GLC, GLIC transformation to boost domestic investments, says Anwar

KUALA LUMPUR: The government will implement the transformation of government-linked companies (GLCs) and government-linked investment companies (GLICs) including boosting strategic domestic investments and strengthening governance, says Datuk Seri Anwar Ibrahim.

The Prime Minister said the effort is expected to improve dividend yields from GLICs and GLCs.

"I agree with additional efforts including the transformation of GLCs and GLICs to ensure increased domestic investments. When domestic investment is boosted, hopefully non-tax revenue can also be increased," he said during the Ministers’ Question Time at the Dewan Rakyat Tuesday (March 26).

Anwar, who is also the Finance Minister, said 50% of non-tax revenue was from investment income including dividends from Petronas, Bank Negara Malaysia and Khazanah Nasional Bhd.

He said this in response to a proposal from Datuk Mohd Shahar Abdullah (PN-Paya Besar) who suggested that the government focus on non-tax revenue from GLC and GLIC investments to increase the country's revenue, as opposed to raising the service tax rate from 6% to 8%.

Earlier, Anwar said the government expects to collect revenue amounting to RM3bil through raising the service tax. - Bernama