2020 Conclusion SECTION 5 FISCAL RISK AND LIABILITY Overview Debt and Liabilities Exposure Information Box – Recommendations by the Parliament Special Select Committee on Budget Government Guarantees 1Malaysia Development Berhad Other Liabilities Conclusion SECTION 6 CONSOLIDATED PUBLIC SECTOR State Governments General Government Non-Financial Public Corporations Consolidated Public Sector Page 2.
Content.indd 77 05/10/2019 10:29 AM Fiscal Outlook 2020 TABLE Federal Government Debt by Instrument Table 1.1.

Federal Government Financial Position Table 1.2.

Medium-Term Fiscal Framework (MTFF) Table 2.1.

Federal Government Revenue Table 3.1.

Federal Government Operating Expenditure by Component Table 3.2.

Federal Government Development Expenditure by Sector Table 4.1.

Federal Government Financing Table 4.2.

Table 4.3.

Debt Legislative and Administrative Guidelines Table 4.4.
Federal Government Debt by Holder Table 4.5.

External Debt Table 4.6.

Public Sector Debt Table 5.1.

Federal Government Debt and Liabilities Exposure Table 5.2.

Major Recipients of Loan Guarantees Table 5.3.

Committed Guarantees Table 5.4.

Component of 1MDB's Debt Table 6.1.

Consolidated State Governments’ Financial Position Table 6.2.

Consolidated General Government Financial Position Table 6.3.

Consolidated NFPCs' Financial Position Table 6.4.


Consolidated Public Sector Financial Position FIGURE Figure 1.1.

Federal Government Overall and Primary Balance Figure 1.2.

Federal Government Revenue, Operating Expenditure and Current Balance Figure 1.3.

Federal Government MTFF Overall Balance Figure 2.1.

Petroleum-Related and Non-Petroleum Revenue Figure 2.2.

Revenue as Percentage to GDP Figure 3.1.

Total Expenditure by Sector Figure 3.2.

Total Expenditure by Ministry and Agency Figure 3.3.
Operating Expenditure by Component Figure 3.4.

Operating Expenditure by Sector Figure 3.5.

Development Expenditure by Sector Figure 3.6.

Federal Recoverable Loans under Development Fund by Debtor Figure 4.1.

Issuance by Maturity Figure 4.2.

BTC ratios of MGS and MGII Figure 4.3.

MGS Benchmark Yield Curve Figure 4.4.

MGS Yields Figure 4.5.

Federal Government Debt Composition Figure 4.6.

Federal Government Debt by Holder Figure 4.7.


Non-Resident Holdings of Ringgit-Denominated Debt Securities Figure 4.8.

Federal Government Debt by Remaining Maturity Figure 4.9.

Debt Service Charges Figure 4.10.

Debt Maturity Profile Figure 5.1.

Outstanding Loan Guarantees Figure 5.2.

Loan Guarantees by Sector Figure 5.3.

Maturity Profile of Loan Guarantees Figure 5.4.

Outstanding PPP Obligations by Sector Figure 6.1.


NFPCs’ Assets and Liabilities PUBLIC FINANCE STATISTICS TREASURY MEMORANDUM ON THE FEDERAL GOVERNMENT REVENUE ESTIMATES FOR 2020 78 Page 2.
Content.indd 78 05/10/2019 10:29 AM Fiscal Outlook 2020 ACRONYMS AND ABBREVIATIONS 11MP Eleventh Malaysia Plan 1MDB 1Malaysia Development Berhad ATM BNM BOP bps BSH BTC CBU CCB average time to maturity Bank Negara Malaysia balance of payments basis points Cost of Living Aid bid-to-cover Completely-Built-Up Commissioned Company for Bondholders CITA companies income tax GDP GFSM GGs GoM GPA GST ICT Gross Domestic Product Government Finance Statistics Manual government guarantees Government of Malaysia Government Procurement Act Goods and Services Tax Information and Communication Technology IMF International Monetary Fund IPSAS International Public Sector Accounting Standards IR 4.0 Industrial Revolution 4.0 CPS DE DMC DMO DSA DSC ECRL EDTP consolidated public sector JBIC Japan Bank for International Cooperation development expenditure KVDT Klang Valley Double Track Debt Management Committee KWAP Retirement Fund (Incorporated) Debt Management Office Debt Sustainability Analysis debt service charges East Coast Rail Link Electrified Double Track Project LHDN Inland Revenue Board LPPSA LRT3 MAA Public Sector Home Financing Board Light Rail Transit 3 Malaysian Automotive Association Fed US Federal Reserves MAC market-access countries FELDA Federal Land Development Authority MARA Majlis Amanah Rakyat FPC FRA FRL G2G GATE Fiscal Policy Committee Fiscal Responsibility Act Fiscal Responsibility Legislations government-to-government Guarantee and Acquisition toward Tokyo market Enhancement MGII MGS MITB MOE MOH Malaysian Government Investment Issues Malaysian Government Securities Malaysian Islamic Treasury Bills Ministry of Education Ministry of Health 79 3.FO-Acronyms & Abbreviations (BI).indd 79 05/10/2019 12:49 PM Fiscal Outlook 2020 ACRONYMS AND ABBREVIATIONS MPC Monetary Policy Committee PPR People’s Housing Project MRT2 Mass Rapid Transit 2 PTPTN National Higher Education Fund Corporation Malaysian Treasury Bills Medium-Term Fiscal Framework Non-Financial Public Corporations oil and gas RPGT real property gains tax SPK SST SVDP Government Housing Sukuk Sales Tax and Service Tax Special Voluntary Disclosure Program operating expenditure TBBC GST GST Refund Trust Fund MTB MTFF NFPCs O&G OE OPR overnight policy rate PDRM Royal Malaysian Police TNB TRC Tenaga Nasional Berhad Tax Reform Committee PETRONAS Petroliam Nasional Berhad TVET technical and vocational education training PFI PIC PITA PPP private financing initiative Pengerang Integrated Complex WGBI World Government Bond Index petroleum income tax ZBB zero-based budgeting public private partnership 80 3.FO-Acronyms & Abbreviations (BI).indd 80 05/10/2019 12:49 PM Fiscal Outlook 2020 SECTION 1: FISCAL POLICY OVERVIEW • Overview • Strengthening Fiscal Institutions Feature Article — Fiscal Responsibility Legislation • Fiscal Position in 2019 • Outlook for 2020 • Medium-Term Fiscal Framework 2020 – 2022 • Conclusion Section 1 Tek BI.indd 81 05/10/2019 10:46 AM 82 Section 1 Tek BI.indd 82 05/10/2019 10:46 AM SECTION 1 FISCAL POLICY OVERVIEWFiscal Outlook 2020 SECTION 1: FISCAL POLICY OVERVIEW Overview Fiscal policy plays an important role in assuring macroeconomic stability and sound public finances.
An effective fiscal policy through adjustments in public spending and tax measures is expected to sustain the growth momentum and enhance the potential output of the economy, while strengthening Government finances.

As an open economy, Malaysia is exposed to external uncertainties such as global economic and trade vulnerabilities, geopolitical tensions as well as volatility in commodity prices and financial markets.

These remain the key challenges in managing the country’s economy and public finances.
Therefore, it is essential to formulate sound fiscal policies in ensuring the economy is resilient and capable of providing countercyclical measures in addressing external shocks with the overall objective of safeguarding the national development agenda.

Th e G ove r n m e n t h a s b e e n c o n s i s t e n t ly introducing fiscal measures and initiatives to strengthen further its public finances, diversify the economy and improve the well-being of the people.
In supporting the fiscal consolidation effort, the Government’s fiscal stance is anchored on two main pillars, namely enhancing its revenue base and ensuring public spending on programmes and projects with high multiplier Table 1.1.

Federal Government Financial Position 2018 – 2020 impact on the economy.

The pro-growth fiscal policy is aimed towards promoting investment, enhancing competitiveness, improving public infrastructures and increasing inclusivity.
Through prudent and disciplined fiscal policy, the Government will ensure the socioeconomic agenda remains its top priority in steering the nation towards realising the Shared Prosperity Vision 2030.

Strengthening Fiscal Institutions The Government is committed to institutional reforms, particularly in areas related to public finances and governance.

The establishment of Parliament Special Select Committee on Budget is one of the significant moves to strengthen fiscal institutions.
The Committee has been tasked to scrutinise and oversee matters related to the Federal budget.

In July 2019, the Committee tabled a report on debt and liabilities position to Parliament that outlines eight recommendations to improve debt and liabilities management.
Among the recommendations are to regularly update report on the Government’s debt and liabilities to Parliament; assess the sustainability of government guarantees (GG) and possibility of capping the GG; carry out comparison RM million Change (%) Share of GDP (%) 2018 20192 20205 2018 20192 20205 2018 20192 20205 Revenue 232,882 263,3003 244,530 Operating expenditure 230,960 262,2604 241,020 Current balance Gross development expenditure Less: Loan recovery Net development expenditure Overall balance Primary balance1 1,922 56,095 788 55,307 -53,385 -22,838 1,040 53,700 900 52,800 -51,760 -18,760 3,510 56,000 766 55,234 -51,724 -16,779 5.7 6.1 25.0 -57.5 28.5 13.1 13.6 -4.3 14.2 -4.5 -7.1 -8.1 4.3 -14.9 4.6 16.1 16.0 0.1 3.9 0.1 3.8 -3.7 -1.6 17.4 17.3 0.1 3.5 0.0 3.5 -3.4 -1.2 15.2 14.9 0.3 3.5 0.0 3.5 -3.2 -1.0 1 Excluding debt service charges.
2 Revised estimate.

3 Revenue estimates, including a one-off PETRONAS special dividend of RM30 billion.

4 Operating expenditure estimates, including a one-off allocation for outstanding tax refunds of RM37 billion.

5 Budget estimate, excluding 2020 Budget measures.


83 Section 1 Tek BI.indd 83 05/10/2019 10:46 AM SECTION 1 FISCAL POLICY OVERVIEW Fiscal Outlook 2020 analysis on the Government’s debt with peer countries; review Public Private Partnership and Private Finance Initiative reporting; and introduce specific coding for other financial commitments in the annual budget document.
These initiatives are expected to enhance further the Government’s accountability and transparency in managing public finances as well as debt and liabilities.

In ensuring more prudent debt management as well as reducing debt and liability to a manageable level, the Government has also established the Debt Management Committee (DMC) in May 2019.
The DMC is responsible for formulating medium- and long-term debt management strategy and framework, as well as recommending policy direction to address risks associated with fiscal and debt position.

In addition, the DMC is tasked to facilitate the implementation of best practices on sustainable and transparent debt management.

The Government will uphold its self-imposed guiding principles on fiscal management in supporting fiscal consolidation path towards a balanced budget.
The main principles are to maintain an operating surplus where operating expenditure (OE) is only to be funded by revenue collection, while borrowings are Feature Article Fiscal Responsibility Legislation Introduction only for development expenditure (DE).

In addition, the Government will adhere to the self-imposed debt limit of 55% of GDP and ensure debt service charges do not exceed 15% of revenue.
Furthermore, the role of the Fiscal Policy Committee is fundamental in formulating and steering the adoption of fiscal principles and reform initiatives.

The principles will be institutionalised through the introduction of Fiscal Responsibility Act (FRA) in 2021 as announced in the 2019 Budget.

In this regard, the formulation of FRA reflects the Government’s commitment to restore its fiscal discipline and transparency amid a challenging external environment.
This initiative is imperative in strengthening the Government’s finances and ensuring long-term fiscal sustainability.

The Government is also formulating the Government Procurement Act (GPA) to further enhance good governance in public procurement towards achieving best value for money, efficient spending and greater transparency.

The GPA is expected to be tabled in Parliament in 2020.
Furthermore, the implementation of fiscal reform initiatives will further strengthen the financial position and provide fiscal flexibility as well as enhance accountability and adopt best practices in managing public finances.

In the 2019 Budget, the Government has announced several reform initiatives to strengthen its fiscal administration.

One of the initiatives is the introduction of the Fiscal Responsibility Act, which is expected to be tabled in Parliament in 2021.
The introduction of the Act reinforces the Government’s commitment to strengthen public finances through enhancement of fiscal discipline, spending effectiveness and transparency.

Fiscal Responsibility Legislations (FRL) are legal documents which consist of legal standards, rules and procedures relating to fiscal and budget management.

The main purpose of the law is to secure sound public finance while ensuring medium- and long-term fiscal sustainability.
An effective FRL contributes to fiscal stability, transparency, accountability and orderly budget process.

These can be achieved by incorporating a good fiscal rule framework which focuses on principles, procedures, numerical rules, or any of the combination based on a country’s needs.

Fiscal Rules FRL contains fiscal rules which govern the conduct of fiscal policy through numerical targets or ceilings on budgetary aggregates.
Generally, there are four main types of fiscal rules, namely budget balance, debt, expenditure and revenue rules for national or sub-national governments.

84 Section 1 Tek BI.indd 84 05/10/2019 10:46 AM SECTION 1 FISCAL POLICY OVERVIEWFiscal Outlook 2020 Budget balance or structural budget balance rule constrains the size of the budget deficit, thus controlling the evolution of the debt ratio.

Meanwhile, debt rules set an explicit limit on the stock of public debt in relation to GDP.
Expenditure rules impose a ceiling on the total, primary or operating spending in terms of growth rate or ratio to GDP.

Revenue rules set ceilings or floors on revenues to ensure revenue collection is sustainable and sufficient to finance expenditures.

A single fiscal rule is insufficient to address concerns related to fiscal sustainability.

Therefore, a combination of the four fiscal rules with flexible provisions could be a better option to develop a good fiscal framework.
Moreover, each of the fiscal rules has its own strengths and weaknesses.

Table 1: Properties of Different Types of Fiscal Rules Type of Rule Budget balance rule Structural budget balance rule Pros Cons  Clear operational guidance  No economic stabilisation feature  Close link to debt sustainability  Easy to communicate and monitor (can be pro-cyclical)  Headline balance could be affected by developments outside the control of the government (e.g.
a major economic downturn)  Relatively clear operational guidance  Correction for the cycle is  Close link to debt sustainability  Economic stabilisation function (i.e.
accounts for economic shocks)  Allows to account for other one-off and temporary factors Debt rule  Direct link to debt sustainability  Easy to communicate and monitor complicated, especially for countries undergoing structural changes  Need to pre-define one-off and temporary factors to avoid their discretionary use  Complexity makes it more difficult to communicate and monitor  No clear operational guidance in the short-run as policy impact on debt ratio is not immediate and limited  No economic stabilisation feature (can be pro-cyclical)  The rule could be met via temporary measures (e.g.
below-the-line transactions)  Debt could be affected by developments outside the control of the government Expenditure rule  Clear operational guidance  Not directly linked to debt  Allows for economic stabilisation  Steers the size of government  Relatively easy to communicate and monitor sustainability since no constraint on the revenue side  Could lead to unwanted changes in the distribution of spending if, to meet the ceiling, shift to spending categories occurs that are not covered by the rule (continued) 85 Section 1 Tek BI.indd 85 05/10/2019 10:46 AM SECTION 1 FISCAL POLICY OVERVIEW Fiscal Outlook 2020 Table 1: Properties of Different Types of Fiscal Rules (continued) Type of Rule Revenue rule Pros Cons  Steers the size of government  Not directly linked to debt  Can improve revenue policy and administration  Can prevent pro-cyclical spending (rules constraining the use of windfall revenue) sustainability since there is no constraint on the expenditure side (except rules constraining the use of windfall revenue)  No economic stabilisation feature (can be pro-cyclical) Source: Fiscal Rules in Response to the Crisis-Toward the “Next-Generation” Rules.
A New Dataset, IMF.

Components of FRL In formulating the FRL, a government can consider various essential and optional components to be included in the law.

Medium-term fiscal policy strategy is one of the essential components of the law which provides fiscal guidance, projections and key policy initiatives, normally for three years.

In addition, an annual budget policy strategy is another important component of FRL which complements the medium-term fiscal objectives.
Other vital components include the regular publication of reports on the performance of fiscal policies and audited financial statements to ensure accuracy and reliability of the information.

Several optional components can be included in the law to enhance the credibility and transparency of fiscal policy management.

A government may be required to quantify the impact of new revenue or expenditure measures compared with existing policies and provide justification to support the desired fiscal targets.
In addition, fiscal risk, including contingent liabilities is another popular optional component of the law.

This component may arise and cause fiscal outcomes to deviate from initial plans.

Other optional components may include quantifying tax expenditures, numerical fiscal rules, debt sustainability analysis and other various scenarios of long-term projections such as pension and health expenditures.
Table 2: Components of FRL Essential Optional  Medium-term path  New versus existing policies  Annual budget policy strategy  Numerical fiscal rules  Regular reports  Debt sustainability analysis  Audited financial statement  Fiscal risks including contingent liabilities  Tax expenditures  Various scenarios of long-term projections Source: Ministry of Finance, Malaysia.
86 Section 1 Tek BI.indd 86 05/10/2019 10:46 AM SECTION 1 FISCAL POLICY OVERVIEWFiscal Outlook 2020 Country Experience Many advanced and emerging countries have adopted FRL to strengthen their fiscal institutions, as well as to promote a more responsible and transparent fiscal management.

The rules and principles of the law are either embedded in their constitutions, budget system laws and international treaties or enacted as a separate law to govern public finances.
Countries such as Chile, Ireland, New Zealand and Thailand have adopted FRL as a separate law because of its advantages.

The advantages, among others, cover other layers of government, focus on fiscal process rather than the budget process, and enhance political commitment for fiscal reforms.
Table 3: Key FRL Features of Selected Countries New Zealand Chile (Fiscal Responsibility Act, 1994) (Fiscal Responsibility Law, 2006)  Fiscal Rule: Operating surplus  Fiscal Rule: Structural balance  Focused on fiscal sustainability and prudent  Established independent committees and a debt levels fiscal council  Maintained levels of total net worth  Established pension fund, as well as  Required governments to set out specific economic and social stabilisation fund fiscal targets for medium-term  Improved fiscal reporting of fiscal risks and  Improved fiscal reporting of fiscal risks  The Act was repealed and incorporated into Public Finance Act as Part 2 in 2013 contingent liabilities Ireland Thailand (Fiscal Responsibility Act, 2012) (Fiscal Responsibility Act, 2018)  Fiscal Rule: General budget balance  Fiscal Rule: Expenditure rules  Introduced debt rules  Introduced debt rules  Consistent with Stability and Growth Pact  Targeted public investment agreement under EU  Set numerical limits on contingency fund and  Set out medium-term budgetary objectives debt repayment  Established a fiscal advisory council  Required a medium-term fiscal framework  Improved fiscal reporting and assessment on  Set up the National Fiscal Policy Board fiscal policy and performance  Improved fiscal reporting of fiscal risks Source: Government of Ireland, New Zealand Institute of Economic Research, UNESCAP dan Inter-American Development Bank.
Conclusion Several governments have adopted fiscal responsibility legislations to enhance fiscal policy management, accountability and transparency.

A good FRL should include rules that are flexible, simple, transparent and orderly.

Fiscal rules need to be monitored and reported regularly to avoid deviation from fiscal policy.

In addition, a strong political commitment can ensure smooth adoption of FRL, especially in a dynamic global economic environment.
87 Section 1 Tek BI.indd 87 05/10/2019 10:46 AM SECTION 1 FISCAL POLICY OVERVIEW Fiscal Outlook 2020 References Government of Ireland.

Fiscal Responsibility Act 2012.

Retrieved on 5 August 2019 from http:// www.irishstatutebook.ie.

IMF (2018).

How to Select Fiscal Rules: A Primer, How to Notes, International Monetary Fund.

Lienert, I.

2010.

Should Advanced Countries Adopt a Fiscal Responsibility Law?, IMF Working Paper, International Monetary Fund.

Marcel, M. (2013).
Marcel, M. (2013).

Inter-American Development Bank (Discussion Paper No.

IDB-DP-289).

Retrieved on 5 August 2019 from https://publications.iadb.org.

New Zealand Institute of Economic Research.

(2018).

The Fiscal Responsibility Act 1994.

Retrieved on 5 August 2019 from https://nzier.org.nz.

Schaechter A., Kinda T., Budina N., & Weber A., (2012).

Fiscal Rules in Response to the Crisis— Toward the “Next-Generation” Rules.

A New Dataset, IMF Working Paper, International Monetary Fund.
Victor, L., Yoon, S., Fang X., Mbaye S., & Kim Y., (2017).

Fiscal Rules at a Glance, IMF Background Paper, International Monetary Fund.

Wongchaiwat, P. Fiscal Rules and Fiscal Responsibility Laws in case of Thailand.

Retrieved on 5 August 2019 from https://www.unescap.org.

Fiscal Position in 2019 In 2019, revenue performance is expected to remain favourable amid global economic c h a l l e n g e s .

T h e r e v i s e d t o t a l r ev e n u e is expected to increase RM1.5 billion to R M 2 6 3 .
3 b i l l i o n c o m p a r e d t o o r i g i n a l estimates, constituting 17.4% of GDP.

Tax r e v e n u e i s e x p e c t e d t o r i s e 3 .

4 % t o RM180 billion or 11.9% of GDP due to higher collection of sales tax and service tax, while non-tax revenue is projected at RM83.3 billion or 5.5% of GDP.

Meanwhile, total expenditure is expected to increase RM1.4 billion to RM316 billion or 20.8% of GDP as compared to the budget estimates.
OE is estimated to expand by RM2.4 billion to RM262.3 billion or 17.3% of GDP, mainly due to higher fuel subsidies requirement following the rescheduling of the targeted fuel subsidy programme.

In contrast, DE is expected to decline to RM53.7 billion on account of revision and timeline readjustment of several projects.

The increase in expenditure is not expected to affect the fiscal deficit target, which is cushioned by higher revenue projection.
Overall, the Federal Government’s fiscal deficit is expected to remain at 3.4% of GDP as originally targeted in the 2019 Budget.

Consequently, excluding debt service charges, primary balance is expected to record a lower deficit of 1.2% of GDP (2018: -1.6%).

Outlook for 2020 Fiscal policy will continue to emphasise on sustainable economic growth, revenue enhancement and prudent spending.
The Government will continue with its fiscal institutional reforms, particularly tax reform initiatives to improve tax administration, strengthen auditing and investigation as well as narrow tax gap.

Furthermore, the Government will continue to adopt zero-based budgeting in its expenditure management to ensure efficient and effective spending as well as reprioritise and focus on high-multiplier impact projects.
In addition, efforts will be intensified to consolidate a more comprehensive reporting on assets and liabilities position.

The Federal Government revenue is expected to register RM244.5 billion or 15.2% of GDP in 2020.

The collection in tax revenue is higher at RM189.9 billion, while non-tax revenue at RM54.6 billion.

Total expenditure is forecast at RM297 billion or 18.4% of GDP, of which OE is RM241 billion and DE is RM56 billion.
While fiscal policy continues to support economic 88 Section 1 Tek BI.indd 88 05/10/2019 10:46 AM SECTION 1 FISCAL POLICY OVERVIEWFiscal Outlook 2020 growth and maintain the resilience of the economy, the Government remains committed towards fiscal consolidation efforts to strengthen the country’s financial position.

The 2020 deficit target of 3.2% of GDP is slightly higher than the 3% originally announced in the 2019 Budget, but remains on a consolidation path.
This is due to the Government’s strategic decision to strengthen domestic economic activities as pre-emptive measures to provide immediate support and sustain the growth momentum in light of slower global growth forecast.

Thus, the Government will allocate an additional injection of 0.2% of GDP through DE to revitalise public investment via capital formation in strengthening long-term potential of the economy.
The allocation will be mainly channelled to accelerate the implementation of the impactful transportation and connectivity projects such as the construction of Pan Borneo Highway, Mass Rapid Transit 2 and Gemas-Johor Bahru Electrified Double Track Project.

Small-scale developmental projects will also be implemented such as upgrading of dilapidated schools, clinics, water treatment plant and sewerage facilities as well as suburban broadband infrastructure.
These projects are expected to generate high-multiplier impact on the economy towards achieving inclusive development.

I n a d d i t i o n , a l l o c at i o n i s p rov i d e d f o r implementation of the rationalisation plan of Federal Land Development Authority (FELDA) and Lembaga Tabung Haji as well as higher debt servicing commitment for SRC International Sdn.

Bhd.
Bhd.

The Government will also focus on programmes which create more employment opportunities and income generation, thus improving the well-being of the people.

Given the pre-emptive measures, the overall deficit in 2020 is expected to be lower at 3.2% of GDP (2019: -3.4%), with fiscal consolidation remaining on its trajectory and the debt position at a manageable level.
Medium-Term Fiscal Framework 2020 – 2022 The Government has adopted the Medium Term Fiscal Framework (MTFF) as a tool for medium-term fiscal planning.

The framework provides macro-fiscal projections for a three- year period by setting targets and ceilings for revenue, expenditure as well as the overall deficit.

The projections will be revised annually on a rolling basis to reflect the latest medium- term forecasts for revenue and expenditure as well as macroeconomic assumptions.
Thus, the adoption of MTFF is essential to ensure fiscal consolidation remains on track by enhancing fiscal discipline, optimising the allocation of resources and ensuring budget predictability.

The 2019-2021 MTFF has been revised based on the latest macroeconomic assumptions after taking into account the current global environment and lower crude oil prices.
In this regard, for the period 2020-2022, the MTFF underlying assumptions are based on the projection of real GDP growth in the range of 4.5% to 5% (nominal GDP growth: 5.5%-6%), crude oil prices between USD60 to USD65 per barrel and crude oil production of 600,000 barrels per day.

These assumptions provide conservative estimates of revenue to match with prudent expenditure allocation during the fiscal year.
Under the 2020-2022 MTFF, based on current tax policies, total revenue is forecast at RM764.9 billion or 15% of GDP.

Non-petroleum revenue continues to be the primary source of revenue which is expected to contribute RM615.7 billion or 12.1% of GDP.

In addition, petroleum-related revenue is projected at RM149.2 billion or 2.9% of GDP.

The Government will continue its efforts to improve revenue collection through initiatives to broaden the tax base, reduce leakages and explore new sources of revenue.
On the expenditure side, the total indicative ceiling is estimated at RM910.4 billion or 17.8% of GDP for 2020-2022.

OE will be allocated a sum of RM751.4 billion or 14.7% of GDP while DE a total of RM159 billion or 3.1% of GDP.

The total indicative ceiling provides a threshold for ministries and agencies to plan their programmes and activities, thus making the budget planning process more efficient.
The expenditure ceilings which are based on resources and spending capacity will ensure more prudent and efficient fiscal management.

This will be a key controlling mechanism to keep fiscal consolidation on track in the 89 Section 1 Tek BI.indd 89 05/10/2019 10:46 AM SECTION 1 FISCAL POLICY OVERVIEW Fiscal Outlook 2020 Table 1.2.
Medium-Term Fiscal Framework (MTFF) 2020 – 2022 2020 – 2022 RM billion Share of GDP (%) 15.0 12.1 2.9 14.7 0.3 3.1 0.0 3.1 -2.8 -0.6 Revenue Non-petroleum Petroleum-related Operating expenditure Current balance 764.9 615.7 149.2 751.4 13.5 Gross development expenditure 159.0 Less: Loan recovery Net development expenditure Overall balance Primary balance Underlying assumptions: Real GDP growth (%) Nominal GDP growth (%) Crude oil price (USD per barrel) Oil production (barrels per day) 1.8 157.2 -143.7 -31.9 4.5 - 5.0 5.5 - 6.0 60 - 65 600,000 Note: MTFF estimate, excluding budget measures.
Source: Ministry of Finance, Malaysia.

medium term and strengthen further the Government’s finances.

As a result, the fiscal deficit is targeted to average 2.8% of GDP for the three-year period.

The lower deficit will provide more flexibility and capacity for the Government to create fiscal space and respond to any uncertainties in the event of economic crisis.
Conclusion The Government will continue to strengthen its finances despite the current external headwinds, particularly trade tensions and volatility in commodity prices.

The ongoing fiscal reform initiatives will further enhance the accountability and transparency of the Government as well as contribute to fiscal sustainability.
In 2020, the fiscal deficit is anticipated to reduce to 3.2% of GDP and decline further to an average of 2.8% in the medium term, while the primary deficit is forecast to be lower at 1% of GDP and an average of 0.6%, respectively.

90 Section 1 Tek BI.indd 90 05/10/2019 10:46 AM SECTION 1 FISCAL POLICY OVERVIEWFiscal Outlook 2020 Figure 1.1.
Federal Government Overall and Primary Balance % of GDP 0 -1 -2 -3 -4 -5 -6 -7 -8 (1.3) (1.1) (1.2) (3.4) (3.2) (3.1) (3.0) (1.3) (1.7) (1.1) (1.0) (0.8) (1.2) (1.0) (1.6) (2.3) (2.7) (3.4) (3.4) (3.8) (3.2) (3.1) (2.9) (3.4) (3.2) (3.7) (4.6) (4.7) (4.3) (4.7) (5.3) Overall balance Primary balance (6.7) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Figure 1.2.
Federal Government Revenue, Operating Expenditure and Current Balance RM billion 280 280 210 210 140 140 70 70 0 0 -70 -70 -140 -140 -210 -210 -280 -280 Revenue Operating expenditure Current account balance 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Figure 1.3.
Federal Government MTFF Overall Balance Fiscal consolidation path % of GDP 0 -1 -2 -3 -4 -5 -6 -7 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Note: 2019: Revised estimate.

