Credit: shrm.org
This annual budget surplus can be seen from the Colony of North Borneo Report for 1960, 1961 & 1962 which shows surplus of income over expenditure. How was this colonial surplus of revenue negotiated for Sabah in the formation of Malaysia? There were similar provisions for review in respect of revenue collected from Singapore under article 48 FC which had since been abolished after Singapore left in 1965.
and so shall include both tax and non tax revenue. In this case, non tax revenue includes fines, penalties and forfeitures. and does not include “fines, penalties and forfeitures…” collected within the state. Therefore, unless there are any future FC amendments, any such penalties under federal law will not benefit the State consolidated fund.