KUCHING: Sarawak has collected RM8.52bil in revenue from the state sales tax on oil and gas since it was imposed in 2019, says Datuk Amar Douglas Uggah.

       The Deputy Premier said RM2.458bil was received last year while RM813mil has been collected in the first quarter this year.

       He said the revenue from the state sales tax on oil and gas was estimated to be RM3.162bil this year.

       "For the information of this House, the state sales tax on oil and gas has become the major contributor to the overall state revenue," he told the Sarawak Legislative Assembly in his winding-up speech on Thursday (May 26).

       The 5% tax on oil and gas was approved by the state legislature under the State Sales Tax Ordinance in November 2018 and came into effect on Jan 1, 2019.

       Uggah, who is state Second Minister for Finance and New Economy, also said the state had received dividends totalling RM22.552mil from its investment in Serba Dinamik Holdings Bhd.

       He said the state had also received split shares and bonus issues amounting to 66 million shares from the oil and gas company.

       "Any investments by the state in a listed stock are based on thorough analysis and assessments of the company's fundamentals, financial position and its potential prospect and growth.

       "When the state participated in Serba Dinamik's initial public offering in 2017 and subsequent investment prior to the Covid-19 pandemic, the financial position of the company was strong with revenue of RM2.72bil in 2017 and RM4.52bil in 2019," he said in response to issues raised in the House by Batu Lintang assemblyman See Chee How.

       See had called on the state government to brief the legislature on the details and any losses incurred by the state Treasury and government-linked companies who invested in Serba Dinamik, following the company's woes with market regulators.

       He had also asked whether independent due diligence was conducted by the state government before making decisions to invest in companies.