2020: Budget estimate, excluding 2020 Budget measures.

Source: Ministry of Finance, Malaysia.
91 Section 1 Tek BI.indd 91 05/10/2019 10:46 AM SECTION 1 FISCAL POLICY OVERVIEW Fiscal Outlook 2020 Section 1 Tek BI.indd 92 05/10/2019 10:46 AM SECTION 2: FEDERAL GOVERNMENT REVENUE • Overview • Revenue in 2019 Feature Article — Tax Reform Committee • Outlook for 2020 • Conclusion Section 2 Tek BI.indd 93 05/10/2019 11:00 AM 94 Section 2 Tek BI.indd 94 05/10/2019 11:00 AM SECTION 2 FEDERAL GOVERNMENT REVENUEFiscal Outlook 2020 SECTION 2: FEDERAL GOVERNMENT REVENUE Overview The Government will continue to strengthen its revenue management through several reform initiatives, particularly by improving the existing taxation system and enhancing revenue collection as a percentage to GDP.
The initiatives will continue to focus on streamlining tax administration and reducing tax leakages, as well as promoting new investments in sustaining economic growth.

Furthermore, the Tax Reform Committee (TRC) is reviewing measures to narrow tax gap, improve efficiency and enhance sustainable revenue collection.
In this regard, priority reforms are centred on building a larger and consistent revenue base to foster inclusiveness; reviewing existing tax incentives to avoid distortion in resource allocation, and strengthening overall tax administration as well as compliance to improve the effectiveness of tax collection.
In 2019, the Government has introduced several measures to improve revenue collection and broaden the tax base, which includes the Special Voluntary Disclosure Programme (SVDP), service tax on imported services and departure levy.

Over a decade, the Government has reduced its dependency on petroleum-related revenue from 9.2% of GDP in 2009 to around 5% in 2019, indicating a more diversified tax base.
Efforts to enhance the revenue base will provide additional fiscal space to increase the efficiency of income redistribution and achieve national socio-economic agenda.

Table 2.1.
Federal Government Revenue 2018 – 2020 Tax revenue Direct tax of which: CITA Individual PITA Indirect tax of which: GST/SST Excise duties Import duty Export duty Non-tax revenue of which: Licences and permits Investment income Total revenue Share of GDP (%) RM million Revised estimate.
2 Budget estimate, excluding 2020 budget measures.

3 Including one-off PETRONAS special dividend of RM30 billion.

Source: Ministry of Finance, Malaysia.
Change (%) 20191 20202 3.4 4.3 6.4 8.0 -10.9 0.8 4.4 -2.7 -7.8 -25.8 41.6 8.4 86.6 13.1 5.5 5.2 6.7 6.1 -2.4 6.5 5.6 4.9 4.9 1.6 -34.5 -0.2 -52.0 -7.1 2018 -2.0 12.1 3.1 12.6 70.7 -28.6 -42.0 6.6 4.1 27.3 37.6 9.8 47.4 5.7 Share (%) Section 2 Tek BI.indd 95 05/10/2019 11:01 AM SECTION 2 FEDERAL GOVERNMENT REVENUEFiscal Outlook 2020 Revenue in 2019 Federal Government revenue in 2019 is anticipated to record a higher growth of 13.1% to RM263.3 billion due to a one-off PETRONAS special dividend.
However, tax revenue remains the major contributor which constitutes 68.4% of total revenue or 11.9% of GDP, while non- tax revenue represents 31.6% (5.5% of GDP).

The revenue collection will be supported by continuous economic growth, coupled with measures initiated by the Government to enhance the revenue base.

Tax revenue is estimated to increase 3.4% to RM180 billion with the share of direct tax and indirect tax constituting 75.4% and 24.6%, respectively.
Direct tax collection is anticipated to increase by 4.3% to RM135.6 billion contributed mainly by higher individual and companies income tax (CITA) collection following measures under SVDP, continuous stable wage growth and corporate earnings.

Under the SVDP, about 270,000 participants have voluntarily disclosed their undeclared income, and this is expected to raise an additional collection of RM6 billion.
This measure has also contributed to the increase in individual and CITA collection to RM35.2 billion and RM70.8 billion, r e s p e c t i v e l y. M e a n w h i l e , s e r v i c e s a n d manufacturing sectors are the largest contributor to CITA.

Petroleum income tax (PITA) collection is projected to decline by 10.9% to RM17.9 billion i n t a n d e m w i t h e x p e c t e d l owe r g l o b a l crude oil prices averaging USD63 per barrel (2018: USD71 per barrel).
Stamp duty and real property gains tax (RPGT) are estimated at RM6.3 billion and RM1.6 billion, respectively reflecting higher gains from property market transactions.

Feature Article Tax Reform Committee Introduction The Government has announced the establishment of the Tax Reform Committee (TRC)1 in September 2018, which comprises experts and practitioners with vast experience in taxation.
The Committee aimed to review and propose measures in reforming the taxation system, which among others include streamlining tax incentives, narrowing the tax gap, enhancing tax efficiency as well as broadening and diversifying tax revenue.

In carrying out the tasks, the Committee has conducted a series of engagement with various stakeholders including government agencies, business communities, trade associations, accounting and tax consultant firms, professional bodies, analysts and rating agencies.
The Committee was also involved in reviewing some measures which were announced in the 2019 Budget.

These include the introduction of excise duty on sugar-sweetened beverages, the departure levy, service tax on digital services provided by offshore suppliers, review of the Real Property Gains Tax (RPGT) and the stamp duty rates as well as matters related to restriction on the carrying forward of business losses.
Current Scenario of the Malaysian Tax System Federal Government’s revenue growth has exhibited a declining trend, from an annual average of 10.7% for the period of 2000-2009 to 4.5% in 2010-2018, which lagged nominal GDP growth of 8.1% per annum in 2010-2018 (nominal GDP growth 2000-2009: 8.4%).

In terms of percentage to GDP, total revenue recorded 20.9% compared to 19% during the same period.

The following graph shows Malaysia’s total revenue and tax revenue to GDP growth vis–a–vis selected countries.
1 Independent committee members are Tan Sri Hasmah Abdullah, Dato’ Khodijah Abdullah, Dato’ Chua Tia Guan, Dr. Veerinderjeet Singh and Mr. Amardeep Singh.
96 Section 2 Tek BI.indd 96 05/10/2019 11:01 AM SECTION 2 FEDERAL GOVERNMENT REVENUEFiscal Outlook 2020 Figure 1: Total Revenue Relative to GDP of Selected Countries, 2017 Figure 2: Total Tax Revenue to GDP of Selected Countries, 2017 Poland* Botswana* South Korea Saudi Arabia* Viet Nam Chile Singapore Thailand Malaysia* Philippines Spain* Indonesia 33.5% 31.1% 27.8% 26.8% 21.8% 21.1% 20.5% 19.2% 16.3% 15.6% 15.6% 12.2% % GDP Poland* Botswana* South Korea Saudi Arabia* Viet Nam Chile Singapore Thailand Malaysia* Philippines Spain* Indonesia 22.1% 19.0% 17.4% 16.8% 15.4% 14.8% 14.2% 14.2% 13.8% 13.1% 9.9% 3.4% % GDP 0 10 20 30 40 0 Note: *Denotes A-rated countries i.e.
Malaysia’s rating peers.

Source: The World Bank.

The current tax revenue base in Malaysia is narrowed due to generous incentives, availability of various reliefs and reduction in tax rates.

As at end-2017, 62.4% out of 1,251,190 companies were registered with Inland Revenue Board (LHDN) of which 7.8% are subjected to tax.

Likewise, only 16.5% of 15 million workforces were subject to individual income tax.
Despite the Government significantly reducing its dependency on petroleum-related revenue from 41.3% in 2009 to about 23% in 2018, the share is relatively substantial and could expose a risk, particularly when crude oil prices decline.

The World Bank Study in 2015 found Malaysia to be generous in giving out tax incentives.

However, there are concerns over the effectiveness of current investment incentives in fulfilling Government objectives.
Tax incentive granted to companies is a cost to the Government as it is measured by the amount of tax revenue foregone.

Instead, the Government could utilise the revenue foregone for other development projects or lowering fiscal deficit.

The incentives are also exposed to abuse resulting in unnecessary revenue loss to the Government.
Therefore, it is timely to review the relevance, effectiveness and efficiency of the whole tax incentive structure both in the Promotion of Investments Act 1986 and Income Tax Act 1967.

Furthermore, there is a serious need to address the issue of tax evasion and underreporting of income which undermines the self-assessment system as well as public trust and confidence in the whole taxation system.
In addition, the incidence of hidden, informal and hard-to-tax sectors creates an unfair advantage to those compliant taxpayers.

Hence, it is crucial to include the tax evaders strategically into the tax net.

An effective taxation system requires establishing an environment in which taxpayers are induced to comply with taxation laws voluntarily, while an efficient tax administration requires the task to be performed at minimum cost to the community.
Thus, compliance management is not just about audits, verifications and enforcement, but also about making compliance easy for taxpayers.
Section 2 Tek BI.indd 97 05/10/2019 11:01 AM 97 SECTION 2 FEDERAL GOVERNMENT REVENUEFiscal Outlook 2020 TRC Strategic Approach TRC will focus on achieving the strategic objectives in improving the share of tax revenue-to- GDP and optimising tax revenue based on four pillars as follows:  Reduce the tax gap, mainly informal and hard-to-tax sectors as well as widening the tax base through digitalisation and effective enforcement activities;  Reduce tax leakages by reviewing existing tax incentives and legislations;  Explore new sources of sustainable tax revenue such as digital and environmental tax; and  Enhance tax administration by reviewing the legislation and simplifying administrative processes and procedures towards improving compliance.
Tax Reform Philosophy In addressing current issues and challenges under the four pillars of tax reforms, measures will be based on principles of neutrality, equity and simplicity.

Neutrality implies that, while the tax system raises revenue, it should not discriminate in favour of, or against, any particular economic sector.

The principle of equity is categorised as horizontal equity (equal taxation of equal incomes) and vertical equity (higher taxation of higher incomes).
For example, implementation of the departure levy as announced in the 2019 Budget, as well as amendments to the Real Property Gains Tax Act 1976 were based on the principle of vertical equity, where taxpayers contribute according to their ability to pay.

This is generally reflected in taxation systems with a progressive income tax rate structure.

In addition, tax legislation, structures and procedures should be clear and simple to make it easier for taxpayers to understand their obligations and rights.
The philosophy behind tax simplification is to encourage voluntary compliance.

Studies on taxpayer behaviour indicate that improving services such as simplifying reporting, filing and paying taxes; issuing of clear guidelines on a timely basis; and providing assistance to lower compliance costs, is more effective in securing compliance than measures designed to counter non-compliance (Wenzel, 2004).
Another approach to enhance tax compliance is through inculcating responsibilities to pay tax as a national duty of every citizen, which creates a sense of pride for being able to contribute to the nation.

These principles will encourage taxpayers, particularly from the informal economy into the tax base and reduce the level of tax evasion and avoidance.

Thus, it is timely that the burden of compliance and accountability under both direct and indirect legislations be placed in the hands of the taxpayer.
Furthermore, relevant tax authorities should strive to ensure those who earn or derive taxable income are registered as taxpayers and file appropriate tax returns on a timely basis.

The initiatives should encompass continuous education and outreach programmes by the tax agencies to assist potential taxpayers, especially those who have never filed tax returns or maintained proper records of a business, thus facilitating their transition into the tax bracket.
In addition, authorities should also continue to undertake specific approach coupled with strong enforcement strategies towards non-compliant taxpayers.

Way forward Effective tax administration requires establishing an environment or ecosystem in which citizens are encouraged to comply with tax laws voluntarily, while efficient tax administration requires that this task be performed at minimum cost.
To continue to collect more tax revenue, the need 98 Section 2 Tek BI.indd 98 05/10/2019 11:01 AM SECTION 2 FEDERAL GOVERNMENT REVENUEFiscal Outlook 2020 for effective enforcement by the tax authorities is an important component.

It is timely that tax authorities are transformed into truly service-oriented entities which leverage information technology as well as redesign and streamline existing systems and procedures.
The setting up of information gateway of integrated data will enable real-time information sharing and streamline the tax administration system, hence enhancing revenue collection and improving compliance.

High reliance on direct tax increases the vulnerability of revenue collection as it correlates with economic growth and the business cycle.

Hence, rebalancing of direct tax toward indirect tax, mainly consumption-based tax does not only broaden the tax revenue base but also enhances tax buoyancy.
There is growing global shift from direct to indirect tax as countries strive to boost sustainable tax revenue collection.

Conclusion The Committee believes that the Government should enhance its effort to strengthen further the revenue stream.

Measures to improve the existing tax system, including reviewing tax incentives, streamlining tax administration and exploring sustainable revenue sources are some of the possible options for the Government.
Ultimately, the success of bringing in the potential taxpayers into the tax net is a prerequisite for widening the revenue base towards improving fiscal space.

Reference World Bank.

Retrieved on September 18, 2019 from http://documents.worldbank.org/curated/ en/182271468280761125/pdf/359340MY.pdf.

Wenzel, M, An Analysis of Norm Processes in Tax Compliance” 2004, Journal of Economic Psychology, Vol 25, No.

2.
2.

Addressing The Tax Challenges of the Digital Economy, Chapter 2, page 30 & 31, Fundamental Principles of Taxation.

Source: Tax Reform Committee.

Indirect tax collection is estimated to rebound marginally by 0.8% to RM44.4 billion contributed by higher Sales Tax and Service Tax (SST) collection.

The SST which was originally forecast at RM22 billion in the 2019 Budget, was revised upwards to RM26.8 billion due to better-than-expected collection in the first half of 2019.
Of this, sales tax collection is targeted at RM15.5 billion following higher demand for four wheels drive (4WD) and sports utility vehicles (SUV) as well as machines and spare parts.

According to the Malaysia Automotive Association (MAA) report, 4WD and SUV vehicles sale for the first half of 2019 increased 77.4% compared to the corresponding period in 2018.
In addition, service tax is estimated at RM11.3 billion, primarily contributed by higher demand for food and beverages sector followed by telecommunication and insurance sector.

However, export duty is expected to decline to RM1.3 billion due to lower crude oil price and export volume, in tandem with slowing global demand growth amid doubts over ongoing trade conflicts.
Likewise, excise duties collection is anticipated to decrease 2.7% to RM10.5 billion, following slower demand for complete-built-up (CBU) vehicles and receipts from cigarettes.

Excise duty on cigarettes is expected to decline further due to winding down of operations of tobacco companies in Malaysia and lower imports of cigarettes.

In the first half of 2019, 3.2 billion cigarette sticks were imported compared to 3.5 billion sticks in corresponding period in 2018.
Meanwhile, excise duty on sugar RM100 million since its implementation in July 2019.

In the 2019 Budget, a one-off special dividend of RM30 billion from PETRONAS was announced to partially finance the outstanding income tax and Goods and Services Tax (GST) refunds of RM37 billion.

The balance of RM7 billion will be financed through the Federal Government revenue collected during the year.
As at end-August 99 Section 2 Tek BI.indd 99 05/10/2019 11:01 AM SECTION 2 FEDERAL GOVERNMENT REVENUEFiscal Outlook 2020 2019, RM12.5 billion or 69.4% of RM18 billion allocation for outstanding income tax refund has been utilised.

For GST, after taking into account the opening balance of RM3.9 billion in the GST Refund Trust Fund (TBBC GST) and the refund provision of RM19 billion in 2019, total funds available for GST refund is RM22.9 billion.
As at end-August 2019, 66.4% or RM15.2 billion has been paid for GST claims.

Meanwhile, non-tax revenue is expected to increase significantly by 41.6% to RM83.3 billion, largely contributed by higher dividend from PETRONAS totalling RM54 billion, of which RM30 billion is a one-off special dividend.

In addition, dividend from Bank Negara Malaysia totalled RM2.5 billion.
Proceeds from licences and permits are expected to register RM15.2 billion, an increase of 8.4% mainly contributed by higher receipts from petroleum royalty, motor vehicle licences and levy on foreign workers.

I n 2 0 1 9 , p e t ro l e u m - re l at e d re v e n u e i s forecast at RM81.2 billion, including the one-off special dividend from PETRONAS of RM30 billion.
However, after excluding the special dividend, total petroleum-related revenue is estimated to decrease by 6.1% in tandem with lower average crude oil price.

In contrast, non-petroleum revenue is projected to increase 2.1% to RM182.1 billion following the Government’s effort in widening the revenue base through various tax measures.

Outlook for 2020 In 2020, the Federal Government’s revenue is projected to decline by 7.1% to RM244.5 billion.
However, after excluding the one-off special dividend from PETRONAS in the 2019 revised estimates, the revenue is forecast to increase 4.8%.

Tax revenue remains the major contributor to the Federal Government revenue with expected total collection of RM189.9 billion.

Tax revenue as a percentage to GDP is forecast to remain stable at 11.8%.

The collection from direct tax is estimated to increase by 5.2% to RM142.7 billion constituting 75.1% of total tax revenue.
The bulk of the increase is primarily attributed to better collection from CITA and individual income tax at RM75.5 billion and 100 RM37.4 billion, respectively.

Higher collection from CITA is primarily contributed by better corporate earnings prospects and continuous efforts in enhancing auditing and tax compliance.

At the same time, the Government will consider implementing measures proposed by the TRC in the medium-term, which is aimed at broadening the tax base and reducing the tax gap.
Meanwhile, revenue from other direct tax comprising stamp duty, RPGT and other taxes is expected to increase by 7% to RM8.7 billion.

The increase in stamp duty and RPGT to RM6.8 billion and RM1.7 billion, respectively are in line with the expected stable property market.

Indirect tax collection is anticipated to increase by 6.5% to RM47.3 billion, mainly contributed by higher collection from SST.
In 2020, SST is forecast to register RM28.3 billion or about 1.8% of GDP in consonance with higher consumption, Visit Malaysia 2020 programme and various international events.

The Government has set a target of 30 million tourist arrivals and RM100 billion in tourist receipts in 2020.

Sales tax collection is projected to increase by 5.4% to RM16.3 billion, primarily contributed by machines and spare parts as well as sales of vehicles.
Similarly, service tax is estimated at RM12 billion, largely contributed by higher demand for food and beverages sector followed by telecommunication and insurance sector.

Excise duties collection in 2020 is expected to increase 4.9% to RM11 billion due to higher demand for motor vehicles.

The MAA anticipates a 2% growth for total industry volume following continuous demand for new model of vehicles and aggressive promotional campaign by automotive companies.
Meanwhile, export duty is expected to remain stable at RM1.3 billion.

In the absence of the one-off special dividend from PETRONAS, non-tax revenue is estimated to decline by 2.4% to RM54.6 billion or 3.4% of GDP.

The annual dividend from PETRONAS is projected at RM24 billion.

Licences and permits is expected to decline marginally to RM15.2 billion on account of lower proceeds from petroleum royalty in tandem with the lower average crude oil price.
However, other major components for licences and permits such as motor vehicles licences and levy on foreign workers are forecast to increase to RM3.4 billion, respectively.

Section 2 Tek BI.indd 100 05/10/2019 11:01 AM SECTION 2 FEDERAL GOVERNMENT REVENUEFiscal Outlook 2020 In 2020, petroleum-related revenue is expected to register RM50.5 billion in line with the average world crude oil price at USD62 per barrel.
Total petroleum-related revenue is estimated to decrease 1.4% as compared to 2019 (excluding one-off special dividend from PETRONAS) following lower crude oil price.

However, non- petroleum revenue is projected to increase 6.6% to RM194.1 billion consistent with the Government’s commitment to diversify revenue through tax reform initiatives.

As a percentage to GDP, non-petroleum revenue is expected to remain stable at around 12.1% (2019: 12%).
The Government will continue to widen non-petroleum revenue to drive a sustainable revenue stream in the medium-term.

Conclusion The Government will enhance its revenue base, reduce the tax gap and improve tax efficiency to provide a sustainable revenue collection.

This will be done through various initiatives, among others by rationalising tax incentives; minimising tax leakages; and enhancing tax compliance through effective auditing.
The establishment of TRC will further improve revenue collection by reviewing existing tax system and exploring new sustainable sources.

Tax policy enhancement will continue to uphold the principles of neutrality, equity and simplicity towards improving the nation’s competitiveness.

Section 2 Tek BI.indd 101 05/10/2019 11:01 AM 101 SECTION 2 FEDERAL GOVERNMENT REVENUEFiscal Outlook 2020 Figure 2.1.
Petroleum-Related and Non-Petroleum Revenue (% of total revenue) Petroleum revenue Others SST/GST Direct tax excluding PITA PETRONAS special dividend Petroleum 41.3 Non- petroleum 19.0 7.5 32.2 35.4 19.2 7.6 37.8 23.4 18.4 11.0 47.2 11.4 19.3 14.4 10.2 44.7 20.7 Petroleum 16.5 11.6 51.2 Non- petroleum 2009 2010 2018 20191 20202 Figure 2.2.
Revenue as Percentage to GDP Petroleum revenue Others Investment income (excluding PETRONAS Dividend) PETRONAS special dividend SST/GST Indirect tax (excluding SST/GST) Direct tax (excluding PITA) 22.3 9.2 1.0 1.0 1.4 2.5 7.2 Petroleum Non- petroleum 19.4 6.9 1.2 0.5 1.5 2.0 7.3 16.5 3.6 1.1 0.8 1.6 1.3 8.1 17.4 2.0 3.6 0.6 0.4 1.8 1.2 7.8 15.2 3.1 1.0 0.3 1.8 1.2 7.8 Petroleum Non- petroleum 2009 2010 2018 20191 20202 1Revised estimate.

2Budget estimate, excluding 2020 budget measures.


Source: Ministry of Finance, Malaysia.
102 Section 2 Tek BI.indd 102 05/10/2019 11:01 AM SECTION 2 FEDERAL GOVERNMENT REVENUEFiscal Outlook 2020 SECTION 3: FEDERAL GOVERNMENT EXPENDITURE • Overview • Expenditure in 2019 • Outlook for 2020 • Federal Recoverable Loans • Conclusion Section 3 Tek BI.indd 103 05/10/2019 11:14 AM 104 Section 3 Tek BI.indd 104 05/10/2019 11:14 AM SECTION 3 FEDERAL GOVERNMENT EXPENDITUREFiscal Outlook 2020 SECTION 3: FEDERAL GOVERNMENT EXPENDITURE Overview The Federal Government continues to emphasise on improving the efficiency and effectiveness of its spending.
This is in line with the Government’s commitment to restore the health of its public finances, which will result in a stronger fiscal position and sustainable economic growth.

In addition, the Government will also focus on providing a more transparent a n d a c c o u n t ab l e e x p e n d i t u r e r e p o r t i n g .

The Government improved its spending efficiency by prioritising programmes and projects based on needs and urgency as well as driving more cost savings through review of several projects.
These projects that have resumed at a revised scope and lower costs are expected to enhance value for money and reduce leakages while generating high-multiplier impact on the economy.

The projects include Mass Rapid Transit 2 (MRT2), East Coast Rail Link (ECRL), Light Rail Transit 3 (LRT3) as well as other public infrastructure and amenities projects.
The Government also fulfilled its commitment to settle outstanding tax refunds estimated at RM37 billion that was partly funded by a one-off special dividend from PETRONAS.

In addition, several ongoing enhancements have been made on public expenditure management and reporting policies to ensure greater transparency and accountability.

This effort will be implemented continuously, anchored by good governance and best practices in managing public resources.
Expenditure in 2019 The zero-based budgeting (ZBB) approach was applied in formulating the 2019 Budget where expenditures are allocated according to well-justified needs and priorities.

The implementation of ZBB is to ensure efficiency and effectiveness of budgeting in achieving the desired outcome.

Given the limitation of resources, it is important to ensure prudent spending within the Government’s capacity while upholding sound fiscal management.
The Federal Government allocation for 2019 is revised upwards to RM316 billion from the budget estimates of RM314.6 billion, mainly to cater for higher operating expenditure (OE) requirement.

Of total revised allocation, OE constitutes RM262.3 billion or 17.3% of GDP, while development expenditure (DE) at RM53.7 billion or 3.5% of GDP.
After excluding charged expenditures and transfer payments which account for 36.1% of total expenditure, social sector continues to receive the largest allocation with 34.1% of total expenditure or 7.1% of GDP, followed by economic (14%; 2.9% of GDP), security (9.6%; 2% of GDP) and general administration (6.2%; 1.3% of GDP) sectors.
The upward revision of RM2.4 billion for OE during the year is mainly to cater to the additional requirement for existing programmes based on critical spending needs by ministries.

The additional expenditure allocation is partly for fuel subsidies, following the Government’s decision to reschedule the implementation of a targeted fuel subsidies programme; and fix the pump price ceiling at RM2.08 per litre and RM2.18 per litre for RON95 and diesel, respectively since March 2019.
Furthermore, additional allocation is also provided for education and health subsectors, which include food assistance for boarding schools, school cleaning services and medical supplies.

In comparison to 2018, OE is estimated to increase 13.6% to RM262.3 billion or 17.3% of GDP, mainly due to one-off allocation for outstanding tax refunds.

However, excluding allocation for outstanding tax refunds, OE is estimated to decline 2.5% to RM225.3 billion or 14.8% of GDP.
The bulk of OE is for emoluments, retirement charges, debt service charges as well as supplies and services, constituting 65.5% 105 Section 3 Tek BI.indd 105 05/10/2019 11:14 AM SECTION 3 FEDERAL GOVERNMENT EXPENDITUREFiscal Outlook 2020 of OE.

Emoluments is projected to increase 2.6% to RM82 billion primarily due to annual salary increments.

As for retirement charges, it is estimated higher at RM26.6 billion due to annual increments and to accommodate about 853,000 pensioners and beneficiaries.
In addition, debt service charges is estimated to increase further to RM33 billion.

Meanwhile, supplies and services is projected at RM30.2 billion with 73% for payment of repairs and maintenance, professional services and other material supplies.

The outlays for subsidies and social assistance is estimated to decline to RM23.6 billion as compared to 2018 mainly due to lower fuel subsidies and Cost of Living Aid (BSH).
The reduction in fuel subsidies is due to the assumption of lower crude oil price averaging USD63 per barrel.

Meanwhile, BSH is estimated at RM5 billion (2018: RM6.4 billion), given the restructuring of recipients’ criteria and assistance amount effective 2019.

About 3.6 million households continue to receive the restructured BSH of which households with special needs children receive higher assistance and better benefits as compared to the previous BSH programme.
As the Eleventh Malaysia Plan (11MP) enters its fourth year of implementation, Government outlays will continue to focus on public infrastructure investment and develop economic enablers to stimulate growth.

DE will be spent on programmes and projects with high-multiplier impact on the economy while ensuring the well-being of the people.

In 2019, DE is estimated at RM53.7 billion, lower than the original estimates of RM54.7 billion, due to revision and rescheduling of several development projects.
Of the total, RM51.7 billion is direct allocation, while RM2 billion is in the form of loans to state governments and Government-linked entities.

The economic sector remains the largest recipient of DE, with a share of 53.7%, followed by social (28%), security (12.5%) and general administration (5.8%) sectors.
During the year, expenditure for the economic sector is estimated at RM28.8 billion, focusing on developing public transportation infrastructure; enhancing trade and industrial activities; improving public utilities; as well as intensifying agriculture and rural development.

As such, transport subsector is allocated RM11.2 billion mainly Table 3.1.
Federal Government Operating Expenditure by Component 2018 – 2020 RM million 2018 79,989 20191 82,045 20203 82,611 25,177 26,557 27,055 30,547 33,000 34,945 7,605 7,571 7,749 35,283 30,178 38,546 Change (%) 2018 3.8 10.4 9.6 7.0 1.6 20191 2.6 20203 0.7 5.5 8.0 -0.4 1.9 5.9 2.4 -14.5 27.7 27,516 23,569 24,186 23.1 -14.3 -13.4 9.2 -2.0 -5.0 6.1 50.6 4.3 -4.0 356.7 13.6 2.6 -3.4 7.2 15.5 -79.7 -8.1 Share (%) Emoluments Retirement charges Debt service charges Grants and transfers to state governments Supplies and services Subsidies and social assistance Asset acquisition Refunds and write-offs 447 883 673 921 650 987 Grants to statutory bodies 13,763 13,218 15,272 Others Total Share of GDP (%) 9,750 44,5282 9,019 230,960 262,260 241,020 16.0 17.3 14.9 ¹ Revised estimate.
2 Including a one-off allocation for outstanding tax refunds.

