Penang could get up to RM100mil in revenue from new land-related taxes, says Chow

 

Penang chief minister Chow Kon Yeow is confident that the rate increases will not burden the public.

GEORGE TOWN: 

Penang is set to earn between RM50 million and RM100 million extra in annual revenue by increasing land taxes for the first time in 30 years.

Chief minister Chow Kon Yeow said the changes could take effect in 2026 after the green light to increase land-related taxes from the national land council, adding that such taxes contribute about 45% of Penang’s revenue.

“Since we have received approval to review rates – which have remained unchanged since 1994 – we are now conducting thorough assessments to determine the new rates,” he told the state assembly here today.

Chow said the state’s land and mines office and district task forces had already begun reviewing land ownership records to decide on the new rates.

He said he was confident that the rate increases would not burden the public, adding that more details will be shared when the state budget is tabled at 3pm today.

Chow was responding to a question by Lee Boon Heng (PH-Kebun Bunga) about the state’s growing budget deficit as outlined in the 2023 Auditor-General’s Report, which noted that the state’s deficit rose by 42.68% last year – largely due to uncollected taxes. - FMT