PETALING JAYA – Malaysian federal agencies posted a remarkable current surplus of RM73.9 billion in 2023, reflecting a significant increase from RM55.8 billion in 2022, according to Finance Minister II, Amir Hamzah Azizan. Speaking in the Dewan Rakyat, Amir attributed this financial achievement to the strong performance of 97 agencies, with the Employees Provident Fund (EPF) leading the way at RM41.3 billion.
Other top contributors included the Retirement Fund Inc (KWAP) with RM9.6 billion, Bank Negara Malaysia at RM7.2 billion, and the Public Sector Home Financing Board with RM3.1 billion. Despite the positive outlook, Amir acknowledged challenges faced by KWAP, which reported RM80 million in losses from seven subsidiaries. The setbacks were linked to capital structure issues, declining value of a commercial property in the UK, and reduced occupancy at Menara Capsquare.
Meanwhile, the Inland Revenue Board (LHDN) recorded a RM735 million deficit in 2023, primarily due to a reduction in agency fee distributions from RM3.2 billion in 2022 to RM2.1 billion in 2023. Nevertheless, LHDN maintained a positive accumulated surplus of RM104.55 million and a net asset value of RM279.66 million by year-end.
Amir reassured that the finance ministry would ensure sufficient cash flow for LHDN’s operations and national tax collection targets. He also addressed concerns over EPF’s investment losses, explaining that the challenges were similar to those faced by KWAP, including capital structure adjustments and property value declines. The report underscores Malaysia’s financial resilience and strategic asset management, despite global economic uncertainties.