3 Budget estimate, excluding 2020 Budget measures.

Source: Ministry of Finance, Malaysia.

106 Section 3 Tek BI.indd 106 05/10/2019 11:14 AM SECTION 3 FEDERAL GOVERNMENT EXPENDITUREFiscal Outlook 2020 for financing MRT2 and Pan Borneo Highway projects, as well as upgrading of system and infrastructure for electrified Klang Valley Double Track (KVDT) phase 1 connecting Rawang and Salak Selatan.
Energy and public utilities, as well as trade and industry subsectors are allocated RM2.6 billion and RM3 billion, respectively.

Among the key projects include River of Life, upgrading sewage treatment plants, entrepreneur financing programmes as well as a soft loan scheme for automation and modernisation.

These three subsectors constitute 31.3% of the total DE.
The outlays for the social sector are expected to increase 16.6% to RM15 billion from 2018, of which the main subsectors include education and training, health as well as housing.

Education and training subsector receive the largest allocation of RM8 billion.
Among programmes and projects under the subsector are ongoing construction of new schools; upgrading and refurbishment of schools, teachers’ quarters and tertiary institutions; expansion of teaching hospitals; implementation of MARA training and education programmes; and enhancement of technical and vocational education training (TVET) programmes.

The allocation to the health subsector is expected to increase by 27.4% to RM2.3 billion.
Projects and programmes under this subsector include the construction and upgrading of hospitals and clinics including Padang Besar Health Clinic, Pulau Pinang Hospital and Kota Marudu Hospital.

Meanwhile, the housing subsector is allocated RM1.8 billion, mainly for building affordable homes for targeted groups.

The security sector is provided with an allocation of RM6.7 billion in 2019.
The spending is channelled for programmes and projects aimed at strengthening and enhancing the country’s defence and internal security.

Major outlays are for procurement and upgrading military and security equipment; building and refurbish offices, quarters and camps; and maintenance of integrated communication system.
Meanwhile, disbursement for the general administration sector which includes expenses for ICT projects, asset management, as well as upgrading of Government offices and equipment is expected to increase 45.3% to RM3.2 billion (2018: RM2.2 billion).

Outlook for 2020 In the 2020 Budget, a total of RM297 billion or 18.4% of GDP will be allocated, of which RM241 billion or 81.1% for OE while the balance RM56 billion for DE.
Of the total, 37.9% is allocated for programmes and projects under social sector, followed by economic (16.2%), security (11.3%) and general administration (7.5%) sectors, while the balance of 27.1% is allocated for charged expenditure and transfer payments.

The top three recipients are Ministry of Education (MOE), Ministry of Finance and Ministry of Health (MOH) with an estimated allocation of RM64.1 billion, RM37.8 billion and RM30.6 billion, respectively, constituting 44.6% of total expenditure.
The Government will channel its allocation to strengthen capital formation towards ensuring long-term growth sustainability.

In this regard, an additional injection of 0.2% of GDP is allocated through DE to accelerate the implementation of projects with strategic and high-multiplier impact such as construction of railways and roads, upgrading of schools, clinics and water treatment plant as well as improving the suburban broadband infrastructure.
These pre-emptive measures are expected to sustain the growth momentum and expand the economic capacity, thus improving the well-being of the people.

OE allocation is estimated at RM241 billion or 14.9% of GDP in 2020, an increase of 7% from RM225.3 billion allocation in 2019 after excluding one-off tax refund allocation of RM37 billion.
The bulk of OE is channelled to emoluments which constitutes 5.1% of GDP, followed by supplies and services (2.4%), debt service charges (2.2%), retirement charges (1.7%) as well as subsidies and social assistance (1.5%).

Emoluments remain the largest component of OE and estimated to grow to RM82.6 billion, predominantly due to annual salary increment.
107 Section 3 Tek BI.indd 107 05/10/2019 11:14 AM SECTION 3 FEDERAL GOVERNMENT EXPENDITUREFiscal Outlook 2020 The allocation is for payment of wages and salaries, allowances and other remuneration for Federal Government’s civil servants of about 1.4 million, of which 67.5% is for the MOE and MOH, mainly for teachers, doctors and nurses.

Retirement charges, which is for pension payments; gratuity payments; and cash award in lieu of accumulated leave, is estimated to increase 1.9% to RM27.1 billion.
About 75% of retirement charges comprise monthly pension payments for about 874,000 pensioners and beneficiaries.

In view of escalating pension commitment and concerns over the sustainability of the present scheme, the Government is exploring options for a more robust scheme to efficiently manage future pension obligations.

Supplies and services, the second largest component of OE, is expected to increase 27.7% to RM38.5 billion.
The increase is mainly due to higher outlays for repairs and maintenance as well as allocation for professional services.

For this component, the MOH will be receiving the highest allocation (28.2%), mostly for procurement of medical supplies as well as repairs and maintenance of medical facilities.

This is followed by the MOE (16%), of which substantial allocation is for repairs and maintenance of school facilities, security services and cleaning services.
Subsidies and social assistance is estimated to register RM24.2 billion mainly for BSH and welfare assistance; fuel and agriculture- related subsidies; toll compensation; as well as education-related assistance including scholarship.

Fuel subsidies are estimated to be lower with the expectation to reinstate the managed-float system for RON95 and diesel in line with the implementation of targeted fuel subsidies programme.
Meanwhile, the Government will provide BSH assistance amounting to RM5 billion in 2020, aimed at easing the financial burden of the recipients.

G r a n t s t o s t a t u t o r y b o d i e s , w h i c h i s predominately for operational expenses such as emoluments and outlays of supply and services are estimated to increase by 15.5% to RM15.3 billion.
The increase is mainly due to higher requirement by public universities and teaching hospitals amounting to RM8.6 billion 108 or 56.5% of total grants to statutory bodies (2019: RM8.2 billion, 62.1%).

Meanwhile, grants and transfers to state governments is estimated at RM7.7 billion, of which RM5.7 billion is constitutional transfers as stipulated under the Federal Constitution.

Debt service charges on Federal Government debt is expected to register RM34.9 billion.
Of the total, 97.7% is allocated for payment of coupons on domestic debts, particularly Malaysian Government Securities and Malaysian Government Investment Issues, while the balance is for offshore loans.

The debt service charges ratio to OE is estimated at 14.5%.

In 2020, DE allocation will be channelled towards promoting economic development, bridging urban-rural infrastructure gap and enhancing the living standards of the people.
A sum of RM56 billion will be allocated, of which RM53.5 billion is in the form of direct allocation while the balance of RM2.5 billion is for loans to state governments and Government-linked entities.

The higher allocation is mainly for accelerating implementation of programmes and projects in supporting the growth momentum and strengthening the long-term capacity of economy.
In addition, allocation are also provided for rationalisation plans of FELDA and Lembaga Tabung Haji as well as higher debt servicing commitment of SRC International Sdn.

Bhd.

Of the 2020 allocation, RM53.2 billion is allocated for 4,744 ongoing projects, while RM2.8 billion is for 722 new projects.

The economic sector remains the largest recipient at 55.4% of DE, followed by social (26.9%), security (11.7%) and general administration (6%) sectors.
The economic sector will receive RM31 billion (2019: RM28.8 billion) in line with the efforts to enhance the productivity and competitiveness of the economy.

Allocation in this sector is primarily for transport, energy and public utilities as well as trade and industry subsectors.

The transport subsector remains the largest beneficiary constituting 21.8% of total DE or RM12.2 billion.
Projects under the subsector include public transportation and highways such as MRT2, KVDT and Pan Borneo Highway; expansion of airports in Sandakan and Kota Bharu; as well as maintenance and upgrading of roads, bridges, ports and railways.

Section 3 Tek BI.indd 108 05/10/2019 11:14 AM SECTION 3 FEDERAL GOVERNMENT EXPENDITUREFiscal Outlook 2020 A sum of RM4.3 billion or 7.7% of the total DE will be allocated for the energy and public utilities subsector.
This is in tandem with the Government’s effort to provide better access to essential services, utilities and amenities, including enhancing the efficiency and productivity of water supply and sewerage services; improving the accessibility and reliability of electricity supply; and upgrading flood mitigation infrastructure.
The agriculture and rural development subsector will receive an allocation of RM3 billion or 5.3% of total DE, primarily for paddy irrigation system, oil palm and rubber replanting activities as well as agricultural entrepreneurs’ fund.

RM1.7 billion mainly for river restoration and conservation projects to reduce the risk of flooding as well as construction and upgrading of sewage treatment plants.

Expenditure under the social sector is estimated at RM15.1 billion or 26.9% of total DE.
Of this, RM7.9 billion is set aside for the education and training subsector which includes the rebuilding of dilapidated schools nationwide as well as refurbishment and improving school infrastructure.

In addition, allocation will also be provided for upgrading of facilities in tertiary and training institutions; providing education, training and research fund; and construction of teaching hospitals.

The trade and industry subsector is allocated with RM2.4 billion, accounting for 4.4% of total DE.
Under this subsector, programmes and projects are focused on promoting trade and investments activities which include entrepreneurs’ development programmes, corridors development and industrial readiness in adopting IR 4.0 technology.

In addition, the environment subsector will be provided About RM2.9 billion or 5.2% of total DE will be allocated for health subsector in 2020.

The allocation is mainly for building, upgrading and maintaining hospitals and clinics as well as procurement of medical equipment.
This is in line with the Government’s priority to provide better quality healthcare and accessibility to health services.

Major ongoing projects under the subsector include the construction of Table 3.2.
Federal Government Development Expenditure by Sector 2018 – 2020 RM million Change (%) Share (%) 2018 20191 20202 2018 20191 20202 2018 20191 20202 36,103 28,820 31,019 49.3 - -33.9 -8.9 -3.9 -19.2 3.6 3.2 20.6 63.7 -7.6 -25.5 25.0 -34.1 8.8 30.3 20.9 21.8 20.3 14.6 8.3 16.8 16.6 23.3 27.4 42.4 35.7 45.3 -4.3 -19.1 67.9 28.7 -10.8 4.5 4.0 3.8 3.0 5.6 4.8 4.3 3.6 4.4 7.7 5.3 3.1 0.4 22.9 28.0 26.9 -1.9 28.3 -18.5 -2.0 5.5 4.3 11.6 14.9 14.0 3.2 2.3 8.8 3.9 4.2 3.4 12.5 5.8 5.2 2.7 11.7 6.0 100.0 100.0 100.0 Economic of which: Transport Trade and industry Energy and public utilities Agriculture and rural development Environment Social of which: Education and training Health Housing Security General administration Total Share of GDP (%) 1 Revised estimate.
2 Budget estimate, excluding 2020 Budget measures.

Source: Ministry of Finance, Malaysia.

109 Section 3 Tek BI.indd 109 05/10/2019 11:14 AM SECTION 3 FEDERAL GOVERNMENT EXPENDITUREFiscal Outlook 2020 Kemaman Hospital and pathology laboratories at Sultanah Aminah Hospital, expansion of Segamat Hospital and upgrading of Kajang Hospital.
The Government is committed to enhancing home ownership among low- and middle-income earners by continuing to provide adequate and quality affordable houses through various schemes.

Housing subsector will be allocated RM1.5 billion or 2.7% of total DE.

This allocation will be primarily utilised for construction of People’s Housing Project (PPR) and civil servants quarters; as well as rehabilitation of abandoned private housing projects.
The security sector, comprising defence and internal security, remains a priority with an estimated outlays of RM6.6 billion or 11.7% of total DE.

A sum of RM3.2 billion will be distributed for the defence subsector while a total of RM3.4 billion for the internal security subsector.

The expenditure is mainly for developing integrated network services, strengthening the civil defence, upgrading military and security equipment as well as improving surveillance and enforcement.
The allocation is also for building and refurbishment of facilities such as police stations, military camps and quarters for security personnel.

The general administration sector is allocated RM3.4 billion in 2020.

Priority spending in the sector is for the development of financial accounting and information systems services; expansion of public sector data centre; as well as renovation and upgrading of government buildings.
Major ongoing projects under this subsector include Malaysia Government Integrated Telecommunication Network, Malaysia Government Unified Communications and maintenance of government quarters.

Federal Recoverable Loans As of 31 December 2018, the total outstanding Federal Recoverable Loans1 disbursed through the Development Fund was RM43.2 billion or 3% of GDP.

Of the total, RM22.4 billion are loans to companies.

Loans to state governments accounted for RM15.3 billion mainly for water supply projects.
In addition, loans to statutory bodies accounted for RM5.1 billion, followed by local governments RM0.2 billion, other organisations RM0.2 billion and cooperatives RM6.9 million.

In 2019, loan disbursements via DE is estimated at RM2 billion.

The recipients include companies (73.8%), state governments (23%), statutory bodies (1.9%) and other organisations (1.3%).

The disbursement to companies is mainly for road infrastructure projects, while the drawdown to state governments is for water supply projects.
In terms of loan repayments, a total of RM900.3 million is expected to be received in 2019.

The repayments from state governments is estimated at RM598.6 million or 66.5% of total loan repayments.

Sarawak and Sabah are expected to be the highest contributor to the loan repayments received from state governments.

A sum of RM159.3 million or 17.7% of total loan repayments is estimated from companies.

Yayasan Tekun Nasional, Projek Lintasan Kota Sdn.

Bhd.

and Syarikat Bekalan Air Selangor Sdn.

Bhd.


are expected to be the top three payers with total repayments amounting to RM60.1 million.

The repayments from statutory bodies and local governments are forecast at RM128.8 million and RM6.9 million, respectively.

Meanwhile, the repayments from other organisations such as clubs and associations are expected at RM6.7 million.
In 2020, the Federal Government continues to provide loans that are charged under DE to state governments, statutory bodies, companies and other organisations.

The total loans disbursed from the Development Fund are expected at RM2.5 billion.

The loans granted to companies are estimated at RM1.9 billion, state governments (RM505.5 million), statutory bodies (RM68.8 million) and other organisations (RM24.2 million).
Loans received by companies w i l l b e u t i l i s e d p r e d o m i n a n t ly t o f u n d programmes and projects related to water and electricity supply, land rehabilitation, oil palm replanting and roads constructions.
Meanwhile, loans received by the state governments, local governments and statutory bodies will be used 1 The Federal Recoverable Loans is part of the Federal Government financial assets which consist of loan facilities given to state governments, local governments, statutory bodies, companies, cooperatives and various organisations.
110 Section 3 Tek BI.indd 110 05/10/2019 11:14 AM SECTION 3 FEDERAL GOVERNMENT EXPENDITUREFiscal Outlook 2020 mainly to upgrade water supply, sewerage infrastructure as well as to finance the crop development project.

The Federal Government is estimated to receive loan repayments amounting to RM766.5 million in 2020.

A total of RM448 million repayments is anticipated from the state governments, with the highest repayments from Sarawak and Sabah.
Companies are expected to repay a total of RM240.3 million, while the rest of the loan repayments are anticipated from local governments (RM6.9 million), statutory bodies (RM63.9 million), and other organisations (RM7.4 million).

Conclusion The Federal Government will continue to improve the efficiency and effectiveness of its spending while enhancing transparency and good practices in public expenditure management.
Spending will be focused on projects with high-multiplier impact and people-centric, as well as based on necessity and capacity to spend, without affecting public service delivery.

This is aligned with measures to enhance spending optimisations and value for money, thus ensuring sound public finances that support sustainable economic growth.

Section 3 Tek BI.indd 111 05/10/2019 11:14 AM 111 SECTION 3 FEDERAL GOVERNMENT EXPENDITUREFiscal Outlook 2020 Figure 3.1.

Total Expenditure by Sector Figure 3.2.
Total Expenditure by Ministry and Agency 11.3% 27.1% 9.6% 20202: RM297.0 billion 36.1% 20191: RM316.0 billion 34.1% 37.9% 7.5% Security Social Economic General Admin Others 6.2% 14.0% 16.2% Ministry of Water, Land & Natural Resources Ministry of Housing & Local Government Ministry of Agriculture & Agro-Based Industry Ministry of Works Ministry of Rural Development Ministry of Defence Ministry of Home Affairs Ministry of Health Ministry of Finance3 Ministry of Education OE 20191 OE 20202 DE 20191 DE 20202 Figure 3.3.
Operating Expenditure by Component (% to OE) Figure 3.4.
Operating Expenditure by Sector 0 10 20 30 40 50 60 70 RM billion 100 90 80 70 60 50 40 30 20 10 0 Retirement charges Debt service charges Supplies and services Emoluments Others Grants and transfers to state governments Grants to statutory bodies Subsidies and social assistance 33.4% 43.4% 11.2% 9.0% 20202: RM241.0 billion 20191: RM262.3 billion 6.3% 5.9% 35.4% 40.5% 2011 2012 2013 2014 2015 2016 2017 2018 20191 20202 7.8% Security Social Economic General admin Others 7.1% Figure 3.5.
Development Expenditure by Sector Figure 3.6.

Federal Recoverable Loans under Development Fund by Debtor (End-2018) 6.0% 11.7% 5.8% 12.5% RM billion 24 20202: RM56.0 billion 22.4 20191: RM53.7 billion 28.0% 26.9% 53.7% 55.4% Security Social Economic General admin 1 Revised estimate.

2 Budget estimate, excluding 2020 Budget measures.

3 OE includes allocation for Statutory Funds.

Source: Ministry of Finance, Malaysia.
112 20 16 12 8 4 0 15.3 e t a t S s t n e m n r e v o g 5.1 0. 0.01 s e v i t a r e p o - o C i s e n a p m o C 0.2 r e h t O s n o i t a s n a g r o i Section 3 Tek BI.indd 112 05/10/2019 11:14 AM SECTION 3 FEDERAL GOVERNMENT EXPENDITUREFiscal Outlook 2020 SECTION 4: DEBT MANAGEMENT • Overview • Financing Information Box – Government of Malaysia’s 2019 Samurai Bond • Federal Government Debt Feature Article – Malaysia’s Debt Sustainability Analysis • External Debt • Public Sector Debt • Outlook for 2020 • Conclusion Section 4 Tek BI.indd 113 05/10/2019 11:57 AM 114 Section 4 Tek BI.indd 114 05/10/2019 11:57 AM SECTION 4 DEBT MANAGEMENTFiscal Outlook 2020 SECTION 4: DEBT MANAGEMENT Overview The fundamental objective of debt management is to ensure the Government is able to meet its financing needs at the minimum cost over the long term, while maintaining a well-functioning market for government securities.
In a dynamic and challenging global environment, it is crucial to balance between cost and related risks, such as currency and rollover risks.

Towards this, the Government has been implementing prudent debt management strategies, while adhering to stipulated debt rules.

Among the strategies are to focus on ringgit- denominated issuance aimed at supporting the domestic bond market while reducing cost and minimise foreign exchange risk exposure.
Meanwhile, issuance of offshore borrowings is intended to create a benchmark yield curve, diversify investor base and gain natural hedge.

The issuances are also focused on medium-and long-tenured papers to ensure a well-spread maturity profile.

In addition, to support a liquid and well-functioning market, the Government strives to promote transparency through open bidding issuances where diverse investors can transact confidently, thus encouraging competitive pricing of government securities.
Furthermore, a centralised debt management team is important to ensure effective strategy development and orderly implementation of the overall debt management of a country.

In this regard, the Government has announced the establishment of the Debt Management Office (DMO) on 15 May 2019 to enhance the processes and governance of the overall debt and liability management.
The DMO is tasked to monitor and review potential risks that may arise from the Federal Government debt, government guarantees and other liabilities such as public private partnership commitments.

Financing The Government’s borrowing programme is determined by projected funding requirements through refinancing of maturing debts and estimated fiscal deficit.
For 2019, the Federal Government is expected to raise gross borrowings of RM135.2 billion or 8.9% of GDP, of which 94.5% is domestic borrowings, while the remaining is offshore issuances.

Gross proceeds will be utilised mainly for principal refinancing amounting to RM83.3 billion and deficit financing (RM51.8 billion).
The principal repayments consist of maturing Malaysian Government Securities (MGS) of RM43.4 billion, Malaysian Government Investment Issues (MGII) amounting to RM24 billion, Treasury bills totalling RM14 billion, Government Housing Sukuk (SPK) of RM1.6 billion and offshore loans amounting to RM0.3 billion.

Gross domestic borrowings are estimated to reach RM127.7 billion of total gross borrowings.
The issuance of MGS is expected to register RM57.2 billion or 42.3% of total gross financing, while RM58.5 billion will be raised through MGII.

In addition, Treasury bills amounting to RM12 billion are projected to be issued for the purpose of cash flow management.

The Government regularly issues medium- and long-term papers in the domestic market as benchmark securities to develop a benchmark yield curve and leverage on low-interest-rate Table 4.1.
Federal Government Financing 2018 – 2019 RM million 2018 20192 Share (%) 2018 20192 Gross borrowings 131,600 135,164 100.0 100.0 Domestic 131,564 127,700 MGS MGII Treasury bills Offshore Market loans Project loans Repayments Domestic Offshore Net borrowings Domestic Offshore Change in assets1 51,030 57,200 64,305 58,500 16,229 12,000 36 - 36 7,464 7,434 30 77,137 83,012 356 267 54,107 51,885 54,427 44,688 -320 -722 7,197 -125 99.9 38.8 48.9 12.3 0.1 - 0.1 94.5 42.3 43.3 8.9 5.5 5.5 0.0 99.5 0.5 99.7 0.3 - - - - - - - - - - 77,493 83,279 100.0 100.0 Total deficit financing 53,385 51,760 1 (+) indicates a drawdown of assets; (-) indicates accumulation of assets.
2 Estimate.

Source: Ministry of Finance, Malaysia.

115 Section 4 Tek BI.indd 115 05/10/2019 11:57 AM SECTION 4 DEBT MANAGEMENTFiscal Outlook 2020 environment.

Benchmark papers may be reopened to enlarge outstanding issuance sizes to promote market liquidity.

50 and 75 bps.

The yield curve was also slightly flattered with the 10-year/3-year MGS yields spread, narrowing from 45 bps to 20 bps.
In addition, long-term securities have also been issued to establish a benchmark yield curve for longer-tenured papers.

Over the last five years, share of long-term papers of 10-year and above increased from 38.4% in 2015 to 62.8% of total issuances in 2019.

This is in line with the debt management strategy to mitigate rollover risks by expanding the tenure of issuances to establish a well-spread maturity profile.
In the first eight months of 2019, the Government received a total bid amounting to RM190.9 billion against issuances of RM69.5 billion, indicating a strong demand for MGS and MGII.

The average bid-to-cover (BTC) ratio stood at 2.81 times corresponding period in 2018 (2.28 times), reflecting investors’ confidence and deep liquidity in the domestic financial market.
Demand for these papers was supported by increased preference towards fixed income securities, US Federal Reserve (Fed) rate cut, potential global monetary easing and moderate inflation.

The Government continues to facilitate the development of Malaysia’s Islamic capital market with steady issuances of MGII and Malaysia Islamic Treasury Bills (MITB).

This is to further support a conducive environment to promote Malaysia as the premier Islamic financial market.
The strong demand for MGII provides an opportunity for the Government to raise funds at a lower cost, creating an efficient price-discovery process for Shariah-compliant instruments.

This was reflected through spreads between yields on the 10-year MGS and MGII which narrowed from 17 basis points (bps) in December 2018 to 4 bps in August 2019.

In addition, MGII recorded a significantly higher average BTC ratio at 3.11 compared to MGS at 2.48 times.
The oversubscribed issuances and preference towards MGII indicate a growing demand for Shariah-compliant papers.

The Government securities yield curve shifted downward across all tenures during the first eight months of 2019.

Yields declined at an average of 80 bps compared to the average yield in 2018, with the long-term MGS yields decreasing the most, within the range of 95 to 109 bps.
Yields for long-tenured papers trended downwards amid continued demand for longer- dated securities, mainly driven by improved investor risk appetite following interest rate reduction by the Fed.

Meanwhile, the short- and medium-term yields narrowed between 116 In the secondary market, yields were lower following Bank Negara Malaysia (BNM) overnight policy rate (OPR) cut in May by 25 bps.
Yields further reduced in July and August 2019, extending to all tenures as the demand was supported by lower inflation expectations and market’s perception towards BNM’s cautious tone in its July 2019 Monetary Policy Committee meeting.

Meanwhile, BNM’s announcement of new measures to further liberalise the foreign exchange administration and positive engagement with FTSE Russell have kept yields lower.
Yields continued to decline across the entire maturity spectrum towards end-August 2019 driven by increasing anticipation of further monetary easing by central banks globally.

Since the beginning of the year until end-August 2019, yields on the 3- and 5-year MGS were lower by 48 and 53 bps, respectively.

These rates have trended down to the level that was recorded in 2016.

Likewise, the 10-year MGS yield has significantly improved by 77 bps, recording a six-year low since July 2013.
The domestic capital market recorded a net foreign fund inflow in February and March 2019.

However, outflows were registered in April and May 2019 following the FTSE Russell announcement on the possible exclusion of Malaysia from the World Government Bond Index (WGBI), coupled with US-China trade tensions.

The trend reversed since June 2019 onwards as monetary easing by global and regional central banks drove investors to search for attractive yields across regional markets, including Malaysia.
Foreign demand for MGS rebounded, whereby from January to August 2019 a net inflow was recorded at RM7.6 billion (2018: net outflow of RM18.3 billion).

In addition, ongoing negotiations between US-China trade talks and a rate cut by the Fed boosted flows into MGS in July and August 2019.

The positive trend is expected to continue with the recent reaffirmation of Malaysian bonds on WGBI by FTSE Russell.
Gross offshore borrowings in 2019 are expected to register RM7.5 billion, primarily from market loan issuance.

On 15 March 2019, the Federal Government issued JPY200 billion Samurai bond with a maturity period of 10-year at an annual coupon rate of 0.53%.

This marks the Government’s return to the Japanese bond market after a 30-year absence and is the largest JBIC-guaranteed sovereign bond issuance in the market.
Section 4 Tek BI.indd 116 05/10/2019 11:57 AM SECTION 4 DEBT MANAGEMENTFiscal Outlook 2020 SECTION 4 DEBT MANAGEMENT Information Box Government of Malaysia’s 2019 Samurai Bond Introduction On 15 March 2019, the Government of Malaysia (GOM) successfully issued its JPY200 billion 10-year Samurai bond1 at an annual coupon rate of 0.53%, marking the Government’s return to the Japanese bond market after a 30-year absence.
The issuance was guaranteed by Japan Bank for International Cooperation (JBIC) under its Guarantee and Acquisition toward Tokyo market Enhancement (GATE) programme, sold only to Japanese qualified institutional investors.

JBIC provided a guarantee with a coverage ratio of up to 95% of the present value of total cash flows.
Proceeds from the issuance are used for general purposes, to finance development projects and programmes, which among others include building schools, hospitals, roads and provide access to utilities.

The government-to- government (G2G) arrangement is the effort by both Prime Minister Tun Dr Mahathir Mohamad and Prime Minister Shinzo Abe to foster closer economic and cultural ties between Malaysia and Japan.
Samurai Bond Transaction The issuance marks the largest 10-year single tranche Samurai bonds either in public format or in JBIC-guaranteed format.

The transaction re-establishes Malaysia’s strong standing with the Japanese investor base, while securing long-term financing from the Japanese market.
Figure 1: Transactions of GOM’s Samurai Bond Issuance Indemnity Agreement Bond Purchase Agreement Agreement with CCB1 Agency Agreement JAPAN BANK FOR INTERNATIONAL COOPERATION COMMISSIONED COMPANY FOR BONDHOLDERS (CCB) BONDHOLDERS 1 ACCB is a tripartite agreement between GOM, JBIC and CCB.

Source: Ministry of Finance, Malaysia.

The non-deal roadshow was conducted on 7 and 8 February 2019 focusing on main investors in Tokyo.
The roadshow provided comprehensive investor coverage through group seminar and 14 private meetings.

During the engagement period, investors expressed strong interest in the issuance, reflecting their confidence towards Malaysia’s stable macroeconomic fundamentals, governance and structural reforms.

1 A Samurai bond is a yen-denominated bond issued in Japan by a non-Japanese issuer and subject to Japanese regulations.
Fiscal Outlook 2020 117 Section 4 Tek BI.indd 117 05/10/2019 11:57 AM Figure 2: Transaction Agreements Indemnity Agreement (IA) Sets the terms on the obligation of the issuer for JBIC guarantee fees payment and specifies indemnity rights of JBIC Agency Agreement (AgA) Prescribes the role of the issuing and paying agent and administrative agent for the issuer Conditions of Bonds (COB) Specifies the terms and conditions of the bonds Bond Purchase Agreement (BPA) Purchase agreement of the bonds between the issuer and the purchasers Agreement with CCB (ACCB) Defines the power and duties of the CCB as entrusted by both the GoM and JBIC for the administration of the bonds Conditions of JBIC Guarantee (COG) Specifies the details of the bond guarantee provided by JBIC Sources: Ministry of Finance, Malaysia.
Investors’ Distribution and Profile Figure 3.

Allocation by Investor Type A wide range of quality investors participated in the transaction with strong demand from specialised banks, city banks,2 life insurance and regional banks.

Main investors such as specialised banks and city banks placed large size orders, which supported the book building.
At the same time, several regional investors 3 also placed orders larger than they usually would, indicating enthusiastic reception by Japanese investors on Malaysian papers.

In terms of the number of investors, a total of 46 investment firms participated, of which 31 were from regional investors.

The Government received a total interest amounting to JPY324.7 billion (RM11.9 billion), t ra n s l at i n g i n t o a n ove r s u b s c r i p t i o n o f 1.6 times than the issuance amount.
Conclusion 0.7% 0.9% 0.6% 0.6% 0.1% 3.8% 6.5% 13.9% ¥200 billion 37.9% 35.0% Specialised banks City banks Life insurance Regional banks Shinkins, etc Source: Ministry of Finance, Malaysia.

Other banks Assets management Property insurance Public funds Others The overwhelming response to the Government’s Samurai bond issuance reflects strong confidence among Japanese investors on Malaysia’s economic fundamentals.
The transaction was particularly exceptional, as it was initiated by G2G to foster closer economic and cultural ties between the two countries.

Furthermore, it was the largest single tranche Samurai bond issued with a competitive coupon rate.

The issuance further enhances diversification of funding base while strengthening Malaysia’s position as among the leading investment hub within the region.
2 City banks are large in size, with headquarters in major cities and branches in Tokyo, Osaka, other major cities, and their immediate suburbs.

3 Regional investors are regional banks and shinkins, etc (Shinkin, Shinren and Shinyo Kumiai Banks).

118 Section 4 Tek BI.indd 118 05/10/2019 11:57 AM SECTION 4 DEBT MANAGEMENTFiscal Outlook 2020 Federal Government Debt Improving fiscal transparency and accountability are key components in strengthening public debt management.
In this regard, the Government has established the Debt Management Committee (DMC) on 15 May 2019 with the main objective to formulate a sustainable debt management policy by reducing debt in the medium and long term while minimising risk exposure.

The DMC is also tasked to address concerns over risks associated with the Federal Government domestic or offshore borrowings, government guarantees and any policy direction that may impact the fiscal and debt position.
T h e Fe d e r a l G o v e r n m e n t i s s u e s d e b t instruments in the domestic and offshore markets with the primary purpose to finance development expenditure needs and refinancing of maturing debts.

As at end-June 2019, t h e Fe d e ra l G ove r n m e n t d e b t s t o o d at RM799.1 billion or 52.7% of GDP, below the self-imposed limit of 55%.

The debt comprised 96.3% of securities denominated in ringgit while the balance of 3.7% is from offshore borrowings mainly in US dollar and yen.
With the availability of deep and liquid domestic capital market as well as robust institutional investors, the Federal Government is able to access the debt market, thus reducing foreign exchange exposure in balancing cost-risk trade-off.

The management of Federal Government debt is governed and defined in accordance with specific laws.
Conventional debt instruments namely MGS and Malaysian Treasury Bills (MTB) are governed under the Loan (Local) Act 1959 [Act 637] and the Treasury Bills (Local) Act 1946 [Act 188], respectively while Islamic securities, MGII and MITB are issued under the Government Funding Act 1983 [Act 275].

Act 637 and Act 275 authorise the Federal Government to raise funds within Malaysia for development expenditure and refinance maturing debts.
These Acts specify the statutory limit of Federal Government outstanding debt instruments, namely MGS, MGII and MITB shall not exceed 55% of GDP.

As at end-June 2019, the outstanding amount of these instruments stood at RM737.5 billion or 48.6% of GDP.

Meanwhile, Act 188 restricts the outstanding MTB at RM10 billion (end-June 2019: RM4.5 billion).

In addition, the foreign-denominated currency debt is capped at RM35 billion under the External Loans Act 1963 [Act 403].
As at end-June 2019, the outstanding offshore borrowings amounted to RM29.2 billion.

The thresholds set under these legislations serve as a control mechanism to ensure prudent and sustainable debt management.

Domestic debt stood at RM769.9 billion as at end-June 2019, mainly comprising MGS (RM404.2 billion) and MGII (RM330.3 billion).

MGS remained as the primary debt instrument Table 4.2.
Federal Government Debt by Instrument 2018 – 2019 Domestic debt MGS MGII SPK Treasury bills Offshore borrowings Market loans Project loans Total Memorandum item: Non-resident holdings of ringgit- denominated debt securities 1 End-June 2019.

Source: Ministry of Finance, Malaysia.
Share (%) Share of GDP (%) 20191 2018 20191 RM million Section 4 Tek BI.indd 119 05/10/2019 11:57 AM SECTION 4 DEBT MANAGEMENTFiscal Outlook 2020 Table 4.3.
Debt Legislative and Administrative Guidelines Rules Statutory Borrowings are only to finance development expenditure Loan (Local) Act 1959 Domestic debt ceiling (MGS, MGII, MITB) MTB ceiling Offshore borrowing ceiling Not exceeding 55% of GDP Statute Paper 76 of 2009, Loan (Local) Act 1959 and Government Funding Act 1983 (End-June 2019: 48.6%) Not exceeding RM10 billion Treasury Bills (Local) Act 1946 (End-June 2019: RM4.5 billion) Not exceeding RM35 billion Statute Paper 77 of 2009, External Loans Act 1963 (End-June 2019: RM29.2 billion) Administrative Current balance always in surplus to ensure operating expenditure is financed by revenue Self-imposed limit of 55% of GDP (End-June 2019: 52.7%) Limit of debt service charges (DSC) Allocation for debt service charges are classified as charged items Federal Constitution Article 98(1)(b) DSC ≤ 15% of revenue (20191: 12.5% of revenue) 1 Estimate.
Source: Ministry of Finance, Malaysia with a share of 50.6%, followed by MGII, contributing 41.3% to total Federal Government debt.

Treasury bills, namely MTB and MITB, are short-term securities with original maturities of 3-month, 6-month, 9-month and 1-year issued for cash flow management.

As at end-June 2019, outstanding Treasury bills stood at RM7.5 billion, accounting for 0.9% of total Federal Government debt.
The Government periodically issues Treasury bills at a discount through a competitive auction to finance any shortfall in serving Government’s monthly cash flow commitment.

MGII was first issued in 1983 to allow local Islamic banks to hold Shariah-compliant papers that meet their liquidity requirements.

This effort paved the way for the development of Islamic finance in the domestic market and subsequently positioning Malaysia as the international Islamic financial hub.
The share of MGII to total outstanding debt has increased from 33.9% in 2015 to 41.3% as at end-June 2019.

The SPK issued by the Federal Government prior to the establishment of the Public Sector Home Financing Board (LPPSA) stood at RM27.9 billion or 3.5% of the total debt.

The Federal Government 120 will continue to serve the debts until its maturity in 2024.

Since its inception in 2016, LPPSA has issued sukuk to provide funding for civil servant’s housing loans and will serve its own debt obligations.
As at end-June 2019, outstanding offshore borrowings which consist of market loans and project loans amounted to RM29.2 billion.

These borrowings comprise loans in foreign- denominated currencies, mainly the US dollar (54.5%) and yen (44.7%).

After taking into account the recent Samurai bond issuance of JPY200 billion in March 2019, market loans stood at RM23.6 billion.
Meanwhile, project loans amounting to RM5.6 billion were from existing bilateral and multilateral arrangements to finance specific programmes and infrastructure projects such as universities, sewerage and water reservoir.

Resident holders of the Federal Government debt remained well-spread with holdings of RM609.1 billion, accounting for 76.2% of the total.

A diversified investor base supports an active secondary market for the Government securities, thus keeping funding costs low and stable.
Domestic holders primarily consist of large and long-term investors such as Employees Section 4 Tek BI.indd 120 05/10/2019 11:57 AM SECTION 4 DEBT MANAGEMENTFiscal Outlook 2020 Table 4.4.
Federal Government Debt by Holder 2018 – 2019 Residents Employees Provident Fund Retirement Fund (Incorporated) Insurance companies Banking institutions Development financial institutions Others1 Non-residents Fund manager Central bank, supranational and sovereigns Banking institutions Pension funds Insurance companies Others2 Total RM million Share (%) Share of GDP (%) Includes other non-bank financial institutions, statutory bodies, nominees and trustee companies, co-operatives, securities placed by institutional investors at the central bank and unclassified items.
2 Include nominees/custodians, individuals, non-financial corporations, multilateral and bilateral institutions as well as unidentified sectors.

3 End-June 2019.

Source: Ministry of Finance, Malaysia.

Provident Fund (29.3%), insurance companies (4.3%) and Retirement Fund (Incorporated) or KWAP (3.3%).

Meanwhile, banking institutions, development financial institutions and others collectively hold 39.3% of the total.

Non-residents hold RM190 billion or 23.8% of total outstanding Federal Government debt.
Long-term and institutional investors consist of mainly central banks, supranationals and sovereigns, pension funds, insurance companies and others accounted for 12.1%.

Likewise, fund managers and banking institutions hold 9.1% and 2.6% of the total debt, respectively.

Furthermore, non-resident holdings in MGS remain stable at 3 6 .

9 % o f t h e t o t a l M G S o u t s t a n d i n g (end-2018: 38.4%).
The average time-to-maturity, indicating the upcoming refinancing needs, is expected to increase from 7.6 years in 2018 to 8.1 years in 2019 after taking into account issuances for the year.

This is due to larger issuances of long-tenured papers with a maturity of seven years and above as well as a lower share of outstanding Treasury bills.

Thus, the maturity 1 Calcution of weighted average interest rate only covers MGS and MGII.
profile is more favourable with an increase in the share of outstanding debt papers of above 10 years, from 21.4% in 2018 to 25.9% as at end-June 2019.

Meanwhile, short-term papers with a maturity of five years and below has been reduced to 43.5% (end-2018: 48.2%).

Given the low-interest-rate environment, the Government is expected to benefit from its strategy of issuing more long-tenured papers, leveraging competitive yields and investors’ preferences.
In 2019, debt service charges are estimated at RM33 billion or 12.5% of total revenue, contributed by interest payment for domestic loans and offshore borrowings.

Of this, 99.7% is contributed by financing cost for market debt instrument while the balance is payments related to project loans.

The weighted average interest rate1 on outstanding market debt instrument as at end-June 2019 stood at 3.848%, lower than 4.106% in 2018.
This is largely due to lower average coupon rate for debt papers issued during the first half of 2019 due to favourable low-interest-rate environment, high liquidity and increased investors’ confidence.
121 Section 4 Tek BI.indd 121 05/10/2019 11:57 AM SECTION 4 DEBT MANAGEMENTFiscal Outlook 2020 Feature Article Malaysia’s Debt Sustainability Analysis Background Effective debt management is important to preserve debt sustainability, strengthen the financial position, ensure macroeconomic stability and safeguard investors’ confidence while enhancing sovereign creditworthiness.

Towards this objective, various tools are used to assess the sustainability of the debt level.
One of the tools utilised for this purpose is the Debt Sustainability Analysis (DSA) developed by the International Monetary Fund (IMF) and World Bank.

The IMF defines DSA as a tool to assess a country’s capacity to service the debt and finance its policy objectives without unduly large adjustments, which could otherwise compromise a country’s stability.
To this end, the DSA framework has been developed to conduct public and external debt sustainability analysis as a tool to better detect and prevent a potential crisis.

The objectives of the DSA framework are: i.

To assess current debt position, which includes its maturity structure, coupon rates and the debt holders; ii.

To identify vulnerabilities in the debt structure or policy framework so that pre-emptive measures can be introduced prior to payment difficulties; and iii.
To examine the impact of alternative debt-stabilising policy in case such difficulties happen or are about to occur.

DSA framework is designed for market-access countries (MAC) and low-income countries, comprising two components, namely analysis on public debt and external debt.

The analysis framework for both components consists of the baseline scenario and sensitivity analysis.

Baseline scenario refers to a set of macroeconomic projections and assumptions that underline the government’s policies.
Meanwhile, sensitivity analysis is applied to the baseline scenario with various stress tests to determine the dynamics of government debt profile.

The outcome of the analysis provides an indication of the level of government’s debt vulnerability.

Analysis of Malaysia’s Federal Government Debt Malaysia is categorised under MAC as Malaysia has easy access to the domestic and international capital market.
Under MAC, it is crucial to determine whether a country should be classified under a lower or higher scrutiny assessment.

Under a lower scrutiny assessment, an emerging economy’s debt level and annual public gross financing requirements should not exceed 50% and 10% of GDP, respectively.

Although Malaysia’s gross financing requirement is around 8% of GDP, Malaysia is classified under higher scrutiny assessment due to its debt1 level exceeding 50% of GDP.
1 Debt coverage for Malaysia refers to Federal Government debt only.

122 Section 4 Tek BI.indd 122 05/10/2019 11:57 AM SECTION 4 DEBT MANAGEMENTFiscal Outlook 2020 SECTION 4 DEBT MANAGEMENT A. Baseline Scenario Analysis 1.

Macro-Fiscal Assumptions Medium-term macroeconomic and fiscal policy assumptions under the baseline scenario include: i.

Economic growth is expected to record 4.7% during the first year of projection (2019) and is expected to moderate at an average of 4.5% onwards; ii.
Revenue collection is projected to grow at 5% per annum while overall non-interest expenditure increasing at 4% annually; and iii.

Nominal interest rate is projected to remain stable and to increase by 10 basis points in 2024.

2.

Analysis Historical data (2008 – 2018) shows two major factors contributing to debt creating flows are the primary balance (non-interest fiscal deficit) and real interest rate.
This was evident especially during the global financial crisis 2009 – 2010 as the Government incurred a higher deficit for fiscal stimulus.

Historically, debt exposure to the offshore market was minimal (less than 5% of total debt), and this is expected to continue in the projection years.

Thus ringgit depreciation has a marginal impact on debt creation.

Additionally, nominal GDP growth is also one of the determinants to the debt creating flow.
The debt-to-GDP ratio will improve positively as GDP growth remains and vice versa.

Figure 1.

Debt Creating Flows (% GDP) 12 10 8 6 4 2 0 -2 -4 -6 Residual1 Real interest rate Real GDP growth Exchange rate depreciation Primary deﬁcit Change in gross debt Projection (% GDP) 20 15 10 5 0 -5 -10 -15 -20 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Cumulative 1 Refers to current year change in assets.

Source: Ministry of Finance, Malaysia and IMF.


The Federal Government gross financing needs are projected to remain below the DSA benchmark limit for emerging countries at 10% of GDP.

The analysis shows gross financing needs will decline from 8.9% in 2019 to 7.4% in 2024 based on the assumption of gradual fiscal consolidation in the medium-term.

Likewise, the Federal Government debt is projected to remain manageable, registering 50.2% of GDP in 2024, below the self-imposed limit of 55%.
Section 4 Tek BI.indd 123 05/10/2019 11:57 AM Fiscal Outlook 2020 123 SECTION 4 DEBT MANAGEMENT 3.

Alternative Scenario Aside from the baseline scenario, the model also provides alternative scenarios which project debt and gross financing needs as a ratio to GDP under the assumption of constant primary balance and historical scenario.

i.
i.

Constant Primary Balance Assuming there is no fiscal consolidation plan throughout the medium-term, the model indicates that debt will increase to 54.6% of GDP compared to 50.2% under the baseline scenario in 2024, but still lower than the self-imposed limit of 55% of GDP.

Likewise, gross financing needs will also increase to 8.9% of GDP, lower than the DSA benchmark of 10%.

ii.
ii.

Historical Scenario Assuming historical variables trend prevails in the projection period, the model shows the debt is expected to register 57.6% of GDP, exceeding the self-imposed limit.

In addition, gross financing needs will also increase to 9.9% of GDP in 2020, almost reaching the DSA threshold of 10%.

Figure 2.
Figure 2.

Baseline and Alternative Scenario Gross Nominal Debt Gross Nominal Financing Needs Baseline Historical Constant primary balance (% GDP) 60 (% GDP) 14 58 56 54 52 50 48 46 44 2017 55% ceiling Projection 2018 2019 2020 2021 2022 2023 2024 Source: Ministry of Finance, Malaysia and IMF.

4.
4.

The Realism of Baseline Assumptions 12 10 8 6 4 2 2017 DSA limit10% Projection 2018 2019 2020 2021 2022 2023 2024 Several tools have been provided in the DSA framework to assess the credibility and robustness of the baseline scenario.

This simulation identifies Malaysia’s forecast error distribution in comparison to all other advanced and emerging economies with debt level above 60% of GDP.
The result indicates that with a relatively high percentile rank of 74% and 67%, assumptions on real GDP growth and the primary balance for the period 2010-2018 are neither too optimistic nor pessimistic.

As for the median forecast error for GDP deflator, the model shows the forecast for nominal GDP has been relatively optimistic.

124 Fiscal Outlook 2020 Section 4 Tek BI.indd 124 05/10/2019 11:57 AM SECTION 4 DEBT MANAGEMENT Figure 3.
Realism of Baseline Assumptions Real GDP Growth Malaysia median forecast error, 2010-2018: 0.04 Has percentile rank of: 74% Primary Balance Malaysia median forecast error, 2010-2018: -0.05 Has percentile rank of: 67% Inﬂation (Deﬂator) Malaysia median forecast error, 2010-2018: -1.78 Has percentile rank of: 9% (%) 8 6 4 2 i c i t s m s s e p i 0 -2 -4 -6 -8 -10 c i t s m i i t p o (% GDP) 4 2 0 -2 -4 -6 -8 Median Malaysia forecast error (%) 6 4 2 0 -2 -4 -6 -8 Median Malaysia forecast error Median Malaysia forecast error 2010 2011 2012 2013 2014 2015 2016 2017 2018 2010 2011 2012 2013 2014 2015 2016 2017 2018 2010 2011 2012 2013 2014 2015 2016 2017 2018 Note: Shaded area refers to forecast error distribution in comparison to all other advanced and emerging economies with debt level above 60% of GDP.
Source: Ministry of Finance, Malaysia and IMF.

B.

Sensitivity Analysis The macro-fiscal stress tests were conducted to assess the sensitivity of the debt dynamics to key exogenous and policy variables under different scenarios.

Specifically, this test assesses the impact on debt sustainability in the event shocks occur to economic growth, primary balance and combined shock.

In addition, the stress test also applied to contingent liability.
Under the sensitivity analysis, the IMF put a limit where the upper threshold of debt and gross financing needs under any shock scenario should not exceed 70% and 15% of GDP, respectively.

i.

Primary Balance Shock Scenario Assuming cumulative deterioration in primary balance of 1.2% of GDP in the year 2020 and 2021, the debt to GDP ratio increase sharply to 54.7% by 2021 and will reach 56.5% by 2024 while gross financing needs reach its highest point of 9.9% of GDP in 2020 and mellow down to 9.2% by 2024.
Both indicators remain below the DSA threshold of 70% for debt and 15% for gross financing needs.

ii.

Real GDP Growth Shock Scenario Assuming a shock of 1% standard deviation of real GDP in 2020 and 2021 which result to a drop in real GDP at 2.1% and 1.7%, the debt level is expected to peak at 58.5% in 2021 and reduce to 57.6% by 2024.

Gross financing needs will also increase to 10.5% in 2020 and decrease to 8.7% by 2024.

Both indicators do not trigger the DSA threshold.

iii.
iii.

Real Interest Rate Shock Assuming an introduction of interest rate increases by 200bps in 2020 onwards, with all other assumptions remained as per baseline, debt will increase to 53.6% of GDP by 2024.

Gross financing remain stable at 8.6% by 2024.

Likewise, both indicators do not trigger the DSA threshold.

iv.
iv.

Combined Shock Scenario On the assumption that all the scenarios above occur simultaneously as a macro-fiscal shock, the debt is projected to increase to 62.4% of GDP by 2024 while gross financing needs revolve around 10% throughout the projection period, below the DSA threshold.
Fiscal Outlook 2020 125 Section 4 Tek BI.indd 125 05/10/2019 11:57 AM v. Contingent Liability Shock Scenario Assuming the Federal Government is obliged to allocate 0.5% of GDP transfers in expenditure due to materialisation of the contingent liability, this will result in debt increasing to 59.6% of GDP in 2020 while gross financing needs increase to 15.5%, exceed the DSA threshold but reduce to 8.8% by 2024.
In general, the projected debt indicators would help the Government to determine its debt affordability and help to formulate precautionary measures to sustain its debt level while maintaining market and investor confidence.

Figure 4.
Macro-Fiscal Stress Tests Gross Nominal Debt (% GDP) Gross Nominal Debt (% Revenue) Gross Financing Needs (% GDP) Baseline Primary balance shock Real GDP growth shock Real interest rate shock (% GDP) 60 56 52 48 (% Revenue) 360 340 320 300 280 (% GDP) 11 10 9 8 7 44 2019 2020 2021 2022 2023 2024 260 2019 2020 2021 2022 2023 2024 6 2019 2020 2021 2022 2023 2024 Gross Nominal Debt (% GDP) Gross Nominal Debt (% Revenue) Gross Financing Needs (% GDP) Baseline Combined shock scenario Contingent liability shock (% GDP) 64 60 56 52 48 (% Revenue) 400 360 320 280 240 (% GDP) 15 12 9 6 3 44 2019 2020 2021 2022 2023 2024 200 2019 2020 2021 2022 2023 2024 0 2019 2020 2021 2022 2023 2024 Source: Minisrty of Finance, Malaysia and IMF.
C. Risk Assessment Another feature of DSA is an assessment of debt profile risk based on five main indicators.

The main source of debt profile risk is from external financing requirement indicator, which is defined as the sum of the balance of payments’ (BOP) current account, amortisation of medium and long term external debt and short term total external debt at the end of the previous period.
According to the model, Malaysia’s external financing requirement indicator stood at 45% of GDP, exceeding the 15% upper threshold, signalling high risk.

This indicates the redemption amount required for the external debt at remaining maturity is significantly larger than BOPs’ current account surplus.

Nevertheless, in Malaysia’s case, the risk is mitigated through the availability of deep and liquid debt market supported by large domestic institutional long-term investors.
In addition, the external debt is backed by substantial non-reserves external assets which can be utilised to meet external debt obligations.

126 Section 4 Tek BI.indd 126 05/10/2019 11:57 AM SECTION 4 DEBT MANAGEMENTFiscal Outlook 2020 Figure 5.
Debt Proﬁle Vulnerabilities Malaysia 45% Lower threshold Upper threshold 600 200 165 bps 15 5 1 0.5 0.2% 45 15 30% 60 20 3% Bond Spread (in basis points) External Financing Requirement (% GDP) Annual Change in Short-Term Debt (% of total) Debt Held by Non-Residents (% of total) Debt in Foreign Currency (% of total) Source: Ministry of Finance, Malaysia and IMF.

The evolution of predictive densities of debt provides a probabilistic view of the uncertainties around the baseline.
It shows a spectrum of possible outcomes which incorporates macroeconomic variables and historical data to calibrate persistence of shocks.

Under the symmetric scenario, downside risk (debt increment) matches the upside risk (debt reduction), with a 5% probability of the Government debt exceeding 60% of GDP in 2021 and 25% likelihood in 2024.
However, under the asymmetric scenario, which assumes downside risk higher than upside risk, the Government debt will exceed 60% of GDP one year earlier compared to the symmetric scenario for both probabilities.

Figure 6.

Evolution of Predictive Densities of Gross Nominal Debt Symmetric Distribution Asymmetric Distribution (% GDP) 70 60 50 40 30 20 10 0 2017 75th-90th 50th-75th 25th-50th 10th-25th Baseline 2018 2019 2020 2021 2022 2023 2024 Source: Ministry of Finance, Malaysia and IMF.
Conclusion (% GDP) 70 60 50 40 30 20 10 0 2017 75th-90th 50th-75th 25th-50th 10th-25th Baseline 2018 2019 2020 2021 2022 2023 2024 DSA provides insight on the country’s debt burden over the medium term against its sustainable path by identifying vulnerabilities in the existing debt structure or policy framework and examining the impact of alternative debt-stabilising policy path.
The baseline scenario indicates that Malaysia’s debt level remains sustainable, below the self-imposed limit of 55% and significantly lower than 70% of GDP under the DSA guidance benchmark throughout the projection period.

However, some debt indicators remain vulnerable to stress tests, namely real GDP growth, contingent liability and combined macro-fiscal shocks.

In relation to the debt profile, the main risk identified from this model is the sizeable external financing needs.
Therefore, a gradual fiscal consolidation and debt reduction are crucial to building adequate fiscal buffers, particularly in the event of a global economic and financial crisis.

In this regard, a sustainable debt level will further improve investors’ confidence, thus safeguarding the country’s sovereign rating.

127 Section 4 Tek BI.indd 127 05/10/2019 11:57 AM SECTION 4 DEBT MANAGEMENTFiscal Outlook 2020 References: Bank Negara Malaysia: Malaysia Highlights and Statistics Table 3.7 External Debt.
Retrieved on 23 July 2019 from http://www.bnm.gov.my/index.php?ch=en_publication&&pub=msbarc International Monetary Fund (IMF) (2019).

Article IV Staff Report.

Retrieved on 23 July 2019 from.

https://www.imf.org/en/Publications/CR/Issues/2019/03/08/Malaysia-2019-Article-IV-Consultation- Press-Release-Staff-Report-and-Statement International Monetary Fund (IMF) (2017).

Debt Sustainability Analysis: Introduction.


Retrieved on 23 July 2019 from https://www.imf.org/external/pubs/ft/dsa/ International Monetary Fund (IMF) Staff Guidance Note For Public Debt Sustainability Analysis In Market-Access Countries.
Retrieved on 23 July 2019 from https://www.imf.org/external/np/ pp/eng/2013/050913.pdf External Debt External debt is defined as the nation’s offshore obligation of the public and private sectors, which includes offshore borrowings, non-resident holdings of ringgit-denominated debt securities, non-resident deposits and other external debt.

As at end-June 2019, the external debt stood at RM931.1 billion or 61.3% of GDP.
The slight increase in total external debt was contributed by a sizeable increase in medium- and long-term offshore borrowing primarily by the private sector but was offset by withdrawal in non-resident deposits.

Malaysia’s external debt remains manageable backed by large availability of banks and domestic companies’ external assets that provides a buffer against external risks.

Furthermore, medium- and long- term tenure constituted 58.3% of total external debt, reflecting a lower refinancing risk.
Offshore borrowings, the largest component of external debt increased to RM580.5 billion or 38.2% of GDP.

Of the total external debt private sector offshore borrowings constituted 21.8%, increased to RM202.8 billion or 13.4% of GDP b a cke d by t h e d raw d ow n o f i n t e r b a n k borrowings and intercompany loans from parent or affiliate companies abroad.

In addition, the public sector offshore borrowings stood at RM147.9 billion or 9.7% of GDP, after taking into account the issuance of Samurai bond.
Meanwhile, non-resident holdings of ringgit- denominated debt securities remained stable at RM181.9 billion or 12% of GDP.

This includes 128 non-resident holdings of ringgit-denominated Government papers which stood at RM165.6 billion or 21.5% of total Federal Government domestic debts.

In contrast, the withdrawal of deposits by foreign holders in domestic banking institutions resulted in the decline of non- residents deposits to RM91.3 billion or 6% of GDP.
Public Sector Debt Public sector debt refers to outstanding debts from all layers of government, namely Federal Government, state governments, non- financial public corporations (NFPCs) and sovereign-guaranteed debt of statutory bodies.

As at end-June 2019, public sector debt increased to RM1.1 trillion or 76.2% of GDP due to higher Federal Government debt to finance the fiscal deficit.
Federal Government debt remains the largest component with RM799.1 billion or 69.1% of total debt while the balance is from NFPCs (24.8%) and statutory bodies (6.1%).

Statutory bodies’ net debt expanded to RM70.1 billion, mainly attributed to additional sukuk issuances by LPPSA to finance civil servant housing loans and by National Higher Education Fund Corporation (PTPTN) for education loans.
Meanwhile, the higher NFPCs’ debt at RM286.6 billion was due to further drawdown for ongoing infrastructure projects particularly Mass Rapid Transit (MRT), the extension of Light Rail Transit (LRT) line and construction of rail tracks as well as investments in oil and energy sector.

Section 4 Tek BI.indd 128 05/10/2019 11:57 AM SECTION 4 DEBT MANAGEMENTFiscal Outlook 2020 Table 4.5.
External Debt 2018 – 2019 Offshore borrowing Medium- and long-term debt Public sector Federal Government Public corporations Private sector Short-term debt Non-resident holdings of ringgit- denominated debt securities Medium- and long-term debt Federal Government Others1 Short-term debt Non-resident deposits Others2 Total RM million Share (%) Share of GDP (%) Include private sector and public corporations.
2 Comprise trade credits, IMF allocation of Special Drawing Rights and miscellaneous.

3 End-June 2019.

Note: Total may not add up due to rounding.

Source: Bank Negara Malaysia.

Table 4.6.

Public Sector Debt 2018 – 2019 Federal Government Domestic Offshore Statutory bodies Domestic of which: Guaranteed Offshore Non-financial public corporations Domestic of which: Guaranteed Offshore of which: Guaranteed Total 1 End-June 2019.

Source: Ministry of Finance, Malaysia.
RM million Share (%) Share of GDP (%) 2018 741,049 719,545 21,504 64,570 64,570 64,570 - 285,368 167,775 167,775 117,593 24,244 20191 799,108 769,867 29,241 70,120 70,120 70,120 - 286,599 169,762 169,762 116,837 24,065 2018 67.9 65.9 2.0 5.9 5.9 5.9 - 26.2 15.4 15.4 10.8 2.2 20191 69.1 66.6 2.5 6.1 6.1 6.1 - 24.8 14.7 14.7 10.1 2.1 1,090,987 1,155,827 100.0 100.0 2018 51.2 49.7 1.5 4.5 4.5 4.5 - 19.7 11.6 11.6 8.1 1.7 75.4 20191 52.7 50.7 2.0 4.6 4.6 4.6 - 18.9 11.2 11.2 7.7 1.5 76.2 129 Section 4 Tek BI.indd 129 05/10/2019 11:57 AM SECTION 4 DEBT MANAGEMENTFiscal Outlook 2020 Outlook for 2020 Gross financing needs of the Government in 2020 are expected to be primarily sourced from the domestic market and remain below the IMF’s threshold for emerging economies.
The Government will continue its effort to deepen the onshore market through higher issuances of domestic papers to improve liquidity.

Likewise, the need for offshore borrowings will be based on favourable cost at acceptable risks and global financial market conditions.

Moving forward, the Government is committed to its debt consolidation path with a targeted debt-to-GDP ratio below 50% in the medium- term.
The establishment of DMC is instrumental in guiding policy direction and strategy while the DMO will ensure smooth implementation of measures to reduce debt to a manageable level.

Hence, the Government will improve its processes and tighten procedures for a more coherent execution of effective debt management.

In this regard, these efforts will augur well to anchor positive market expectations and ensure Malaysia’s long-term debt sustainability.
Conclusion As an emerging economy, Malaysia has a relatively manageable level of debt and financing needs, below its stipulated limits.

Proceeds from the debt are for development projects, which include building schools, roads, hospitals and clinics as well as providing access to utilities.

The Government is committed towards efficient debt management to ensure borrowings made will increase the economic capacity and benefit future generations.
In addition, the Government will continue to finance its debt domestically to strengthen the capital market, especially through higher issuance of shariah-compliant instruments to further promote Malaysia as the leading hub for Islamic finance.

Concurrently, the Government will continue to reduce its debt-to-GDP ratio through the implementation of gradual fiscal consolidation efforts.

130 Section 4 Tek BI.indd 130 05/10/2019 11:57 AM SECTION 4 DEBT MANAGEMENTFiscal Outlook 2020 Figure 4.1.
Issuance by Maturity Figure 4.2.

BTC Ratios of MGS and MGII 3- to 7-year 10-year 15- to 20-year 30-year RM billion 25 Total monthly issuance BTC (right scale) Ratio 4.0 38.4% 52.3% 58.1% 56.3% 62.8% 2015 2016 2017 2018 2019 20 15 10 5 0 2015 2016 2017 2018 20191 Figure 4.3.

MGS Benchmark Yield Curve Figure 4.4.

MGS Indicative Yields 1 End-August 2019.

2018 20191 3-year 5-year 10-year 20-year % 5.5 4.5 3.5 3 5 7 10 15 20 30 Year 2.5 2015 2016 2017 2018 20191 1 End-August 2019.

1 End-August 2019.
1 End-August 2019.

Figure 4.5.

Federal Government Debt Composition MGS MGII Other domestic debt Offshore borrowings Debt-to-GDP (right scale) Self-imposed 55% ceiling 52.7% % GDP 60 % 100 80 60 40 20 0 % 5.0 4.8 4.6 4.4 4.2 4.0 3.8 3.6 3.4 3.2 3.0 RM billion 1,200 1,000 800 600 400 200 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 20191 1 End-June 2019.

Source: Ministry of Finance, Malaysia, Bank Negara Malaysia and Bloomberg.
3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 3.564 3.311 3.235 3.136 50 40 30 20 10 0 131 Section 4 Tek BI.indd 131 05/10/2019 11:57 AM SECTION 4 DEBT MANAGEMENTFiscal Outlook 2020 SECTION 4 DEBT MANAGEMENT Figure 4.6.

Federal Government Debt by Holder (End-June 2019) Figure 4.7.
Non-Resident Holdings of Ringgit- Denominated Debt Securities KWAP 3.3% Insurance companies 4.3% DFIs 2.3% Others 4.7% Banks 32.3% Non- residents 23.8% EPF 29.3% RM billion 80 38.4% 60 40 20 0 27.3% 16.7% 10.9% 2.7%4.0 / k n a b l a r t n e C Figure 4.8.
Federal Government Debt by Remaining Maturity % 70 60 50 40 30 20 10 NR holdings of MGS NR holdings of domestic debt 51.9 34.6 38.4 37.7 36.9 23.0 21.5 22.1 2016 2017 2018 20191 1 End-August 2019.

Figure 4.9.

Debt Service Charges RM billion 70 < 5 years 6-10 years 11-15 years ≥16 years RM billion 40 Offshore borrowings Domestic loans % revenue (right scale) % revenue 16 35 30 25 20 15 10 5 0 22.8% 16.5% 19.1% 21.4% 25.9% 2015 2016 2017 2018 20191 1 End-June 2019.

Figure 4.10.
Figure 4.10.

Debt Maturity Proﬁle RM billion 90 14 12 10 8 6 4 2 0 2012 2013 2014 2015 2016 2017 2018 2019 MGS MGII Other domestic debt Offshore borrowings Source: Ministry of Finance, Malaysia.
132 Fiscal Outlook 2020 Section 4 Tek BI.indd 132 05/10/2019 11:57 AM SECTION 5: FISCAL RISK AND LIABILITY • Overview • Debt and Liabilities Exposure Information Box – Recommendations by the Parliament Special Select Committee on Budget • Government Guarantees • 1Malaysia Development Berhad • Other Liabilities • Conclusion Section 5 Tek BI.indd 133 05/10/2019 12:08 PM 134 Section 5 Tek BI.indd 134 05/10/2019 12:08 PM SECTION 5 FISCAL RISK AND LIABILITYFiscal Outlook 2020 SECTION 5: FISCAL RISK AND LIABILITY Overview The Government acknowledges the need to improve fiscal risk management and is committed to reduce its the debt and liabilities exposure.
Proactive measures have been undertaken to manage the current debt and liabilities exposure in ensuring a sound fiscal position of the Government.
The measures include the disclosure of debt and liabilities exposure position beginning 2018; the establishment of the Debt Management Committee to scrutinise and endorse new government guarantees (GGs) and project financing; and introduce specific coding in the annual Federal Government Expenditure Estimates for financial commitments, particularly public private partnership (PPP) projects and transfer payment related to debt and liabilities.
In addition, the Parliament Special Select Committee on Budget has reviewed the overall Federal Government debt and liability obligations, which was affirmed in their report published in July 2019.

These initiatives will further enhance monitoring and reporting to improve governance, encompassing the elements of accountability and transparency.

PPPs and GGs are common fiscal tools used by countries for public investment in order to accelerate infrastructure development and boost economic growth.
However, these fiscal tools, if not well-managed, may increase countries’ fiscal risk exposure, particularly crystallisation on the governments’ budget.

Therefore, it is imperative to undertake a robust assessment to strike a balance between the added benefits and risks associated with these fiscal tools.

In this regard, the Government remains dedicated to ensure the liabilities exposure are well-managed without affecting the financial position in the medium term.
Debt and Liabilities Exposure Apart from the Federal Government debt, other obligations exposure of the Government are committed guarantees, 1Malaysia Development Berhad’s (1MDB) debt, and other liabilities which include estimated cash commitments of PPP and private financing initiative (PFI) projects.

As at end-June 2019, total Federal Government debt and liabilities exposure was estimated at RM1,170.3 billion or 77.1% of GDP due to increase in Federal Government debt and committed guarantees.
Of this, Federal Government debt comprised about 70% of the total exposure.

As the Government progresses into accrual-based accounting standards and reporting, the debt and other obligations of the Government will be reflected accordingly in line with the standards and statistical treatments under the International Public Sector Accounting Standards (IPSAS) and IMF’s Public Sector Debt Statistics.

Table 5.1.
Table 5.1.

Federal Government Debt and Liabilities Exposure RM billion Share of GDP (%) Federal Government debt Committed guarantees 1Malaysia Development Berhad Other liabilities (PPP, PFI and PBLT) 2018 741.0 132.7 32.2 184.9 20191 799.1 157.3 32.2 181.7 Total 1,090.8 1,170.3 1 End-June 2019.

Source: Ministry of Finance, Malaysia.
2018 51.2 9.2 2.2 12.8 75.4 20191 52.6 10.4 2.1 12.0 77.1 135 Section 5 Tek BI.indd 135 05/10/2019 12:08 PM SECTION 5 FISCAL RISK AND LIABILITYFiscal Outlook 2020 Information Box Recommendations by the Parliament Special Select Committee on Budget In efforts to enhance and strengthen the function of the Parliamentary institution as well as to ensure checks and balances, the Special Select Committee on Budget is one of the six select committees announced in December 2018.
The bipartisan Committee comprises both government and opposition Members of Parliament.

The main task of the Committee is to scrutinise the Federal Budget and matters that may impact the budget execution.

In March 2019, the Committee decided to deliberate on debt and liabilities exposure position and its impact on the Government’s budget.

The Committee scrutinised many aspects on debt and liabilities, including PPP projects and GGs.
The Committee produced a report in July 2019, reaffirming the position of debt and liabilities exposure and outlined eight recommendations for the Government to strengthen further the management and enhance the transparency of debt and liabilities exposure based on the principles of good governance, prudence and constant monitoring.
The recommendations are to: • Present the debt and liabilities exposure position to the Parliament on a regular basis to enable the monitoring of debt repayment, interest payment and debt level.

• Report detailed commitments of GG, PPP, PFI and PBLT in the annual Budget Estimates by specific project and ministry to reflect the actual obligations of these projects.

• Review and assess the list of GGs to determine the guarantees that need to be assisted.

• Set a statutory or administrative limit on GGs.


• Introduce specific coding in the annual Budget Estimates for other financial commitments such as PPP, PFI or transfer payment related to debt and liabilities.

• Report the actual commitment of debt service charges and its percentage of revenue in detail.

• Constantly monitor the ratio of total debt and liabilities exposure to GDP, Federal Government deficit to GDP as well as debt service charges over revenue.
• Analyse the debt level of Malaysia and peer countries, particularly in the ASEAN region and other advanced economies on a regular basis.

Source: "Hutang dan Liabiliti Kerajaan" by the Parliament Special Select Committee on Budget, 2019.

136 Section 5 Tek BI.indd 136 05/10/2019 12:08 PM SECTION 5 FISCAL RISK AND LIABILITYFiscal Outlook 2020 Government Guarantees Government guarantees are issued under the Loans Guarantee (Bodies Corporate) Act 1965 [Act 96].
The entity granted with GG is liable for its obligation while the Government acts as the guarantor.

Under Section 8(1) of this Act, the entity is obliged to repay to the Government the sum paid from the Consolidated Fund in respect of any liability incurred by the Government.1 GG facilities enable entities to obtain favourable funding costs and minimise its risk exposure.

All outstanding GGs are reported annually in the Federal Government Financial Statement.
As at end-June 2019, outstanding loan guarantees stood at RM273.8 billion or 18% of GDP (end-2018: RM266.5 billion; 18.4%).

New disbursements under GG were mainly to finance public infrastructure projects such as the Mass Rapid Transit (MRT) and Pan Borneo Highway as well as for civil servant housing loans managed by the Public Sector Home Financing Board (LPPSA) and education loans under the National higher Education Fund Corporation (PTPTN).
On a sectoral basis, about half of the loan guarantees were channelled to the infrastructure sector (49.2%) followed by Table 5.2.

Major Recipients of Loan Guarantees as at end-June 2019 Entity Total loan guarantees of which: DanaInfra Nasional Berhad National Higher Education Fund Corporation Prasarana Malaysia Berhad Public Sector Home Financing Board Malaysia Rail Link Sdn.

Bhd.

Khazanah Nasional Berhad Pengurusan Air SPV Berhad Projek Lebuhraya Usahasama Berhad Suria Strategic Energy Resources Sdn.
Bhd.

GovCo Holdings Berhad Total of major recipients Source: Ministry of Finance, Malaysia.

services (24.5%), investment holding (11.2%), utilities (10%), financial (3.6%) and plantation (1.4%).

The 10 major GG recipients accounted for 81% of the total loan guarantees.

As at end-June 2019, the outstanding loan guarantees recorded an average maturity of seven years.
About 65% of the guarantees are expected to mature within 10 years, of which 24.7% will mature within five years and 39.8% between 6 to 10 years.

Currency risk is largely mitigated as more than 90% of the guaranteed debt are in ringgit while the remaining is in renminbi, yen and US dollar.

There are several entities which are classified under committed guarantees as these entities currently receive allocation or have a high probability of requiring financial assistance from the Government in the future.
This is mainly due to several factors, such as assistance during the construction period or at the initial stage of operation; assistance for working capital; or to partly subsidise operations of the entities.

Most of these entities are carrying out public infrastructure projects and investment activities particularly public transportation projects.
These entities are granted guarantees under Act 96 RM million 273,847 Share (%) 100.0 Share of GDP (%) Section 8(1) Act 96: If any sum is paid out of the Consolidated Fund in respect of any liability incurred by the Government under a guarantee under this Act the body corporate shall repay that sum (together with interest thereon at the same rate as that payable on the loan under the agreement by the body corporate with the authority from which the loan is raised) to the Consolidated Fund in such manner and at such time or by such instalments as the Minister may direct.
137 Section 5 Tek BI.indd 137 05/10/2019 12:08 PM SECTION 5 FISCAL RISK AND LIABILITYFiscal Outlook 2020 Table 5.3.

Committed Guarantees DanaInfra Nasional Berhad Prasarana Malaysia Berhad Urusharta Jamaah Sdn.

Bhd.

Malaysia Rail Link Sdn.

Bhd.

Suria Strategic Energy Resources Sdn.

Bhd.

GovCo Holdings Berhad Jambatan Kedua Sdn.

Bhd.

MKD Kencana Sdn.

Bhd.

SRC International Sdn.

Bhd.

Sentuhan Budiman Sdn.

Bhd.

TRX City Sdn.

Bhd.

Asset Global Network Sdn.

Bhd.

K.L.


International Airport Berhad Total 1 End-June 2019.

Source: Ministry of Finance, Malaysia.
RM million 2018 52,740 31,414 - 18,862 7,925 7,300 5,751 3,500 3,600 800 485 228 94 20191 57,820 31,414 20,000 18,715 8,049 7,300 5,679 3,500 3,400 800 429 203 40 Share (%) 2018 20191 39.7 23.7 - 14.2 6.0 5.5 4.3 2.6 2.7 0.6 0.4 0.2 0.1 36.7 20.0 12.7 11.9 5.1 4.6 3.6 2.2 2.2 0.5 0.3 0.1 0.0 132,699 157,349 100.0 100.0 or undertakings bound under the Section 14 of the Financial Procedure Act 1957 [Act 61].2 As at end-June 2019, committed guarantees were estimated at RM157.3 billion or 10.4% of GDP.
The financial performance of the companies listed under committed guarantees will be monitored closely and aided with recovery plans to ensure the risk exposure to the Government will be reduced and gradually minimised.

1Malaysia Development Berhad 1Malaysia Development Berhad (1MDB) was established in 2009 under the Minister of Finance (Incorporation) Act 1957 initially to carry out national strategic development initiatives.
However, based on the Parliament’s Public Accounts Committee Report, due to mismanagement and poor governance, the Government has to assume 1MDB’s entire obligations, including debt principal of RM32.2 billion.

As at end-June 2019, the Government has extended advance of RM8.9 billion to 1MDB for debt servicing.

The Government is also in pursue of recovering several assets related to 1MDB’s financial trail.
The recovery process of these assets is expected to take some time as most of the assets are currently located abroad such as in Singapore, Switzerland and in the US as well as subjected to legal requirements and negotiations with the countries.

As at end-June 2019, the Government has received about RM920 million from the recovered assets, which will be utilised to serve 1MDB’s debt obligations.

Table 5.4.
Table 5.4.

Components of 1MDB’s Debt Rate Maturity Principal (%) (USD million) (RM million) Government Guarantee Sukuk 5.75 2039 - 5,000 IPIC-MOF Inc. 1MDB Energy Ltd 5.99 2022 1,750 7,3201 1MDB Energy (Langat) Letter of Support 5.75 2022 1,750 7,3201 Global bond 4.44 2023 3,000 12,5501 Total 32,190 1 Exchange rate as at end-June 2019: RM/USD = 4.1829.

Source: Ministry of Finance, Malaysia.


2 Section 14(1) Act 61: No guarantee involving a financial liability shall be binding upon the Federal Government, unless it is entered into with the written authority of the Treasury or in accordance with federal law.
138 Section 5 Tek BI.indd 138 05/10/2019 12:08 PM SECTION 5 FISCAL RISK AND LIABILITYFiscal Outlook 2020 Other Liabilities The PPP initiative plays an important role in ensuring a more efficient development and operation of public infrastructure investment.

In efforts to enhance the PPP policy and governance structure, currently there are no additional financial obligations as the Government is reviewing and consolidating the policy design of a new approach.
As at end- June 2019, outstanding PPP cash commitments are estimated at RM130.6 billion (end-2018: RM135.1 billion) based on the existing 100 projects.

The Government has allocated about RM9 billion in 2019 to serve the commitments.

These commitments comprise availability, maintenance and asset replacement charges as well as volume-based service payments of contracts up to 2047.
The PFI was first introduced during the Ninth Malaysian Plan as part of the strategies to accelerate infrastructure and utility development.

PFI projects include construction, upgrading and maintenance of schools, public utilities and low-cost housing as well as entrepreneurship and skills development programmes.

The liabilities in relation to PFI projects are estimated at RM45.9 billion as at end-June 2019.
In efforts to improve the facilities and living standards of the Royal Malaysia Police (PDRM) personnel, PBLT Sdn.

Bhd.

was set up in 2005 to undertake financing and construction of infrastructure and training facilities as well as quarters for PDRM.

As at end-June 2019, the Government’s obligations are estimated at RM5.2 billion.

Conclusion The Government will continue to report a c o m p r e h e n s ive p o s i t i o n o f d e b t a n d liabilities exposure to enhance monitoring and transparency.
In addition, the Parliament Special Select Committee on Budget has also proposed their recommendations, of which the Government is currently in the process of reviewing the suggestions.

Going forward, by adopting the accrual accounting and Government Finance Statistics Manual (GFSM) 2014, the Government will be able to provide holistic and comprehensive information on the Government’s financial performance, including both assets and liabilities.
With the establishment of the Debt Management Committee, the Government will also be able to enhance fiscal risk management framework, thus ensuring fiscal discipline and good governance.

Section 5 Tek BI.indd 139 05/10/2019 12:08 PM 139 SECTION 5 FISCAL RISK AND LIABILITYFiscal Outlook 2020 Figure 5.1.

Outstanding Loan Guarantees Figure 5.2.


Loan Guarantees by Sector (End-June 2019) RM billion 300 Loan guarantees % of GDP (right scale) 17.4% 18.4% 18.0% 15.5% 15.0% 15.0% 2014 2015 2016 2017 2018 end-June 2019 % 24 20 16 12 8 4 0 Infrastructure 49.2% Financial 3.6% Plantation 1.4% Utilities 10.0% Services 24.5% Investment holding 11.2% Figure 5.3.

Maturity Proﬁle of Loan Guarantees (End-June 2019) Figure 5.4.
Outstanding PPP Obligations by Sector (End-June 2019) RM billion 120 39.8% Share (%) Social 40.7% 24.7% 28.7% Security 2.7% 6.8% Economic 28.0% General administration 28.6% < 5 years 6 - 10 years 11 - 15 years > 16 years 250 200 150 100 50 0 100 80 60 40 20 0 Source: Ministry of Finance, Malaysia.
140 Section 5 Tek BI.indd 140 05/10/2019 12:08 PM SECTION 5 FISCAL RISK AND LIABILITYFiscal Outlook 2020 SECTION 6: CONSOLIDATED PUBLIC SECTOR • State Governments • General Government • Non-Financial Public Corporations • Consolidated Public Sector Section 6 Tek BI.indd 141 05/10/2019 12:25 PM 142 Section 6 Tek BI.indd 142 05/10/2019 12:25 PM SECTION 6 CONSOLIDATED PUBLIC SECTORFiscal Outlook 2020 SECTION 6: CONSOLIDATED PUBLIC SECTOR State Governments State governments’1 total consolidated revenue for 2019 is projected to increase significantly by 19.6% to RM27.9 billion.
Of the total, 88.1% or RM24.6 billion is from state-generated revenue which largely consists of sales tax, petroleum royalty, investment income, land premium and land tax, while the remaining is from the Federal Government grants.

The state-generated revenue is expected to surge 30.8% mainly attributable to a 5% sales tax, which has been imposed on petroleum products by Sarawak effective 1 January 2019.
Sarawak, Sabah, Terengganu, Selangor and Johor continue to be the major contributors to the total consolidated state-generated revenue constituting 86.1% or RM21.2 billion.

Tax revenue is estimated at RM9 billion or 32.1% of the total consolidated revenue.

Of this, direct tax totalled RM3.2 billion comprising mainly taxes on natural resources such as land, forestry and mines.

Meanwhile, indirect tax is expected to contribute RM5.8 billion, representing 64.2% of tax revenue.
Sales tax on petroleum products in Sarawak is expected to total RM3.9 billion, thus generating substantial revenue to the state as compared to previous years.

Sales tax in Sabah and Sarawak is under states’ jurisdiction and is one of their sources of revenue as stipulated in the Federal Constitution.2 Non-tax revenue is anticipated to register RM12.5 billion or 44.7% of the total consolidated revenue.

The main components are petroleum royalty of RM3.6 billion, investment income o f R M 3 .
4 b i l l i o n a n d l a n d p r e m i u m o f RM2.1 billion.

Meanwhile, non-revenue receipts of RM6.5 billion comprise mainly grants from the Federal Government which include capitation grants that are based on annual population projection; grants for operating expenditure of departments under Concurrent List of Federal Constitution; and service charges for the involvement of state employees in federal development projects.
The total consolidated expenditure of state governments is forecast to be higher by 8.9% to RM27.6 billion.

Operating expenditure (OE) is expected to increase by 13.4% to RM14.3 billion (2018: 2.8%; RM12.6 billion) mostly due to higher grants and fixed payments; as well as allocation for supplies and services.

Meanwhile, development expenditure (DE) is estimated to increase 4.5% to RM13.2 billion (2018: 34%; RM12.7 billion).
Among the main projects carried out in 2019 are the construction of water treatment plants in Banting, Selangor and Kemaman, Terengganu; development of water supply projects in Selangor and Johor; Table 6.1.
Consolidated State Governments’ Financial Position 2018 – 2019 RM million Change (%) 2018 20191 2018 20191 Revenue 23,338 27,918 Operating expenditure 12,646 14,336 7.2 2.8 19.6 13.4 Current balance 10,692 13,582 Gross development expenditure 12,668 13,237 34.0 4.5 Development Fund 12,640 13,044 35.3 3.2 Water Supply Fund Less: Loan recovery Net development expenditure Overall balance Share of GDP (%) 28 291 193 329 12,377 12,908 -75.2 589.3 3.9 34.9 13.1 4.3 -1.685 -0.1 674 0.04 1 Estimate.
Source: Ministry of Finance, Malaysia.

1 Excluding Federal Territories.

2 Part V of the Tenth Schedule: Additional Sources of Revenue Assigned to States of Sabah and Sarawak.

143 Section 6 Tek BI.indd 143 05/10/2019 12:25 PM SECTION 6 CONSOLIDATED PUBLIC SECTORFiscal Outlook 2020 and flood mitigation projects in Seberang Perai, Pulau Pinang.
Other projects include upgrading of administrative buildings in Kangar, Perlis and Kuala Nerus, Terengganu; construction of roads in Shah Alam and Sepang, Selangor; and the development of Bandar Baru Kijal Phase 2 in Kemaman, Terengganu.

Overall, the state governments’ consolidated financial position in 2019 is anticipated to record a current surplus of RM13.6 billion, representing 48.6% of total consolidated revenue.
The state governments’ overall balance after taking into account DE is estimated to register a surplus of RM674 million or 0.04% of GDP.

General Government According to the Government Finance Statistics Manual (GFSM) 2014 by IMF, general government refers to institutional units that perform the principal economic functions of government.
The general government functions, among others, include the provision of goods and services to the community primarily on a n o n - m a r ke t b a s i s ; i n c o m e a n d we a l t h redistribution; as well as financing activities primarily through taxation or transfers.
The general government sector in Malaysia encompasses of the Federal Government, state governments, local governments and Federal statutory bodies.3 The purpose of reporting the general government’s financial position is to analyse its performance and evaluate the overall impact of government operations on the economy.

The consolidated general government revenue for 2019 is estimated to increase by 11.3% t o R M 3 1 2 .
7 b i l l i o n , wh i l e c o n s o l i d at e d OE is estimated to increase by 13.5% to RM301.5 billion.

The increments for both revenue and OE are largely attributed to Federal Government, leading to the lower current surplus of RM11.2 billion compared to 2018.

In addition, the consolidated DE is projected to decline 6.5% to RM59.1 billion mainly due to lower Federal Government DE.
As a result, the general government’s overall deficit is expected to record RM48 billion or 3.2% of GDP in 2019 after netting off all intra-transfers and net lending.

Article 111 and 112 of the Federal Constitution stipulate that all state governments, except Sabah and Sarawak shall borrow only from or with the approval of the Federal Government.
In addition, local governments4 may borrow with the consent of respective state governments while Federal statutory bodies are also allowed to acquire borrowings with the Federal Government’s approval.

The overall deficit of the general government (excluding Federal Government) is financed mainly by the Federal Government borrowings and accumulated reserves, thus containing the credit risk exposure of general government within the Federal Government.

Table 6.2.
Table 6.2.

Consolidated General Government Financial Position 2018 – 2020 2018 281,037 265,647 15,390 63,258 -47,868 -3.3 RM million 20191 312,663 301,512 11,151 59,118 -47,967 -3.2 Revenue Operating expenditure Current balance Development expenditure Overall balance % of GDP 1 Revised estimate.

2 Budget estimate, excluding 2020 Budget measures.

Source: Ministry of Finance, Malaysia.


Change (%) 20191 11.3 13.5 20202 -8.0 -7.9 28.4 -6.5 2.1 20202 2018 4.9 5.5 287,724 277,636 10,088 60,351 -50,263 -3.1 3 Federal statutory bodies are governed by Federal ministries and subjected to respective acts to carry out specific Government functions in various sectors including education, health and agriculture.

Revenues comprise mainly grants from the Federal Government.

4 Section 41 and 42 of Local Government Act 1976.


144 Section 6 Tek BI.indd 144 05/10/2019 12:25 PM SECTION 6 CONSOLIDATED PUBLIC SECTORFiscal Outlook 2020 Non-Financial Public Corporations productivity to meet increasing demand.

Major projects include gas turbine power plant in Johor and large-scale solar project in Kedah.
Th e c o n s o l i d at e d f i n a n c i a l p o s i t i o n o f non-financial public corporations (NFPCs) is expected to register a lower current surplus of RM31.1 billion in 2019 as compared to RM60.7 billion in 2018.

The lower surplus is due to higher outflows, particularly the one-off special dividend from PETRONAS to the Federal Government.

Thus, the overall deficit for the year is estimated at RM47.8 billion.
Total consolidated revenue of the NFPCs is expected to decrease by 0.6% to RM385.8 billion.

This is due to lower global crude oil prices at an average of USD63 per barrel.

However, other sectors, such as energy and construction, are expected to record slightly better revenue in line with the completion of several development projects this year.

Total NFPCs’ expenditure for 2019 is estimated at RM433.6 billion.
Current expenditure is expected to increase by 8.3% to RM354.6 billion following the completion of NFPCs’ major projects.

The projects include Pengerang Integrated Complex (PIC) in Johor and Jimah coal-fired power plant in Negeri Sembilan.

The increase in curr ent exp en di t u re i s due to higher input and maintenance cost, especially in energy and construction sectors in line with growing demand in utilities and holding cost for unsold properties.
Meanwhile, capital expenditure is estimated to remain at RM79 billion as most of the projects are in the final stage of implementation while new projects are still at the beginning stage.

Among ongoing projects include floating liquefied natural gas facility in Sabah; power plant in Johor; large-scale solar project in Kedah; and Mass Rapid Transit 2 (MRT2) as well as Light Rail Transit 3 (LRT3) in Klang Valley.
NFPCs continue to invest in domestic and overseas projects in order to upgrade and modernise its infrastructure as well as to drive a more sustainable business growth.

The investment includes the construction of gas development project in Sabah and Sarawak as well as O&G field development project in Azerbaijan and Iraq.

Furthermore, NFPCs capital expenditure is generally disbursed to expand production capacity as well as to improve the Table 6.3.
Consolidated NFPCs1 Financial Position 2018 – 2019 RM million 2018 20192 Revenue 388,130 385,754 Current expenditure 327,410 354,612 Change (%) 2018 20192 17.9 24.6 -0.6 8.3 Current balance 60,720 31,142 -8.5 -48.7 Capital expenditure 78,854 78,980 -4.5 0.2 Overall balance -18,134 -47,838 12.0 163.8 % of GDP -1.3 -3.2 1 Refers to 28 major NFPCs.

2 Estimate.

Source: Ministry of Finance, Malaysia.

Figure 6.1.
Figure 6.1.

NFPCs’ Assets and Liabilities (End-2018) RM billion 1,200 1,000 800 600 400 200 0 1,010.8 Net assets: 517.7 493.1 Including debt: 235.6 Total assets Total liabilities Source: Ministry of Finance, Malaysia.

Consolidated Public Sector Consolidated public sector (CPS) in Malaysia consists of general government units and NFPCs.
The purpose of reporting CPS financial position is to estimate the size of the public sector, measure the impact of its activities on the economy at a macro level and identify the sources of fiscal risk.

In terms of global assessment, general government and public sector data are internationally comparable.

Similar to the general government, CPS requires all intra-transfers and net lending to be segregated from each public sector unit to represent the financial position as a single entity.
145 Section 6 Tek BI.indd 145 05/10/2019 12:25 PM SECTION 6 CONSOLIDATED PUBLIC SECTORFiscal Outlook 2020 The assessment of financial performance needs to be differentiated between the general government, a social-oriented unit and NFPCs, a profit maximising unit.

Hence, the DE of the general government, which contributes to higher deficit reflects higher capital investment for socioeconomic benefits.
Meanwhile, higher NFPCs’ deficit does not necessarily indicate a deteriorating financial performance as the capital expenditure is classified as an investment for the formation of an income-generating asset in the statement of financial position.

I n 2 0 1 9 , t h e C P S f i n a n c i a l p o s i t i o n i s anticipated to record a lower current surplus of RM42.2 billion.

This is attributable to allocation for outstanding tax refunds.
In addition, the consolidated DE of the public sector is anticipated to decline by 2.8% to RM138 billion, mainly due to lower Federal Government’s DE.

Hence, the overall deficit of the CPS, after netting off all intra-transactions between units is projected to be higher at RM95.8 billion or 6.3% of GDP in 2019 (2018: RM66 billion; 4.6%).

Table 6.4.
Table 6.4.

Consolidated Public Sector Financial Position 2018 – 2020 Revenue Operating expenditure Current balance NFPCs current balance 2018 230,488 265,372 -34,884 RM million 20191 237,769 301,382 -63,613 20202 244,518 277,239 -32,721 110,803 105,787 125,793 Public sector current balance 75,919 42,174 93,072 Development expenditure 141,958 138,006 136,331 General government NFPCs Overall balance % of GDP 1 Revised estimate.

2 Budget estimate, excluding 2020 Budget measures.


Source: Ministry of Finance, Malaysia.
63,104 78,854 59,026 78,980 58,977 77,354 -66,039 -95,832 -43,259 -4.6 -6.3 -2.7 Change (%) 20191 3.2 13.6 -2.8 -6.5 0.2 20202 2.8 -8.0 -1.2 -0.1 -2.1 2018 0.0 5.5 7.7 28.3 -4.5 146 Section 6 Tek BI.indd 146 05/10/2019 12:25 PM SECTION 6 CONSOLIDATED PUBLIC SECTORFiscal Outlook 2020 STATISTIK KEWANGAN AWAM PUBLIC FINANCE STATISTICS Public Finance Statistics 2019.indd 147 05/10/2019 10:37 AM 147 STATISTIK KEWANGAN AWAM | PUBLIC FINANCE STATISTICS Tinjauan Fiskal Fiscal Outlook 2020 148 Public Finance Statistics 2019.indd 148 05/10/2019 10:37 AM STATISTIK KEWANGAN AWAM | PUBLIC FINANCE STATISTICS Tinjauan Fiskal Fiscal Outlook 2020 SENARAI STATISTIK KEWANGAN AWAM LIST OF PUBLIC FINANCE STATISTICS No.
Jadual Table No.
Kewangan Kerajaan Persekutuan Federal Government Finance Hasil Kerajaan Persekutuan Federal Government Revenue Perbelanjaan Mengurus Kerajaan Persekutuan mengikut Komponen Federal Government Operating Expenditure by Component Perbelanjaan Mengurus Kerajaan Persekutuan mengikut Sektor Federal Government Operating Expenditure by Sector Perbelanjaan Pembangunan Kerajaan Persekutuan mengikut Sektor Federal Government Development Expenditure by Sector Pinjaman Bersih Kerajaan Persekutuan Federal Government Net Borrowings Hutang Kerajaan Persekutuan mengikut Pemegang Federal Government Debt by Holder Hutang Luar External Debt Jaminan Pinjaman Loan Guarantees Kewangan Sektor Awam Disatukan Consolidated Public Sector Finance Kedudukan Kewangan Kerajaan Negeri Disatukan Consolidated State Governments Financial Position Kedudukan Kewangan Kerajaan Tempatan Disatukan Consolidated Local Governments Financial Position Kedudukan Kewangan Badan Berkanun Disatukan Consolidated Statutory Bodies Financial Position Kedudukan Kewangan Syarikat Awam Bukan Kewangan Disatukan Consolidated Non-Financial Public Corporations Financial Position 1.1.
2.1.

3.1.

3.2.

3.3.

4.1.

4.2.

4.3.

5.1.

6.1.

6.2.

6.3.

6.4.

6.5.

149 Public Finance Statistics 2019.indd 149 05/10/2019 10:37 AM STATISTIK KEWANGAN AWAM | PUBLIC FINANCE STATISTICS Tinjauan Fiskal Fiscal Outlook 2020 Public Finance Statistics 2019.indd 150 05/10/2019 10:37 AM 1.1.

KEWANGAN KERAJAAN PERSEKUTUAN RM juta 1.1.
FEDERAL GOVERNMENT FINANCE RM million Hasil Revenue % perubahan % change Perbelanjaan mengurus Operating expenditure % perubahan % change Baki semasa Current balance 2016 2017 2018 20193 20204 212,421 220,406 232,882 263,300 244,530 -3.0 3.8 5.7 13.1 -7.1 210,173 217,695 230,960 262,260 241,020 -3.1 3.6 6.1 13.6 -8.1 2,248 2,711 1,922 1,040 3,510 Perbelanjaan pembangunan kasar Gross development expenditure 41,995 44,884 56,095 53,700 56,000 % perubahan % change Perbelanjaan langsung Direct expenditure % perubahan % change Pinjaman kasar Gross lending Tolak: Terimaan balik pinjaman Less: Loan recovery Perbelanjaan pembangunan bersih Net development expenditure % perubahan % change Baki keseluruhan Overall balance % KDNK % of GDP Baki primer1 Primary balance1 % KDNK % of GDP Sumber pembiayaan Sources of financing Pinjaman bersih luar pesisir Net offshore borrowings Pinjaman bersih dalam negeri Net domestic borrowings Perubahan aset2 Change in assets2 3.0 6.9 25.0 -4.3 4.3 40,052 42,277 54,405 51,681 53,468 3.8 5.6 28.7 -5.0 3.5 1,943 2,607 1,690 2,019 2,532 1,346 1,852 788 900 766 40,649 43,032 55,307 52,800 55,234 3.5 5.9 28.5 -4.5 4.6 -38,401 -40,321 -53,385 -51,760 -51,724 -3.1 -2.9 -3.7 -3.4 -3.2 -11,921 -12,458 -22,838 -18,760 -16,779 -1.0 -0.9 -1.6 -1.2 -1.0 835 -342 -320 7,197 37,683 40,732 54,427 44,688 -117 -69 -722 -125 - - - 1 Tidak termasuk bayaran khidmat hutang.
1 Excluding debt service charges.

2 Positif menunjukkan penggunaan aset; negatif menunjukkan pertambahan aset.

2 Positive indicates drawdown of assets; negative indicates accumulation of assets.

3 Anggaran disemak.

3 Revised estimate.

4 Anggaran belanjawan tidak termasuk langkah Belanjawan 2020.

4 Budget estimate, excluding 2020 Budget measures.

151 Public Finance Statistics 2019.indd 151 05/10/2019 10:37 AM STATISTIK KEWANGAN AWAM | PUBLIC FINANCE STATISTICS Tinjauan Fiskal Fiscal Outlook 2020 2.1.
HASIL KERAJAAN PERSEKUTUAN RM juta 2.1.
FEDERAL GOVERNMENT REVENUE RM million Cukai langsung Direct tax % perubahan % change Cukai pendapatan Income taxes Syarikat Companies Individu Individual Petroleum Pegangan dan lain-lain Withholding and others Lain-lain1 Others1 Cukai tidak langsung Indirect tax % perubahan % change Duti eksport Export duty Duti import Import duty Duti eksais Excise duties Cukai jualan Sales tax Cukai perkhidmatan Service tax Cukai barang dan perkhidmatan Goods and services tax Lain-lain Others Hasil bukan cukai2 Non-tax revenue2 % perubahan % change Jumlah Total % perubahan % change 2016 % 2017 % 2018 % 20193 % 20204 % 109,608 51.6 116,024 52.6 130,035 55.8 135,639 51.5 142,676 58.4 - - - - 47 15 - - 3,971 1.7 15,470 5.9 16,300 6.7 1,473 0.6 11,330 4.3 12,000 4.9 41,206 19.4 44,290 20.1 20,236 8.7 - - - - 2,733 1.3 3,031 1.4 2,945 1.3 3,136 1.2 3,875 1.6 43,078 20.3 42,748 19.4 58,821 25.3 83,290 31.6 54,579 22.3 -19.7 -0.8 37.6 41.6 -34.5 212,421 100.0 220,406 100.0 232,882 100.0 263,300 100.0 244,530 100.0 -3.0 3.8 5.7 13.1 -7.1 1 Termasuk hasil daripada duti setem dan cukai keuntungan harta tanah.
1 Include revenue from stamp duties and real property gains tax.

2 Termasuk faedah dan hasil daripada pelaburan, lesen, fi perkhidmatan, cukai jalan, denda dan penalti, sewaan, royalti petroleum, hasil daripada Wilayah Persekutuan dan terimaan bukan hasil.

2 Includes interest and returns on investment, licences, services fees, road tax, fines and penalties, rental, petroleum royalties, revenue from the Federal Territories and non-revenue receipts.

3 Anggaran disemak.

3 Revised estimate.


4 Anggaran belanjawan tidak termasuk langkah percukaian 2020.

4 Budget estimate, excluding 2020 tax measures.

Nota: Angka dalam kurungan ialah peratus perubahan tahunan.

Note: Figures in parentheses are annual percentage changes.

152 Public Finance Statistics 2019.indd 152 05/10/2019 10:37 AM STATISTIK KEWANGAN AWAM | PUBLIC FINANCE STATISTICS Tinjauan Fiskal Fiscal Outlook 2020 3.1.

PERBELANJAAN MENGURUS KERAJAAN PERSEKUTUAN MENGIKUT KOMPONEN RM juta 3.1.
FEDERAL GOVERNMENT OPERATING EXPENDITURE BY COMPONENT RM million Emolumen Emoluments Bayaran persaraan Retirement charges Bayaran khidmat hutang Debt service charges Dalam negeri Domestic Luar negeri External Pemberian dan serahan kepada kerajaan negeri Grants and transfers to state governments Pemberian di bawah Perlembagaan Constitutional grants Pemberian/pindahan lain1 Other grants/transfers1 Perkhidmatan dan bekalan Supplies and services Subsidi dan bantuan sosial Subsidies and social assistance Pembelian aset Asset acquisition Bayaran balik dan hapus kira Refunds and write-offs Pemberian kepada badan berkanun Grants to statutory bodies Lain-lain2 Others2 Jumlah Total % perubahan % change 2016 % 2017 % 2018 % 20193 % 20204 % -3.1 3.6 6.1 13.6 -8.1 1 Termasuk pemberian/pindahan selain pemberian yang ditetapkan di bawah Perlembagaan Persekutuan.
1 Include grants/transfers other than those listed in the Federal Constitution.

2 Termasuk pemberian kepada Kumpulan Wang Terkanun, syarikat awam, pertubuhan antarabangsa, tuntutan insurans dan pampasan serta lain-lain.

3 Anggaran disemak.

4 Anggaran belanjawan tidak termasuk langkah Belanjawan 2020.

Nota: Angka dalam kurungan ialah peratus perubahan tahunan.

2 Include grants to Statutory Funds, public corporations, international organisations, insurance claims and gratuities as well as others.
3 Revised estimate.

4 Budget estimate, excluding 2020 Budget measures.

Note: Figures in parentheses are annual percentage changes.

153 Public Finance Statistics 2019.indd 153 05/10/2019 10:37 AM STATISTIK KEWANGAN AWAM | PUBLIC FINANCE STATISTICS Tinjauan Fiskal Fiscal Outlook 2020 3.2.

PERBELANJAAN MENGURUS KERAJAAN PERSEKUTUAN MENGIKUT SEKTOR RM juta 3.2.
FEDERAL GOVERNMENT OPERATING EXPENDITURE BY SECTOR RM million Ekonomi Economic Pertanian dan pembangunan luar bandar Agriculture and rural development Tenaga dan kemudahan awam Energy and public utilities Perdagangan dan perindustrian Trade and industry Pengangkutan Transport Perhubungan Communications Alam sekitar Environment Lain-lain Others Sosial Social Pendidikan dan latihan Education and training 51,887 54,227 56,233 56,592 60,064 Kesihatan Health Perumahan Housing Lain-lain Others Keselamatan Security Pertahanan Defence Keselamatan dalam negeri Internal security Pentadbiran am1 General administration1 Lain-lain2 Others2 Jumlah Total % perubahan % change 21,632 24,054 26,435 27,246 28,145 654 715 13 - - -3.1 3.6 6.1 13.6 -8.1 1 Termasuk perkhidmatan am, bayaran balik dan bayaran ganti serta perkhidmatan luar negeri.
1 Includes general services, refund and reimbursement, and foreign affairs services.

2 Termasuk bayaran khidmat hutang, bayaran persaraan dan bayaran pindahan.

2 Include debt service charges, retirement charges and transfer payments.

3 Anggaran disemak.

3 Revised estimate.

4 Anggaran belanjawan tidak termasuk langkah Belanjawan 2020.

4 Budget estimate, excluding 2020 Budget measures.

Nota: Angka dalam kurungan ialah peratus perubahan tahunan.
Note: Figures in parentheses are annual percentage changes.

154 Public Finance Statistics 2019.indd 154 05/10/2019 10:37 AM STATISTIK KEWANGAN AWAM | PUBLIC FINANCE STATISTICS Tinjauan Fiskal Fiscal Outlook 2020 3.3.

PERBELANJAAN PEMBANGUNAN KERAJAAN PERSEKUTUAN MENGIKUT SEKTOR RM juta 3.3.
FEDERAL GOVERNMENT DEVELOPMENT EXPENDITURE BY SECTOR RM million 2016 % 2017 % 2018 % 20193 % 20204 % Ekonomi Economic % perubahan % change Pertanian dan pembangunan luar bandar Agriculture and rural development Tenaga dan kemudahan awam1 Energy and public utilities1 Perdagangan dan perindustrian Trade and industry Pengangkutan Transport Perhubungan Communications Alam sekitar Environment Lain-lain Others Sosial Social % perubahan % change Pendidikan dan latihan Education and training Kesihatan Health Perumahan Housing Lain-lain Others Keselamatan Security % perubahan % change Pertahanan Defence Keselamatan dalam negeri Internal security Pentadbiran am2 General administration2 % perubahan % change Jumlah Total % perubahan % change 25,113 59.8 24,186 53.9 36,103 64.4 28,820 53.7 31,019 55.4 7.8 -3.7 49.3 - - -7.6 35.7 - -25.5 45.3 5.5 41,995 100.0 44,884 100.0 56,095 100.0 53,700 100.0 56,000 100.0 3.0 6.9 25.0 -4.3 4.3 1 Sebahagian besarnya bekalan elektrik dan air.
1 Mainly electricity and water supply.

2 Termasuk perkhidmatan am, penyenggaraan dan pengubahsuaian.

2 Includes general services, maintenance and renovations.

3 Anggaran disemak.

3 Revised estimate.

4 Anggaran belanjawan tidak termasuk langkah Belanjawan 2020.

4 Budget estimate, excluding 2020 Budget measures.

Nota: Angka dalam kurungan ialah peratus perubahan tahunan.

Note: Figures in parentheses are annual percentage changes.
155 Public Finance Statistics 2019.indd 155 05/10/2019 10:37 AM STATISTIK KEWANGAN AWAM | PUBLIC FINANCE STATISTICS Tinjauan Fiskal Fiscal Outlook 2020 4.1.

PINJAMAN BERSIH KERAJAAN PERSEKUTUAN RM juta 4.1.
FEDERAL GOVERNMENT NET BORROWINGS RM million Pinjaman bersih dalam negeri Net domestic borrowings Sekuriti Kerajaan Malaysia Malaysian Government Securities Terbitan kasar Gross issuances Bayaran balik prinsipal Principal repayments Bersih Net Terbitan Pelaburan Kerajaan Malaysia Malaysian Government Investment Issues Terbitan kasar Gross issuances Bayaran balik prinsipal Principal repayments Bersih Net Bil Perbendaharaan Treasury bills Terbitan kasar Gross issuances Bayaran balik prinsipal Principal repayments Bersih Net Sukuk Perumahan Kerajaan Government Housing Sukuk Terbitan kasar Gross issuances Bayaran balik prinsipal Principal repayments Bersih Net Pinjaman bersih luar pesisir Net offshore borrowings Projek Project Terimaan Receipts Bayaran balik prinsipal Principal repayments Bersih Net Pasaran Market Terimaan Receipts Bayaran balik prinsipal Principal repayments Bersih Net Jumlah Total 1 Anggaran.
-177 -18 1,919 -2,000 - 2,000 -2,000 - - - - - - - - - - 1,600 -1,600 726 835 -342 -320 7,197 256 413 -157 5,303 4,420 145 477 -332 5,837 4,670 883 1,167 63 405 -342 - - - 36 356 -320 - - - 30 267 -237 7,434 - 7,434 38,043 38,517 40,390 54,107 51,885 1 Estimate.
Public Finance Statistics 2019.indd 156 05/10/2019 10:37 AM STATISTIK KEWANGAN AWAM | PUBLIC FINANCE STATISTICS Tinjauan Fiskal Fiscal Outlook 2020 4.2.

HUTANG KERAJAAN PERSEKUTUAN MENGIKUT PEMEGANG RM juta 4.2.
FEDERAL GOVERNMENT DEBT BY HOLDER RM million Hutang dalam negeri Domestic debt Bil Perbendaharaan Treasury bills Institusi perbankan Banking institutions Pemilik asing Foreign holders Lain-lain Others 2015 2016 2017 2018 20195 609,063 624,822 665,572 719,545 769,867 4,700 4,500 4,500 6,500 7,500 865 2,673 855 2,481 5,687 3,335 1,776 3,331 3,733 1,813 500 51 314 286 - Terbitan Pelaburan Kerajaan Malaysia Malaysian Government Investment Issues Kumpulan Wang Simpanan Pekerja Employees Provident Fund Kumpulan Wang Persaraan (Diperbadankan) Retirement Fund (Incorporated) Syarikat insurans Insurance companies 214,000 234,500 268,000 304,300 330,300 65,778 76,664 91,350 105,281 120,109 12,882 11,916 11,163 8,968 9,608 8,627 9,534 9,395 10,861 11,063 Bank Negara Malaysia - 2,606 4,040 3,569 1,810 Institusi perbankan Banking institutions Institusi kewangan pembangunan Development financial institutions Pemilik asing Foreign holders Lain-lain1 Others1 78,386 83,477 100,760 125,432 139,481 19,237 18,265 17,638 17,869 16,685 11,628 21,528 18,496 15,893 14,659 17,462 10,510 15,158 16,427 16,885 Sekuriti Kerajaan Malaysia Malaysian Government Securities Kumpulan Wang Simpanan Pekerja Employees Provident Fund Kumpulan Wang Persaraan (Diperbadankan) Retirement Fund (Incorporated) Syarikat insurans Insurance companies 340,063 357,422 364,672 380,345 404,167 65,893 66,446 90,969 99,791 100,195 9,598 13,511 10,729 14,559 16,199 22,083 22,888 21,544 24,153 22,552 Bank Negara Malaysia 3,210 6,066 4,616 6,715 5,460 Institusi perbankan Banking institutions Institusi kewangan pembangunan Development financial institutions Pemilik asing Foreign holders Lain-lain2 Others2 Sukuk Perumahan Kerajaan Government Housing Sukuk 61,192 61,194 55,995 75,074 90,527 2,523 1,278 796 1,256 616 160,995 168,460 164,399 146,152 149,127 14,569 17,579 15,624 12,645 19,491 50,300 28,400 28,400 28,400 27,900 157 Public Finance Statistics 2019.indd 157 05/10/2019 10:37 AM STATISTIK KEWANGAN AWAM | PUBLIC FINANCE STATISTICS Tinjauan Fiskal Fiscal Outlook 2020 4.2.
HUTANG KERAJAAN PERSEKUTUAN MENGIKUT PEMEGANG (samb.)

RM juta 4.2.

FEDERAL GOVERNMENT DEBT BY HOLDER (cont’d.)
RM million Pinjaman luar pesisir Offshore borrowings Pinjaman pasaran3 Market loans3 Kumpulan Wang Simpanan Pekerja Employees Provident Fund Kumpulan Wang Persaraan (Diperbadankan) Retirement Fund (Incorporated) Syarikat insurans Insurance companies Bank Negara Malaysia Institusi perbankan Banking institutions Pemilik asing Foreign holders Lain-lain4 Others4 Pinjaman projek Project loans Pemilik asing Foreign holders Jumlah Total Termasuk institusi kewangan bukan bank; badan berkanun; syarikat penamaan dan pemegang amanah; syarikat kerjasama dan butiran yang tidak dapat diklasifikasikan.
2 Termasuk sekuriti yang disimpan oleh pelabur institusi dalam bank pusat.

3 Pegangan dikenal pasti semasa terbitan.

4 Termasuk institusi kewangan bukan bank; orang perseorangan; syarikat bukan kewangan dan sektor yang tidak dapat dikenal pasti.

1 Include non-bank financial institutions; statutory bodies; nominees and trustee companies; co-operatives and unclassified items.

2 Include securities placed by institutional investors at the central bank.

3 Holders were identified at time of issuance.


4 Include non-bank financial institutions; individuals; non-financial corporations and unidentified sectors.

5 End-June 2019.

5 Akhir Jun 2019.

158 Public Finance Statistics 2019.indd 158 05/10/2019 10:37 AM STATISTIK KEWANGAN AWAM | PUBLIC FINANCE STATISTICS Tinjauan Fiskal Fiscal Outlook 2020 4.3.

HUTANG LUAR1 RM juta 4.3.
EXTERNAL DEBT1 RM million Pinjaman luar pesisir2 Offshore borrowings2 Hutang jangka sederhana dan panjang3 Medium- and long-term debt3 Sektor awam Public sector Kerajaan Persekutuan Federal Government Syarikat awam4 Public corporations4 Sektor swasta Private sector Sektor perbankan Banking sector Sektor bukan perbankan Non-bank sector Hutang jangka pendek5 Short-term debt5 Sektor perbankan Banking sector Sektor bukan perbankan Non-bank sector Pemegangan sekuriti hutang dalam denominasi ringgit oleh bukan pemastautin Non-resident holdings of ringgit- denominated debt securities Hutang jangka sederhana dan panjang3 Medium- and long-term debt3 Kerajaan Persekutuan Federal Government Lain-lain Others Hutang jangka pendek5 Short-term debt5 Kerajaan Persekutuan Federal Government Lain-lain Others Deposit bukan pemastautin Non-resident deposits Lain-lain6 Others6 Jumlah Total Merujuk kepada hutang luar negeri yang didefinisikan semula.
1 Refers to the redefined external debt.

2 Bersamaan dengan hutang luar negeri di bawah definisi terdahulu terutamanya merangkumi hutang mata wang asing diperoleh dan nota serta bon terbitan luar pesisir.

2 Equivalent to the external debt as previously defined, comprise mainly foreign currency loan raised, and bonds as well as notes issued offshore.

3 Hutang jangka sederhana dan panjang merujuk kepada hutang yang bertempoh matang melebihi satu tahun.
4 Terdiri daripada hutang syarikat awam yang dijamin dan tidak dijamin.

5 Hutang jangka pendek merupakan hutang yang bertempoh matang setahun atau kurang.

6 Merangkumi kredit perdagangan, peruntukan SDR IMF dan lain-lain.

7 Akhir Jun 2019.

Nota: Angka tidak semestinya terjumlah disebabkan pembundaran.

Sumber: Bank Negara Malaysia.

3 Medium- and long-term debt refers to debt with tenure of more than one year.

4 Includes both guaranteed and non-guaranteed debt of public corporations.
5 Short-term debt refers to debt with tenure of one year and below.

6 Comprise trade credits, IMF allocation of SDRs and miscellaneous.

7 End-June 2019.

Note: Total may not add up due to rounding.

Source: Bank Negara Malaysia.

159 Public Finance Statistics 2019.indd 159 05/10/2019 10:37 AM STATISTIK KEWANGAN AWAM | PUBLIC FINANCE STATISTICS Tinjauan Fiskal Fiscal Outlook 2020 5.1.

JAMINAN PINJAMAN1 RM juta 5.1.

LOAN GUARANTEES1 RM million 1Malaysia Development Berhad Asset Global Network Sdn.

Bhd.
Bhd.

Bank Pembangunan Malaysia Berhad DanaInfra Nasional Berhad GovCo Holdings Berhad Jambatan Kedua Sdn.

Bhd.

Johor Corporation K.L.

International Airport Berhad Khazanah Nasional Berhad Lembaga Kemajuan Tanah Persekutuan Lembaga Pembiayaan Perumahan Sektor Awam Malaysia Debt Ventures Berhad Malaysia Rail Link Sdn.

Bhd.

Malaysian Industrial Development Finance Berhad MKD Kencana Sdn.

Bhd.

Pelabuhan Tanjung Pelepas Sdn.

Bhd.


Penerbangan Malaysia Berhad Pengurusan Air SPV Berhad Perbadanan Kemajuan Negeri Pahang Perbadanan PR1MA Malaysia Perbadanan Tabung Pendidikan Tinggi Nasional Prasarana Malaysia Berhad Projek Lebuhraya Usahasama Berhad Sabah Electricity Sdn.

Bhd.

Sarawak Hidro Sdn.

Bhd.

Senai Airport Terminal Services Sdn.

Bhd.

Sentuhan Budiman Sdn.

Bhd.

Small Medium Enterprise Development Bank Malaysia Berhad SRC International Sdn.

Bhd.
Bhd.

Suria Strategic Energy Resources Sdn.

Bhd.

Syarikat Perumahan Negara Berhad Tenaga Nasional Berhad TRX City Sdn.

Bhd.

Turus Pesawat Sdn.

Bhd.
Jumlah Total % KDNK % of GDP 2014 2015 2016 2017 2018 5,000 860 13,713 14,100 3,000 5,164 3,000 4,722 20,000 5,146 - 5,000 1,012 13,670 17,600 3,000 3,554 3,000 2,560 20,000 4,859 - 1,000 1,300 - 18 - 2,095 3,973 - 12 - 2,053 4,386 5,000 658 6,560 5,000 556 6,400 5,000 455 6,350 29,700 42,180 52,740 4,600 7,395 3,000 339 18,000 4,150 4,000 1,200 - 5 - 1,925 661 8,800 6,318 2,600 181 17,000 4,100 11,500 900 7,300 5,751 2,600 94 15,000 4,000 17,750 930 14,493 18,862 - 1,000 1,840 530 - 3,500 1,995 469 10,450 10,650 12,710 13,110 13,310 200 - 33,200 13,914 11,000 12 6,350 330 - 2,337 4,000 - - 2,325 800 5,310 200 - 35,200 15,614 11,000 13 5,995 330 400 2,317 4,000 - - 2,380 800 5,310 200 - 40,350 18,700 11,000 8 120 3,718 40,200 26,614 11,000 2 120 5,000 37,700 31,414 11,000 - 1,000 1,000 1,000 330 650 2,310 4,000 - - 2,866 699 5,310 330 800 2,600 3,900 2,940 - 2,555 595 5,310 330 800 2,600 3,600 7,925 530 2,547 485 5,310 172,019 176,215 187,324 238,191 266,468 15.5 15.0 15.0 17.4 18.4 1Jaminan yang diluluskan di bawah Akta Jaminan Pinjaman (Pertubuhan Perbadanan) 1965.
1Guarantees approved under the Loans Guarantee (Bodies Corporate) Act 1965.

Nota: Angka tidak semestinya terjumlah disebabkan pembundaran.

Note: Total may not add up due to rounding.

160 Public Finance Statistics 2019.indd 160 05/10/2019 10:37 AM STATISTIK KEWANGAN AWAM | PUBLIC FINANCE STATISTICS Tinjauan Fiskal Fiscal Outlook 2020 6.1.

KEWANGAN SEKTOR AWAM DISATUKAN RM juta 6.1.
CONSOLIDATED PUBLIC SECTOR FINANCE RM million Hasil Revenue Perbelanjaan mengurus Operating expenditure Baki semasa Current balance 2016 2017 2018 20191 20202 222,401 230,569 230,488 237,769 244,518 236,434 251,521 265,372 301,382 277,239 -14,033 -20,952 -34,884 -63,613 -32,721 Baki semasa syarikat awam bukan kewangan Non-financial public corporations’ current balance 90,690 103,342 110,803 105,787 125,793 Jumlah baki semasa sektor awam Total public sector current balance Perbelanjaan pembangunan Development expenditure Kerajaan am General government Syarikat awam bukan kewangan Non-financial public corporations Baki keseluruhan Overall balance % KDNK % of GDP 76,657 82,390 75,919 42,174 93,072 139,055 131,759 141,958 138,006 136,331 46,778 49,179 63,104 59,026 58,977 92,277 82,580 78,854 78,980 77,354 -62,398 -49,369 -66,039 -95,832 -43,258 -5.0 -3.6 -4.6 -6.3 -2.7 1 Anggaran disemak.
1 Revised estimate.

2 Anggaran belanjawan tidak termasuk langkah Belanjawan 2020.

2 Budget estimate, excluding 2020 Budget measures.

Public Finance Statistics 2019.indd 161 05/10/2019 10:37 AM 161 STATISTIK KEWANGAN AWAM | PUBLIC FINANCE STATISTICS Tinjauan Fiskal Fiscal Outlook 2020 6.2.

KEDUDUKAN KEWANGAN KERAJAAN NEGERI DISATUKAN RM juta 6.2.
CONSOLIDATED STATE GOVERNMENTS FINANCIAL POSITION RM million Hasil1 Revenue1 % perubahan % change Janaan negeri State-generated Pemberian Persekutuan Federal grants Bayaran balik Persekutuan Federal reimbursements Perbelanjaan mengurus2 Operating expenditure2 % perubahan % change Baki semasa Current balance Perbelanjaan pembangunan Development expenditure % perubahan % change Kumpulan Wang Pembangunan Development Fund Kumpulan Wang Bekalan Air Water Supply Fund Tolak: Terimaan balik pinjaman Less: Loan recovery Perbelanjaan pembangunan bersih Net development expenditure Baki keseluruhan Overall balance Sumber pembiayaan Sources of financing Pinjaman bersih Persekutuan Net Federal loans Perubahan aset3 Change in assets3 2015 2016 2017 2018 20194 21,137 19,898 21,767 23,339 27,918 -12.9 -5.9 -9.4 7.2 19.6 16,323 15,355 16,994 18,792 24,587 4,792 4,507 4,724 4,506 3,269 22 36 49 41 62 10,826 10,273 12,300 12,646 14,336 3.0 - -1,684 674 5,565 5,507 5,838 5,702 5,731 -7,714 -6,524 -6,128 -4,018 -6,405 1 Hasil meliputi pemberian pembangunan dan bayaran balik daripada Kerajaan Persekutuan yang sebelum ini diletakkan di bawah sumber pembiayaan, selaras dengan System of National Accounts (SNA) serta prinsip perangkaan kewangan awam.
1 Revenue includes development grants and reimbursements from the Federal Government, which was previously treated as a source of financing, consistent with the System of National Accounts (SNA) as well as conventions in public finance statistics.

2 Tidak termasuk caruman kepada Kumpulan Wang Pembangunan dan Kumpulan Wang Bekalan Air tetapi termasuk perbelanjaan berulang dalam Kumpulan Wang Bekalan Air.

3 Positif menunjukkan penggunaan aset; negatif menunjukkan pertambahan aset.

4 Anggaran.
4 Anggaran.

Nota: Angka dalam kurungan ialah peratus perubahan tahunan.

2 Excludes contribution to Development Fund and Water Supply Fund but includes recurrent expenditure from Water Supply Fund.

3 Positive indicates drawdown of assets; negative indicates accumulation of assets.

4 Estimate.

Note: Figures in parentheses are annual percentage changes.
162 Public Finance Statistics 2019.indd 162 05/10/2019 10:37 AM STATISTIK KEWANGAN AWAM | PUBLIC FINANCE STATISTICS Tinjauan Fiskal Fiscal Outlook 2020 6.3.

KEDUDUKAN KEWANGAN KERAJAAN TEMPATAN DISATUKAN RM juta 6.3.
CONSOLIDATED LOCAL GOVERNMENTS FINANCIAL POSITION RM million Hasil Revenue % perubahan % change Janaan Kerajaan Tempatan Local Government-generated Pemberian Persekutuan dan negeri Federal and state grants Perbelanjaan mengurus Operating expenditure % perubahan % change Baki semasa Current balance 2015 2016 2017 2018 20192 10,528 10,212 10,845 11,230 11,217 24.1 -3.0 6.2 3.6 -0.1 9,479 9,070 9,802 10,139 10,296 1,049 1,142 1,043 1,091 921 7,960 7,872 7,989 8,564 8,864 33.1 -1.1 1.5 7.2 3.5 2,568 2,340 2,856 2,666 2,353 Perbelanjaan pembangunan bersih Net development expenditure 1,850 1,995 2,215 1,832 1,751 % perubahan % change Baki keseluruhan Overall balance Sumber pembiayaan Sources of financing Pinjaman bersih Persekutuan Net Federal loans Pinjaman bersih negeri Net state loans Perubahan aset1 Change in assets1 22.4 7.8 11.0 -17.3 -4.4 718 345 641 834 602 12 90 -7 72 -8 60 -4 53 -4 40 -820 -410 -693 -883 -638 1 Positif menunjukkan penggunaan aset; negatif menunjukkan pertambahan aset.
1 Positive indicates drawdown of assets; negative indicates accumulation of assets.

2 Anggaran.

2 Estimate.

Nota: Angka dalam kurungan ialah peratus perubahan tahunan.

Note: Figures in parentheses are annual percentage changes.

Public Finance Statistics 2019.indd 163 05/10/2019 10:37 AM 163 STATISTIK KEWANGAN AWAM | PUBLIC FINANCE STATISTICS Tinjauan Fiskal Fiscal Outlook 2020 6.4.

KEDUDUKAN KEWANGAN BADAN BERKANUN1 DISATUKAN RM juta 6.4.
CONSOLIDATED STATUTORY BODIES1 FINANCIAL POSITION RM million 2015 2016 2017 2018 20194 Hasil Revenue % perubahan % change Janaan badan berkanun Statutory bodies-generated Pemberian Persekutuan dan negeri2 Federal and state grants2 40,660 42,033 47,660 46,994 44,861 0.5 3.4 13.4 -1.4 -4.5 12,728 15,457 18,274 19,155 19,470 27,932 26,576 29,386 27,839 25,391 Perbelanjaan mengurus Operating expenditure % perubahan % change Baki semasa Current balance Perbelanjaan pembangunan Development expenditure % perubahan % change Baki keseluruhan Overall balance Sumber pembiayaan Sources of financing Pinjaman bersih dalam negeri Net domestic borrowings Perubahan aset3 Change in assets3 33,095 34,603 37,727 37,747 39,840 4.1 4.6 9.0 0.1 5.5 7,565 7,430 9,933 9,247 5,021 4,000 3,147 3,725 2,742 2,322 -52.8 -21.3 18.4 -26.4 -15.3 3,565 4,283 6,208 6,505 2,699 3,316 9,516 8,976 4,421 1,639 -6,881 -13,799 -15,184 -10,926 -4,338 1 Badan berkanun merujuk kepada badan korporat yang ditubuhkan di bawah peruntukan undang-undang Persekutuan.
Pada tahun 2015, data meliputi 79 badan berkanun.

Bagi tahun 2016 dan 2017 pula, data meliputi 87 dan 86 badan berkanun manakala data tahun 2018 dan 2019 pula meliputi 88 badan berkanun.

2 Merujuk kepada pemberian mengurus dan pembangunan.

3 Positif menunjukkan penggunaan aset; negatif menunjukkan pertambahan aset.

4 Anggaran.

Nota: Angka dalam kurungan ialah peratus perubahan tahunan.

1 Statutory bodies refer to any corporate body that is established under Federal law.
For 2015, the data covers 79 statutory bodies.

For 2016 and 2017, the data covers 87 and 86 statutory bodies while the data for 2018 and 2019 covers 88 statutory bodies.

2 Refers to both operating and development grants.

3 Positive indicates drawdown of assets; negative indicates accumulation of assets.

4 Estimate.

Note: Figures in parentheses are annual percentage changes.
164 Public Finance Statistics 2019.indd 164 05/10/2019 10:37 AM STATISTIK KEWANGAN AWAM | PUBLIC FINANCE STATISTICS Tinjauan Fiskal Fiscal Outlook 2020 6.5.

KEDUDUKAN KEWANGAN SYARIKAT AWAM BUKAN KEWANGAN1 DISATUKAN RM juta 6.5.
CONSOLIDATED NON-FINANCIAL PUBLIC CORPORATIONS1 FINANCIAL POSITION RM million Hasil Revenue Perbelanjaan semasa Current expenditure Baki semasa Current balance Perbelanjaan modal Capital expenditure Baki keseluruhan Overall balance 2015 2016 2017 2018 20192 388,091 334,773 329,145 388,130 385,754 354,240 272,321 262,763 327,410 354,612 33,851 62,452 66,382 60,720 31,142 92,941 92,278 82,580 78,854 78,980 -59,090 -29,826 -16,198 -18,134 -47,838 1 Mulai tahun 2017, merujuk kepada 28 syarikat awam bukan kewangan (SABK) utama meliputi Axiata Group Berhad, Bintulu Port Holdings Berhad, Boustead Holdings Berhad, Cement Industries (Sabah) Sdn.
Bhd., Indah Water Konsortium Sdn.

Bhd., IJN Holdings Sdn.

Bhd., Keretapi Tanah Melayu Berhad, Kulim (Malaysia) Berhad, Malaysia Aviation Group Berhad, Malaysia Airport Holdings Berhad, Mass Rapid Transit Corporation Sdn.

Bhd., MIMOS Berhad, Malaysia Digital Economy Corporation Sdn.

Bhd., Penerbangan Malaysia Berhad, Petroliam Nasional Berhad (PETRONAS), PPES Works (Sarawak) Sdn.

Bhd., Prasarana Malaysia Berhad, Rakyat Berjaya Sdn.

Bhd., Sabah Energy Corporation Sdn.

Bhd., Sabah Ports Sdn.


Bhd., Silterra Malaysia Sdn.

Bhd., Syarikat Perumahan Negara Berhad, Syarikat SESCO Berhad, Telekom Malaysia Berhad, Tenaga Nasional Berhad, TH Plantation Berhad, UDA Holdings Berhad dan UEM Group Berhad.

1 From 2017, referring to 28 major non-financial public corporations (NFPCs) comprising Axiata Group Berhad, Bintulu Port Holdings Berhad, Boustead Holdings Berhad, Cement Industries (Sabah) Sdn.

Bhd., Indah Water Konsortium Sdn.

Bhd., IJN Holdings Sdn.


Bhd., Keretapi Tanah Melayu Berhad, Kulim (Malaysia) Berhad, Malaysia Aviation Group Berhad, Malaysia Airport Holdings Berhad, Mass Rapid Transit Corporation Sdn.

Bhd., MIMOS Berhad, Malaysia Digital Economy Corporation Sdn.

Bhd., Penerbangan Malaysia Berhad, Petroliam Nasional Berhad (PETRONAS), PPES Works (Sarawak) Sdn.

Bhd., Prasarana Malaysia Berhad, Rakyat Berjaya Sdn.

Bhd., Sabah Energy Corporation Sdn.

Bhd., Sabah Ports Sdn.

Bhd., Silterra Malaysia Sdn.


Bhd., Syarikat Perumahan Negara Berhad, Syarikat SESCO Berhad, Telekom Malaysia Berhad, Tenaga Nasional Berhad, TH Plantation Berhad, UDA Holdings Berhad and UEM Group Berhad.

2 Anggaran.

2 Estimate.

Nota: SABK merupakan agensi sektor awam yang menjual barang dan perkhidmatan industri dan komersial.

SABK termasuk syarikat yang dimiliki dan/atau dikuasai oleh Kerajaan.
SABK utama merujuk kepada pemilikan melebihi 50% jumlah ekuiti, hasil jualan minimum RM100 juta dan/atau mempunyai impak yang besar kepada ekonomi.

Note: The NFPCs are public sector agencies undertaking the sale of industrial and commercial goods and services.

They include Government-owned and/or Government-controlled companies.

Major NFPCs refers to ownership more than 50% of total equity, minimum annual sales of at least RM100 million and/or of significant impact to the economy.
Public Finance Statistics 2019.indd 165 05/10/2019 10:37 AM 165 STATISTIK KEWANGAN AWAM | PUBLIC FINANCE STATISTICS Tinjauan Fiskal Fiscal Outlook 2020 Public Finance Statistics 2019.indd 166 05/10/2019 10:37 AM MEMORANDUM PERBENDAHARAAN MENGENAI ANGGARAN HASIL KERAJAAN PERSEKUTUAN TAHUN 2020 Anggaran Hasil Teks.indd 167 05/10/2019 10:50 AM 168 Anggaran Hasil Teks.indd 168 05/10/2019 10:50 AM Fiscal Outlook 2019 MEMORANDUM PERBENDAHARAAN MENGENAI ANGGARAN HASIL KERAJAAN PERSEKUTUAN TAHUN 2020 1.
Memorandum ini menerangkan anggaran hasil Kerajaan Persekutuan 2020 dan semakan hasil 2018.

Memorandum ini disediakan mengikut Perkara 99, Perlembagaan Persekutuan.

2.

Hasil Kerajaan Persekutuan 2020 dianggarkan berjumlah RM244.5 bilion.

Butiran mengenai kutipan sebenar 2018, anggaran disemak semula 2019 dan anggaran hasil 2020 adalah di seksyen Ringkasan dan Perincian Anggaran Hasil Kerajaan Persekutuan.

Klasifikasi Hasil 3.


Hasil Kerajaan Persekutuan terbahagi kepada empat komponen utama, iaitu Hasil Cukai, Hasil Bukan Cukai, Terimaan Bukan Hasil dan Hasil daripada Wilayah Persekutuan.

4.

Hasil Cukai diklasifikasikan kepada Hasil Cukai Langsung dan Hasil Cukai Tidak Langsung.
Hasil Cukai Langsung terdiri daripada: a. Cukai Pendapatan (individu1, syarikat, petroleum, pegangan, koperasi, dan lain-lain); dan b. Cukai Langsung Lain (duti setem, cukai keuntungan harta tanah (RPGT), cukai aktiviti perniagaan luar pesisir labuan, dan lain-lain).

5.

Hasil Cukai Tidak Langsung terdiri daripada: a. Duti Eksport; b. Duti Import; c. Duti Eksais; d. Cukai Jualan dan Cukai Perkhidmatan (SST); e. Cukai Pelancongan; dan f. lain-lain.

6.
Hasil Bukan Cukai terdiri daripada: a. lesen dan permit termasuk semua bayaran yang dikenakan berkaitan dengan pemberian hak kepada individu, perbadanan, perniagaan dan perusahaan lain, antaranya termasuk royalti petroleum serta lesen kenderaan bermotor bagi tujuan kawalan atau peraturan; b. bayaran perkhidmatan termasuk terimaan bagi perkhidmatan yang diberi oleh Kerajaan Persekutuan kepada orang awam; c. perolehan daripada jualan barang termasuk terimaan daripada jualan harta benda fizikal yang dimiliki oleh Kerajaan termasuk tanah, bangunan, peralatan pejabat dan jualan barang pelbagai jenis; 1 Terdiri daripada penggajian dan selain penggajian 169 Anggaran Hasil Teks.indd 169 05/10/2019 10:50 AM ANGGARAN HASIL KERAJAAN PERSEKUTUANTinjauan Fiskal 2020 d. sewaan termasuk sewa tanah, bangunan, kenderaan, jentera dan pelbagai peralatan; e. faedah dan pulangan pelaburan termasuk perolehan daripada pelupusan pelaburan, dividen daripada saham, pendapatan faedah dan faedah pinjaman yang diberi oleh Kerajaan; f. denda dan hukuman termasuk bayaran penyelesaian luar mahkamah serta denda dan rampasan; g. sumbangan dan bayaran ganti daripada luar negeri dan sumbangan tempatan; dan h. pendapatan aktiviti mencari gali minyak dan gas daripada Malaysia – Thailand Joint Authority (MTJA).
7.
Terimaan Bukan Hasil termasuk: a. pulangan balik perbelanjaan termasuk terimaan balik bayaran daripada tahun sebelumnya, pulangan balik gaji kerana peletakan jawatan, pulangan balik perbelanjaan latihan, dapatan balik wang amanah dan wang tak dituntut; dan b. terimaan daripada agensi kerajaan termasuk pindahan dana antara kementerian atau jabatan bagi perkhidmatan yang diberi di antara agensi kerajaan, bayaran balik ke atas caruman kerajaan di bawah skim Kumpulan Wang Simpanan Pekerja dan sumbangan daripada jabatan kerajaan, badan berkanun atau syarikat milik kerajaan.
8.

Hasil daripada Wilayah Persekutuan terdiri daripada hasil cukai dan hasil bukan cukai termasuk penerimaan daripada lesen dan permit, premium dan cukai tanah, jualan aset, sewaan, bayaran perkhidmatan dan duti hiburan.
Perbendaharaan Kementerian Kewangan Malaysia 11 Oktober 2019 170 Anggaran Hasil Teks.indd 170 05/10/2019 10:50 AM ANGGARAN HASIL KERAJAAN PERSEKUTUANTinjauan Fiskal 2020 TREASURY MEMORANDUM ON THE FEDERAL GOVERNMENT REVENUE ESTIMATES FOR 2020 Anggaran Hasil Teks.indd 171 05/10/2019 10:50 AM 171 Fiscal Outlook 2019 172 Anggaran Hasil Teks.indd 172 05/10/2019 10:50 AM Fiscal Outlook 2019 TREASURY MEMORANDUM ON THE FEDERAL GOVERNMENT REVENUE ESTIMATES FOR 2020 1.
This Memorandum explains the revenue estimates of the Federal Government for 2020 and the revised estimates for 2019.

The Memorandum is prepared in accordance with Article 99 of the Federal Constitution.

2.

The Federal Government revenue for 2020 is estimated at RM244.5 billion.

Detailed actual collection for 2018 as well as revised estimates for 2019 and revenue estimates for 2020 are in section Summary and Details of Federal Government Revenue Estimate.
Classification of Revenue The Federal Government revenue is classified into four main categories, namely Tax Revenue, 3.

Non-Tax Revenue, Non-Revenue Receipts and Revenue from Federal Territories.

Tax Revenue is classified into Direct Tax Revenue and Indirect Tax Revenue.

Direct Tax 4.

Revenue are as follows: a.

Income tax (individual1, companies, petroleum, withholding, cooperative, and others); and b.
Other direct tax (stamp duty, real property gains tax (RPGT), Labuan business activity tax, and others).

5.

Indirect Tax Revenue includes: a.

Export duty; b.

Import duty; c. Excise duties; d. Sales Tax and Service Tax (SST); e. Tourism Tax; and f. Others.

6.
Non-Tax Revenue consists of: a. licences and permits including all charges imposed on the granting of rights to individuals, corporations, businesses and other enterprises, among others are in the form of petroleum royalty and motor vehicle licences for purpose of control or regulation; b. service fees which include receipts from services rendered by the Federal Government to the public; c. proceeds from sales of goods including receipts from the sales of Government’s physical assets such as land, building and office equipment as well as the sale of miscellaneous goods; 1 Consists of salary and non-salary 173 Anggaran Hasil Teks.indd 173 05/10/2019 10:50 AM FEDERAL GOVERNMENT REVENUE ESTIMATESFiscal Outlook 2020 d. rentals including rentals on land, building, vehicle, machinery and miscellaneous equipment; e. interest and return on investment which include proceed from divestment, dividends from shares, interest income and profit payment on financing granted by the Federal Government; f. fines and penalties including out-of-court settlement fees and forfeitures; g. contributions and compensations received locally and from abroad; and h. oil and gas exploration income from Malaysia – Thailand Joint Authority (MTJA).
7.

Non-Revenue Receipts include: a. refund of expenditures which include payments from previous years, refund of salaries arising from resignations, refund of training expenses, refund of trust funds and unclaimed monies; and b. which include transfer of funds between ministries or departments for services rendered between government agencies and reimbursements of the government’s contributions under the Employees Provident Fund scheme.
Revenue from Federal Territories consists of tax and non-tax revenue including receipts 8. from licences and permits, land premiums and quit rent, sales of assets, rentals, service fees and entertainment duties.
Treasury Ministry of Finance 11 October 2019 174 Anggaran Hasil Teks.indd 174 05/10/2019 10:50 AM FEDERAL GOVERNMENT REVENUE ESTIMATESFiscal Outlook 2020 RINGKASAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN SUMMARY OF FEDERAL GOVERNMENT REVENUE ESTIMATES Anggaran Hasil Teks.indd 175 05/10/2019 10:50 AM 175 Fiscal Outlook 2019 176 Anggaran Hasil Teks.indd 176 05/10/2019 10:50 AM Fiscal Outlook 2019 RINGKASAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN SUMMARY OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) 60000 HASIL CUKAI TAX REVENUE 61000 Cukai Langsung Direct Tax 61100 Cukai Pendapatan Income Tax 61900 Cukai Langsung yang Lain Other Direct Tax 62000- 64000 Jumlah Keseluruhan Cukai Tidak Langsung Overall Total Indirect Tax PENDAPATAN 2018 (2018 Revenue) RM ANGGARAN DISEMAK 2019 (2019 Revised Estimate) RM ANGGARAN 2020 (2020 Estimate) RM 174,060,593,259 180,010,000,000 189,951,000,000 130,034,596,082 135,639,000,000 142,676,000,000 122,486,116,702 127,538,000,000 134,005,000,000 7,548,479,380 8,101,000,000 8,671,000,000 44,025,997,177 44,371,000,000 47,275,000,000 62000 Cukai Tidak Langsung 23,574,249,076 44,161,000,000 47,045,000,000 Indirect Tax 62100 Duti Eksport Export Duty 62200 Duti Import Import Duty 1,725,055,984 1,280,000,000 1,300,000,000 2,896,612,860 2,670,000,000 2,800,000,000 62300 Duti Eksais Terhadap Barangan 4,917,725,850 5,045,000,000 5,300,000,000 Tempatan Excise Duty on Local Goods 62400 Cukai Jualan Tempatan 1,094,622,567 6,580,000,000 7,000,000,000 Sales Tax (Local) 62500 Cukai Jualan Import 2,876,452,909 8,890,000,000 9,300,000,000 Sales Tax (Import) 62600 Cukai Perkhidmatan Service Tax 62700 Levi Levy 1,472,797,317 11,330,000,000 12,000,000,000 112,689,180 100,000,000 105,000,000 62800 Duti Eksais Terhadap Barangan 5,861,122,352 5,440,000,000 5,700,000,000 Import Excise Duty on Imported Goods 62900 Pelbagai Cukai Tidak Langsung Miscellaneous Indirect Tax 2,617,170,057 2,826,000,000 3,540,000,000 63000 Cukai Barang dan Perkhidmatan Goods and Sevices Tax 20,235,639,371 63100 Cukai Barang
 dan Perkhidmatan 9,606,118,809 Import Goods and Services Tax (Import) - - - - 177 Anggaran Hasil Teks.indd 177 05/10/2019 10:50 AM ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 RINGKASAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN SUMMARY OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2018 (2018 Revenue) RM ANGGARAN DISEMAK 2019 (2019 Revised Estimate) RM ANGGARAN 2020 (2020 Estimate) RM 63200 Cukai Barang dan Perkhidmatan 10,629,520,562 - - Tempatan Goods and Services Tax (Local) 64000 Cukai Pelancongan Tourism Tax 70000 HASIL BUKAN CUKAI NON-TAX REVENUE 216,108,730 210,000,000 230,000,000 51,118,422,863 80,216,446,000 51,185,976,000 71000 Lesen, Bayaran Pendaftaran dan 14,026,620,918 15,203,655,000 15,176,551,000 Permit Licences, Registration Fees and Permits 71100 Bayaran untuk Kenderaan Fees for Vehicles 3,680,852,038 4,065,878,000 4,308,021,000 71200 Bayaran untuk Radio, 493,404 - - Televisyen dan Alat-Alat Elektrik Fees for Radio, Television and Electric Equipments 71300 Bayaran untuk Pendaftaran 4,187,704,690 4,306,538,000 4,462,632,000 Individu Individual Registration Fees 71400 Bayaran untuk Berniaga Fees for Business 71500 Bayaran Penerbangan Aviation Fees 5,640,994,928 6,163,475,000 5,708,912,000 5,485,430 88,000 88,000 71900 Pelbagai Bayaran 511,090,428 667,676,000 696,898,000 Miscellaneous Payments 72000 Bayaran Perkhidmatan 1,664,668,725 1,847,706,000 2,174,678,000 Service Fees 72100 Bayaran Ikhtisas Professional Fees 72200 Bayaran Pelajaran Education Fees 72300 Bayaran Iklan Advertisement Fees 72400 Bayaran Perkhidmatan Service Fees 622,566,591 758,800,000 893,080,000 58,091,105 60,809,000 71,570,000 36,643,352 42,610,000 50,151,000 947,367,677 985,487,000 1,159,877,000 178 Anggaran Hasil Teks.indd 178 05/10/2019 10:50 AM ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 RINGKASAN ANGGARAN HASIL KERAJAAN
 PERSEKUTUAN SUMMARY OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2018 (2018 Revenue) RM ANGGARAN DISEMAK 2019 (2019 Revised Estimate) RM ANGGARAN 2020 (2020 Estimate) RM 73000 Perolehan daripada Jualan Barang 156,573,892 165,692,000 1,387,540,000 Proceeds from Sales of Goods 73100 Jualan Barang-Barang Cetak Sales of Printed Materials 73200 Jualan Barang-Barang Stor Sales of Store of Goods 73300 Jualan Harta Benda Kecuali Yang Diperolehi dari Peruntukan Pembangunan (Termasuk Tanah, Bangunan, Kemudahan dan Alat Kelengkapan) Sales of Property Other Than That Procured Under Development Allocation (Include Land, Building and Equipment) 73900 Pelbagai Jualan Miscellaneous Sales 74000 Sewaan Rentals 74100 Sewa Tanah Land Rental 74200 Sewa Bangunan Building Rental 74300 Sewa Kenderaan Vehicle Rental 74400 Sewa Jentera Rental for Machinery 74500 Sewa Alat Kelengkapan Pejabat, Perabot, dan Kelengkapan Rental of Office Facilities and Furniture Sewa Alat Kelengkapan 5,853 325,000 493,000 Elektronik Rental of Electronic Equipment 74700 Sewa Alat Kelengkapan Elektrik 1,683 1,000 1,000 Rental of Electrical Equipment 74800 Sewa Alat Kelengkapan 1,858,805 202,000 307,000 Penyiaran dan Perhubungan Rental Of Broadcasting and Telecommunication Equipment 179 Anggaran Hasil Teks.indd 179 05/10/2019 10:50 AM ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 RINGKASAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN SUMMARY OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) 74900 Sewa Pelbagai Miscellaneous Rental PENDAPATAN 2018 (2018 Revenue) RM ANGGARAN DISEMAK 2019 (2019 Revised
 Estimate) RM ANGGARAN 2020 (2020 Estimate) RM 9,869,123 10,372,000 15,750,000 75000 Faedah dan Pulangan Pelaburan 31,888,783,021 59,500,424,000 28,579,592,000 Interest and Return on Investments 75100 Pulangan dari Pelaburan dalam Perusahaan Kewangan Return on Investments from Financial Institutions 75200 Pulangan dari Pelaburan dalam Perusahaan Bukan Kewangan - Return on Investment from Non- Financial Institutions - 2,671,990,000 2,638,190,000 2,158,190,000 28,060,949,263 55,055,635,000 25,133,390,000 75300 Pulangan dari Pelaburan Luar 7,538,894 13,067,000 28,683,000 Negeri - Return on Investment from Overseas 75400 Pulangan dari Pelaburan- 1,148,304,864 1,793,532,000 1,259,329,000 Pelaburan dalam Negeri yang Lain Return from Other Internal Investments 76000 Denda dan Penalti Fines and Penalties 1,451,366,098 1,547,128,000 1,678,764,000 77000 Sumbangan dan Bayaran Ganti 87,416,647 18,461,000 20,718,000 daripada Luar Negeri dan Sumbangan Tempatan Contributions and Compensation From Overseas and Local Contributions 77100 Bayaran Ganti Bagi 43,566 1,000 1,000 Perkhidmatan dari Luar Negeri Compensation For Services from Overseas 77200 Pampasan Dari Luar Negeri 26,288,848 78,000 87,000 Compensation From Overseas 77400 Sumbangan Tempatan - 61,084,233 18,382,000 20,630,000 Local Contributions - 78000 Pendapatan daripada Aktiviti Carigali 1,583,986,952 1,753,186,000 1,894,523,000 Minyak dan Gas MTJA Income from Exploration of Oil and Gas MTJA 180 Anggaran Hasil Teks.indd 180 05/10/2019 10:50 AM ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 RINGKASAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN SUMMARY OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2018 (2018 Revenue) RM ANGGARAN DISEMAK 2019 (2019 Revised Estimate) RM ANGGARAN 2020 (2020 Estimate) RM 78100 Pendapatan daripada Operasi 1,583,986,952 1,753,186,000 1,894,523,000 Petroleum Pihak Berkuasa Bersama Malaysia-Thailand (MTJA) Income from
 Petroleum Operation Malaysia-Thailand Joint Authority (MTJA) 80000 TERIMAAN BUKAN HASIL 6,212,805,682 2,074,528,000 2,217,780,000 NON-REVENUE RECEIPTS 81000 Pulangan Balik Perbelanjaan Refunds of Expenditure 81100 Pulangan Balik Perbelanjaan Am Refunds of General Expenditure 81200 Dapatan Balik Wang Amanah Trust Fund Refunded 1,636,330,217 1,959,017,000 2,094,293,000 1,379,050,286 1,783,943,000 1,907,130,000 33,169,749 18,622,000 19,908,000 81300 Dapatan Balik Wang-wang Tak 224,110,182 156,452,000 167,255,000 Dituntut Unclaimed Monies Refunded 82000 Terimaan daripada Agensi Kerajaan 4,576,475,465 115,499,000 123,474,000 Receipts from Government Agencies 82100 Terimaan untuk Perkhidmatan Receipts For Services 82200 Bayaran Balik Repayments 4,448,007 2,318,000 2,478,000 15,486,673 4,906,000 5,244,000 82300 Pemberian Dari Kumpulan Wang Amanah Pencen (KWAP) Contributions from Retirement Fund (Incorporated) 4,500,004,075 82400 Jualan Sales 746,163 75,000 80,000 82500 Pelbagai Terimaan 55,790,547 108,200,000 115,672,000 Miscellaneous Receipts 86000 Terimaan Pelarasan Adjustment Proceeds - 12,000 13,000 Anggaran Hasil Teks.indd 181 05/10/2019 10:50 AM 181 ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 RINGKASAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN SUMMARY OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2018 (2018 Revenue) RM ANGGARAN DISEMAK 2019 (2019 Revised Estimate) RM ANGGARAN 2020 (2020 Estimate) RM 90000 HASIL DARIPADA WILAYAH PERSEKUTUAN 1,490,740,484 998,781,000 1,175,273,000 REVENUE FROM FEDERAL TERRITORIES 91000 Hasil Cukai daripada Wilayah 1,414,633,435 911,127,000 1,072,131,000 Persekutuan Tax Revenue from Federal Territories 91100 Cukai Langsung 1,390,210,313 906,589,000 1,066,792,000 Direct Tax 91200 Cukai Tidak Langsung 24,423,122 4,538,000 5,339,000 Indirect Tax 92000 Hasil Bukan Cukai daripada Wilayah 76,107,049 87,654,000 103,142,000 Persekutuan Non-Tax Revenue from
 Federal Territories 92100 Lesen, Bayaran Pendaftaran dan 4,889,062 8,697,000 10,116,000 Permit Licences, Registration Fees and Permits 92200 Perkhidmatan dan Bayaran 68,655,487 74,987,000 88,237,000 Perkhidmatan Services and Services Fee 92400 Sewaan Rentals 104,797 16,000 136,000 92900 Pelbagai Hasil Bukan Cukai 2,457,703 3,954,000 4,653,000 Miscellaneous Non-Tax Revenue JUMLAH HASIL KERAJAAN PERSEKUTUAN TOTAL FEDERAL GOVERNMENT REVENUE 232,882,562,288 263,299,755,000 244,530,029,000 182 Anggaran Hasil Teks.indd 182 05/10/2019 10:50 AM ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES Anggaran Hasil Teks.indd 183 05/10/2019 10:50 AM 183 ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 184 Anggaran Hasil Teks.indd 184 05/10/2019 10:50 AM ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) 60000 HASIL CUKAI TAX REVENUE 61000 Cukai Langsung Direct Tax PENDAPATAN 2018 (2018 Revenue) ANGGARAN DISEMAK 2019 (2019 Revised Estimate) ANGGARAN 2020 (2020 Estimate) RM RM RM 174,060,593,259 180,010,000,000 189,951,000,000 130,034,596,082 135,639,000,000 142,676,000,000 61100 Cukai Pendapatan Income Tax 122,486,116,702 127,538,000,000 134,005,000,000 61101 Cukai Pendapatan Individu Individual Income Tax 61102 Cukai Pendapatan Syarikat Companies Income Tax 61103 Cukai Pendapatan Petroleum Petroleum Income Tax 61104 Cukai Pendapatan Koperasi Cooperatives Income Tax 61105 Cukai Pegangan Withholding Tax Lain-Lain Others 32,605,157,246 35,224,000,000 37,363,000,000 66,474,363,507 70,760,000,000 75,510,000,000 20,081,663,956 17,883,000,000 17,883,000,000 170,905,668 71,432,000 63,221,000 3,116,597,327
 3,551,475,000 3,143,215,000 37,428,998 48,093,000 42,564,000 61900 Cukai Langsung yang Lain Other Direct Tax 7,548,479,380 8,101,000,000 8,671,000,000 61912 Duti Setem Stamp Duty 61913 Cukai Keuntungan Harta Tanah Real Property Gains Tax Lain-Lain Others 5,924,100,479 6,328,000,000 6,755,000,000 1,467,125,882 1,563,000,000 1,684,000,000 157,253,019 210,000,000 232,000,000 Anggaran Hasil Teks.indd 185 05/10/2019 10:50 AM 185 ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2018 (2018 Revenue) ANGGARAN DISEMAK 2019 (2019 Revised Estimate) ANGGARAN 2020 (2020 Estimate) RM RM RM HASIL CUKAI -(Samb.)
TAX REVENUE -(Cont.)
62000- 64000 Jumlah Keseluruhan Cukai Tidak Langsung Overall Total Indirect Tax 44,025,997,177 44,371,000,000 47,275,000,000 62000 Cukai Tidak Langsung 23,574,249,076 44,161,000,000 47,045,000,000 Indirect Tax 62100 Duti Eksport Export Duty 1,725,055,984 1,280,000,000 1,300,000,000 62111 Minyak Kelapa Sawit 71,778,471 788,000 800,000 Mentah Crude Palm Oil 62114 Petroleum Mentah Crude Petroleum Lain-Lain Others 62200 Duti Import Import Duty 62209 Motokar - CBU Vehicles - CBU 62210 Motokar - CKD Vehicles - CKD 1,512,810,803 1,260,000,000 1,280,000,000 140,466,710 19,212,000 19,200,000 2,896,612,860 2,670,000,000 2,800,000,000 472,706,444 404,884,000 424,723,000 89,744,871 108,228,000 113,531,000 62212 Alat-alat Ganti 306,038,417 327,858,000 343,923,000 Kenderaan Bermotor Motor Spare Parts 62213 Minuman Keras 100,461,646 78,355,000 82,194,000 Alcoholic Beverage 62227 Mesin dan Alat-alat Ganti 375,039,312 329,700,000 345,855,000 Machines and Spare Parts 62230 Besi Keluli dalam 133,632,728 124,046,000 130,124,000 Bentuk Struktur Structured Steel 62236 Resin dan Bahan Plastik 151,452,631 146,319,000 153,489,000 Resins and Plastic Materials 186 Anggaran Hasil Teks.indd 186 05/10/2019 10:50 AM ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2018 (2018 Revenue) ANGGARAN DISEMAK 2019 (2019 Revised Estimate) ANGGARAN 2020 (2020 Estimate) RM RM RM HASIL CUKAI -(Samb.)
TAX REVENUE -(Cont.)

Cukai Tidak Langsung -(Samb.)

Indirect Tax -(Cont.)
62250 Bahan Keluli Untuk 53,303,095 57,769,000 60,600,000 Binaan Steels for Construction 62289 Barangan Buatan Logam Metal Products Lain-Lain Others 117,754,635 105,000,000 110,145,000 1,096,479,081 987,841,000 1,035,416,000 62300 Duti Eksais Terhadap Barangan 4,917,725,850 5,045,000,000 5,300,000,000 Tempatan Excise Duty on Local Goods 62310 Bir daripada Malt 1,695,530,173 1,748,072,000 1,836,450,000 Beer from Malt 62312 Rokok Buatan 233,748,690 75,879,000 79,711,000 Tempatan Locally Manufactured Cigarettes 62318 Kenderaan Penumpang 2,483,199,278 2,582,515,000 2,712,932,000 Passenger Vehicles Lain-Lain Others 505,247,709 638,534,000 670,907,000 62400 Cukai Jualan Tempatan 1,094,622,567 6,580,000,000 7,000,000,000 Sales Tax (Local) 62408 Kenderaan Bermotor Penumpang Passenger Motor Vehicle 227,950,121 1,428,350,000 1,519,522,000 62411 Mesin dan Alat-alat 62,410,533 340,965,000 362,729,000 Ganti Machines and Spare Parts 62415 Barang Buatan Plastik 87,442,172 528,000,000 561,702,000 Plastic Products 187 Anggaran Hasil Teks.indd 187 05/10/2019 10:50 AM ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2018 (2018 Revenue) ANGGARAN DISEMAK 2019 (2019 Revised Estimate) ANGGARAN 2020 (2020 Estimate) RM RM RM HASIL CUKAI -(Samb.)
TAX REVENUE -(Cont.)

Cukai Tidak Langsung -(Samb.)

Indirect Tax -(Cont.)
62418 Barang-barang Elektrik 100,535,051 592,921,000 630,767,000 Electrical Goods 62499 Barang-barang 168,016,005 1,099,898,000 1,170,103,000 Perkilangan Dalam Negeri Yang Lain Other Domestic Manufacturing Goods Lain-lain Others 448,268,685 2,589,866,000 2,755,177,000 62500 Cukai Jualan Import 2,876,452,909 8,890,000,000 9,300,000,000 Sales Tax (Import) 62504 Rokok/Kretek 97,307,342 343,772,000 359,627,000 Cigarettes 62508 Motokar CBU 115,675,191 762,966,000 798,154,000 CBU Motor Vehicles 62514 Pakaian Clothes 189,725,822 538,722,000 563,568,000 62522 Makanan dalam Tin dan 126,991,110 354,437,000 370,784,000 lain-lain Canned food and others 62527 Petrol Petrol 114,487,444 357,997,000 374,508,000 62535 Mesin dan Alat-alat 478,341,559 1,515,923,000 1,585,837,000 Ganti Machine and Spare Parts 62556 Telefon Bimbit Cellphone 62599 Cukai Jualan Import Yang Lain Other Imported Sales Tax Lain-lain Others 192,620,485 401,252,000 419,758,000 697,080,455 1,999,400,000 2,091,603,000 864,223,501 2,615,531,000 2,736,161,000 188 Anggaran Hasil Teks.indd 188 05/10/2019 10:50 AM ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2018 (2018 Revenue) ANGGARAN DISEMAK 2019 (2019 Revised Estimate) ANGGARAN 2020 (2020 Estimate) RM RM RM HASIL CUKAI -(Samb.)
TAX REVENUE -(Cont.)

Cukai Tidak Langsung -(Samb.)

Indirect Tax -(Cont.)
62600 Cukai Perkhidmatan Service Tax 1,472,797,317 11,330,000,000 12,000,000,000 62603 Bilik Menginap/ Tempat 125,467,811 759,298,000 804,786,000 Tidur Accommodation 62610 Penyediaan Polisi Insurans Insurance Policy 271,334,538 1,398,624,000 1,482,447,000 62611 Perkhidmatan 235,496,397 1,458,407,000 1,545,011,000 Telekomunikasi Telecommunication Service 62627 Perkhidmatan 49,069,546 770,270,000 816,101,000 Pengurusan Management Services 62633 Makanan & Minuman Food & Drink 286,463,333 1,788,163,000 1,894,034,000 62639 Teknologi Maklumat 39,621,695 711,161,000 753,811,000 Information Technology Lain-lain Others 62700 Levi Levy 465,343,997 4,444,077,000 4,703,810,000 112,689,180 100,000,000 105,000,000 62800 Duti Eksais Terhadap Barangan 5,861,122,352 5,440,000,000 5,700,000,000 Import Excise Duty on Imported Goods 62802 Rokok Yang Diimport 2,680,547,006 2,584,007,000 2,707,507,000 Imported Cigarettes 62803 Minuman Keras yang 101,496,802 85,345,000 89,424,000 Diimport Imported Alcoholic Beverage 189 Anggaran Hasil Teks.indd 189 05/10/2019 10:50 AM ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2018 (2018 Revenue) ANGGARAN DISEMAK 2019 (2019 Revised Estimate) ANGGARAN 2020 (2020 Estimate) RM RM RM HASIL CUKAI -(Samb.)
TAX REVENUE -(Cont.)

Cukai Tidak Langsung -(Samb.)

Indirect Tax -(Cont.)
62806 Motokar CBU 2,803,075,327 2,522,595,000 2,643,160,000 Completely Built Up (CBU) Motorcars Lain-lain Others 276,003,217 248,053,000 259,909,000 62900 Pelbagai Cukai Tidak Langsung 2,617,170,057 2,826,000,000 3,540,000,000 Miscellaneous Indirect Tax 63000 Cukai Barang dan Perkhidmatan 20,235,639,371 Goods and Sevices Tax 63100 Cukai Barang dan Perkhidmatan 9,606,118,809 Import Imported Goods and Services Tax 63200 Cukai Barang dan Perkhidmatan 10,629,520,562 Tempatan Local Goods and Services Tax - - - - 64000 Cukai Pelancongan Tourism Tax 70000 HASIL BUKAN CUKAI NON-TAX REVENUE 216,108,730 210,000,000 230,000,000 51,118,422,863 80,216,446,000 51,185,976,000 71000 Lesen, Bayaran Pendaftaran dan 14,026,620,918 15,203,655,000 15,176,551,000 Permit Licences, Registration Fees and Permits 71100 Bayaran untuk Kenderaan Fees for Vehicles 71105 Lesen Kenderaan Bermotor Motor Vehicles Licences 3,680,852,038 4,065,878,000 4,308,021,000 2,918,611,655 3,147,739,000 3,349,695,000 Lain-lain Others 762,240,383 918,139,000 958,326,000 71200 Bayaran untuk Radio, 493,404 - - Televisyen dan Alat-Alat Elektrik Fees for Radio, Television and Electric Equipments 190 Anggaran Hasil Teks.indd 190 05/10/2019 10:50 AM ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2018 (2018 Revenue) ANGGARAN DISEMAK 2019 (2019 Revised Estimate) ANGGARAN 2020 (2020 Estimate) RM RM RM HASIL BUKAN CUKAI -(Samb.)
NON-TAX REVENUE -(Cont.)

Lesen, Bayaran Pendaftaran dan Permit -(Samb.)

Licences, Registration Fees and Permits -(Cont.)
71300 Bayaran untuk Pendaftaran 4,187,704,690 4,306,538,000 4,462,632,000 Individu Individual Registration Fees 71309 Levi Pekerja Asing 3,148,294,656 3,283,879,000 3,395,274,000 Levy on Foreign Workers Lain-lain Others 71400 Bayaran untuk Berniaga Fees for Business 71405 Royalti Petroleum Petroleum Royalty Lain-lain Others 71500 Bayaran Penerbangan Aviation Fees 1,039,410,034 1,022,659,000 1,067,358,000 5,640,994,928 6,163,475,000 5,708,912,000 5,184,393,580 5,760,212,000 5,288,000,000 456,601,348 403,263,000 420,912,000 5,485,430 88,000 88,000 71900 Pelbagai Bayaran 511,090,428 667,676,000 696,898,000 Miscellaneous Payments 72000 Bayaran Perkhidmatan 1,664,668,725 1,847,706,000 2,174,678,000 Service Fees 72100 Bayaran Ikhtisas Professional Fees 72200 Bayaran Pelajaran Education Fees 72300 Bayaran Iklan Advertisement Fees 72400 Bayaran Perkhidmatan Service Fees 622,566,591 758,800,000 893,080,000 58,091,105 60,809,000 71,570,000 36,643,352 42,610,000 50,151,000 947,367,677 985,487,000 1,159,877,000 191 Anggaran Hasil Teks.indd 191 05/10/2019 10:50 AM ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2018 (2018 Revenue) ANGGARAN DISEMAK 2019 (2019 Revised Estimate) ANGGARAN 2020 (2020 Estimate) RM RM RM HASIL BUKAN CUKAI -(Samb.)
NON-TAX REVENUE -(Cont.)
73000 Perolehan daripada Jualan Barang 156,573,892 165,692,000 1,387,540,000 Proceeds from Sales of Goods 73100 Jualan Barang-Barang Cetak Sales of Printed Materials 73200 Jualan Barang-Barang Stor Sales of Store of Goods 73300 Jualan Harta Benda kecuali yang Diperolehi dari Peruntukan Pembangunan (Termasuk Tanah, Bangunan, Kemudahan dan Alat Kelengkapan Sales of Property Other Than That Procured Under Development Allocation (Include Land, Building and Equipment) 73900 Pelbagai Jualan Miscellaneous Sales 74000 Sewaan Rentals 74100 Sewa Tanah Land Rental 74200 Sewa Bangunan Building Rental 74300 Sewa Kenderaan Vehicle Rental 74400 Sewa Jentera Rental for Machines 74500 Sewa Alat Kelengkapan Pejabat, Perabot, dan Kelengkapan Rental of Office Facilities and Furniture Sewa Alat Kelengkapan 5,853 325,000 493,000 Elektronik Rental of Electronic Equipment 74700 Sewa Alat Kelengkapan Elektrik 1,683 1,000 1,000 Rental of Electrical Equipment 192 Anggaran Hasil Teks.indd 192 05/10/2019 10:50 AM ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2018 (2018 Revenue) ANGGARAN DISEMAK 2019 (2019 Revised Estimate) ANGGARAN 2020 (2020 Estimate) RM RM RM HASIL BUKAN CUKAI -(Samb.)
NON-TAX REVENUE -(Cont.)

Sewaan -(Samb.)

Rentals -(Cont.)
74800 Sewa Alat Kelengkapan Penyiaran dan Perhubungan Rental of Broadcasting and Telecommunication Equipment 74900 Sewa Pelbagai Miscellaneous Rental 1,858,805 202,000 307,000 9,869,123 10,372,000 15,750,000 75000 Faedah dan Pulangan Pelaburan 31,888,783,021 59,500,424,000 28,579,592,000 Interest and Return on Investments 75100 Pulangan dari Pelaburan dalam Perusahaan Kewangan Return on Investments from Financial Institutions 75105 Hasil dan Faedah dari Pelaburan Dalam Bank Negara Malaysia Interest and Return on Investment from Bank Negara Malaysia Lain-lain Others 2,671,990,000 2,638,190,000 2,158,190,000 2,500,000,000 2,500,000,000 2,000,000,000 171,990,000 138,190,000 158,190,000 75200 Pulangan dari Pelaburan dalam 28,060,949,263 55,055,635,000 25,133,390,000 Perusahaan Bukan Kewangan Return on Investment from Non- Financial Institutions 75213 Hasil dan Faedah dari Pelaburan Dalam Petroliam Nasional Berhad (PETRONAS) Interest and Return on Investment from Petroliam Nasional Berhad (PETRONAS) 75231 H a s i l D a n F a e d a h Dari Pelaburan Dalam K h a z a n a h N a s i o n a l Berhad Interest and Return on Investment from Khazanah Nasional Berhad Lain-lain Others 26,000,000,000 54,000,000,000 24,000,000,000 1,630,000,000 1,000,000,000 1,000,000,000 430,949,263 55,635,000 133,390,000 193 Anggaran Hasil Teks.indd 193 05/10/2019 10:50 AM ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2018 (2018 Revenue) ANGGARAN DISEMAK 2019 (2019 Revised Estimate) ANGGARAN 2020 (2020 Estimate) RM RM RM HASIL BUKAN CUKAI -(Samb.)
NON-TAX REVENUE -(Cont.)

Faedah dan Pulangan Pelaburan -(Samb.)

Interest and Return on Investments -(Cont.)
75300 Pulangan dari Pelaburan Luar 7,538,894 13,067,000 28,683,000 Negeri Return on Investment from Overseas 75400 Pulangan dari Pelaburan- 1,148,304,864 1,793,532,000 1,259,329,000 Pelaburan dalam Negeri yang Lain Return from Other Internal Investments 76000 Denda dan Penalti Fines and Penalties 1,451,366,098 1,547,128,000 1,678,764,000 77000 Sumbangan dan Bayaran Ganti 87,416,647 18,461,000 20,718,000 daripada Luar Negeri dan Sumbangan Tempatan Contributions and Compensation From Overseas and Local Contributions 77100 Bayaran Ganti Bagi 43,566 1,000 1,000 Perkhidmatan dari Luar Negeri Compensation for Services from Overseas 77200 Pampasan dari Luar Negeri 26,288,848 78,000 87,000 Compensation from Overseas 77400 Sumbangan Tempatan 61,084,233 18,382,000 20,630,000 Local Contributions 78000 Pendapatan daripada Aktiviti Carigali 1,583,986,952 1,753,186,000 1,894,523,000 Minyak dan Gas MTJA Income from Exploration of Oil and Gas MTJA 78100 Pendapatan daripada Operasi 1,583,986,952 1,753,186,000 1,894,523,000 Petroleum Pihak Berkuasa Bersama Malaysia-Thailand (MTJA) Income from Petroleum Operation Malaysia-Thailand Joint Authority (MTJA) 194 Anggaran Hasil Teks.indd 194 05/10/2019 10:50 AM ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2018 (2018 Revenue) ANGGARAN DISEMAK 2019 (2019 Revised Estimate) ANGGARAN 2020 (2020 Estimate) RM RM RM 80000 TERIMAAN BUKAN HASIL 6,212,805,682 2,074,528,000 2,217,780,000 NON-REVENUE RECEIPTS 81000 Pulangan Balik Perbelanjaan Refunds of Expenditure 81100 Pulangan Balik Perbelanjaan Am Refunds of General Expenditure 81200 Dapatan Balik Wang Amanah Trust Fund Refunded 1,636,330,217 1,959,017,000 2,094,293,000 1,379,050,286 1,783,943,000 1,907,130,000 33,169,749 18,622,000 19,908,000 81300 Dapatan Balik Wang-wang Tak 224,110,182 156,452,000 167,255,000 Dituntut Unclaimed Monies Refunded 82000 Terimaan daripada Agensi Kerajaan 4,576,475,465 115,499,000 123,474,000 Receipts from Government Agencies 82100 Terimaan untuk Perkhidmatan Receipts for Services 82200 Bayaran Balik Repayments 4,448,007 2,318,000 2,478,000 15,486,673 4,906,000 5,244,000 82300 Pemberian dan Caruman 4,500,004,075 - - Contributions 82400 Jualan Sales 746,163 75,000 80,000 82500 Pelbagai Terimaan 55,790,547 108,200,000 115,672,000 Miscellaneous Receipts 86000 Terimaan Pelarasan Adjustment Proceeds - 12,000 13,000 90000 HASIL DARIPADA WILAYAH 1,490,740,484 998,781,000 1,175,273,000 PERSEKUTUAN REVENUE FROM FEDERAL TERRITORIES 91000 Hasil Cukai daripada Wilayah 1,414,633,435 911,127,000 1,072,131,000 Persekutuan Tax Revenue from Federal Territories 91100 Cukai Langsung 1,390,210,313 906,589,000 1,066,792,000 Direct Tax 91200 Cukai Tidak Langsung 24,423,122 4,538,000 5,339,000 Indirect Tax 195 Anggaran Hasil Teks.indd 195 05/10/2019 10:50 AM ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2018 (2018 Revenue) ANGGARAN DISEMAK 2019 (2019 Revised Estimate) ANGGARAN 2020 (2020 Estimate) RM RM RM HASIL DARIPADA WILAYAH PERSEKUTUAN -(Samb.)
REVENUE FROM FEDERAL TERRITORIES -(Cont.)
92000 Hasil Bukan Cukai daripada Wilayah 76,107,049 87,654,000 103,142,000 Persekutuan Non-Tax Revenue from Federal Territories 92100 Lesen, Bayaran Pendaftaran dan 4,889,062 8,697,000 10,116,000 Permit Licences, Registration Fees and Permits 92200 Perkhidmatan dan Bayaran 68,655,487 74,987,000 88,237,000 Perkhidmatan Services and Services Fee 92400 Sewaan Rentals 104,797 16,000 136,000 92900 Pelbagai Hasil Bukan Cukai 2,457,703 3,954,000 4,653,000 Miscellaneous Non-Tax Revenue JUMLAH HASIL KERAJAAN PERSEKUTUAN TOTAL FEDERAL GOVERNMENT REVENUE 232,882,562,288 263,299,755,000 244,530,029,000 196 Anggaran Hasil Teks.indd 196 05/10/2019 10:50 AM ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 HASIL KERAJAAN PERSEKUTUAN (SELEPAS MENGAMBIL KIRA LANGKAH BELANJAWAN YANG DICADANGKAN DALAM BELANJAWAN 2020) FEDERAL GOVERNMENT REVENUE (AFTER TAKING INTO ACCOUNT BUDGET MEASURES PROPOSED IN 2020 BUDGET) Anggaran Hasil Teks.indd 197 05/10/2019 10:50 AM 197 ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 198 Anggaran Hasil Teks.indd 198 05/10/2019 10:50 AM Tinjauan Fiskal Fiscal Outlook 2020 JUMLAH HASIL SELEPAS LANGKAH BELANJAWAN TAHUN 2020 2020 TOTAL REVENUE AFTER BUDGET MEASURES JUMLAH HASIL KERAJAAN PERSEKUTUAN Sebelum mengambil kira langkah belanjawan yang dicadangkan dalam Belanjawan 2020 TOTAL FEDERAL GOVERNMENT REVENUE Before taking into account budget measures proposed in the 2020 Budget LANGKAH PERCUKAIAN: TAX MEASURES: 60000 HASIL CUKAI TAX REVENUE 61000 CUKAI LANGSUNG DIRECT TAX 61100 61900 Cukai Pendapatan Income Tax Cukai Langsung yang lain Other Direct Tax 62000 CUKAI TIDAK LANGSUNG INDIRECT TAX 62100 Duti Eksport Export Duty Pengurangan Hasil Bersih Net Revenue Loss JUMLAH HASIL KERAJAAN PERSEKUTUAN Selepas mengambil kira langkah belanjawan yang dicadangkan dalam Belanjawan 2020 TOTAL FEDERAL GOVERNMENT REVENUE After taking into account budget measures proposed in the 2020 Budget RM 244,530,029,000 (292,490,000) (312,890,000) 20,400,000 (7,000,000) (7,000,000) (299,490,000) 244,230,539,000 199 Anggaran Hasil Teks.indd 199 05/10/2019 10:50 AM ANGGARAN HASIL KERAJAAN PERSEKUTUANFEDERAL GOVERNMENT REVENUE ESTIMATESTinjauan Fiskal Fiscal Outlook 2020 Anggaran Hasil Teks.indd 200 05/10/2019 10:50 AM ai157011624311_WJT000591 coverFISKAL.pdf 1 03/10/2019 11:24 PM C M Y CM MY CY CMY KEMENTERIAN KEWANGAN MALAYSIA TINJAUAN FISKAL DAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN FISCAL OUTLOOK AND FEDERAL GOVERNMENT REVENUE ESTIMATES 2020