The slump in the price of crude oil: a call to review Malaysian revenue law and fiscal policies

Global oil prices have fallen sharply, leading to significant revenue shortfalls in many energy exporting nations. It should be recalled that from 2010 until mid-2014, world oil prices had been fairly stable, at around $110 a barrel. But since June last year, prices have more than halved. The questi...

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Main Authors:	Hingun, Mohsin, Olaitan Sarafadeen, Nafiu, Petseteye Christiane, Tedongmo
Format:	Article
Language:	English
Published:	UPM Press 2015
Subjects:	K Law (General) KPG Malaysia
Online Access:	http://irep.iium.edu.my/49223/ http://irep.iium.edu.my/49223/ http://irep.iium.edu.my/49223/1/49223_The_Slump_in_the_Price_of_Crude_Oil.pdf

id	iium-49223
recordtype	eprints
spelling	iium-492232016-07-29T07:19:33Z http://irep.iium.edu.my/49223/ The slump in the price of crude oil: a call to review Malaysian revenue law and fiscal policies Hingun, Mohsin Olaitan Sarafadeen, Nafiu Petseteye Christiane, Tedongmo K Law (General) KPG Malaysia Global oil prices have fallen sharply, leading to significant revenue shortfalls in many energy exporting nations. It should be recalled that from 2010 until mid-2014, world oil prices had been fairly stable, at around $110 a barrel. But since June last year, prices have more than halved. The questions that are being raised by some stakeholders centre on the reason for the falling price of oil. This paper looks at the potential long term solutions in a climate of persisting lower oil prices. The objectives of this paper are to draw attention to the implications of the plunging oil prices in the way that it affects Malaysia particularly, to show how Malaysia's reliance on oil exports could become a drag on its economy, to analyse implications policymakers should address on the impact of lesser oil revenues on the economy and to focus on the remedial measures potentially available to them through appropriate legal mechanisms, particularly tapping alternative sources of revenue. The methodology includes an examination of the laws and policies relating to income and expenditures and a consideration of mechanisms employed by other countries in raising revenue which are of relevance to Malaysia. UPM Press 2015 Article PeerReviewed application/pdf en http://irep.iium.edu.my/49223/1/49223_The_Slump_in_the_Price_of_Crude_Oil.pdf Hingun, Mohsin and Olaitan Sarafadeen, Nafiu and Petseteye Christiane, Tedongmo (2015) The slump in the price of crude oil: a call to review Malaysian revenue law and fiscal policies. Pertanika Journal of Social Science & Humanities, 23 (S). pp. 1-12. ISSN 0128-7702 http://www.pertanika.upm.edu.my/Pertanika%20PAPERS/JSSH%20Vol.%2023%20(S)%20Nov.%202015/01%20JSSH%20Vol%2023%20(S)%20Nov%202015_pg1-12.pdf
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	K Law (General) KPG Malaysia
spellingShingle	K Law (General) KPG Malaysia Hingun, Mohsin Olaitan Sarafadeen, Nafiu Petseteye Christiane, Tedongmo The slump in the price of crude oil: a call to review Malaysian revenue law and fiscal policies
description	Global oil prices have fallen sharply, leading to significant revenue shortfalls in many energy exporting nations. It should be recalled that from 2010 until mid-2014, world oil prices had been fairly stable, at around $110 a barrel. But since June last year, prices have more than halved. The questions that are being raised by some stakeholders centre on the reason for the falling price of oil. This paper looks at the potential long term solutions in a climate of persisting lower oil prices. The objectives of this paper are to draw attention to the implications of the plunging oil prices in the way that it affects Malaysia particularly, to show how Malaysia's reliance on oil exports could become a drag on its economy, to analyse implications policymakers should address on the impact of lesser oil revenues on the economy and to focus on the remedial measures potentially available to them through appropriate legal mechanisms, particularly tapping alternative sources of revenue. The methodology includes an examination of the laws and policies relating to income and expenditures and a consideration of mechanisms employed by other countries in raising revenue which are of relevance to Malaysia.
format	Article
author	Hingun, Mohsin Olaitan Sarafadeen, Nafiu Petseteye Christiane, Tedongmo
author_facet	Hingun, Mohsin Olaitan Sarafadeen, Nafiu Petseteye Christiane, Tedongmo
author_sort	Hingun, Mohsin
title	The slump in the price of crude oil: a call to review Malaysian revenue law and fiscal policies
title_short	The slump in the price of crude oil: a call to review Malaysian revenue law and fiscal policies
title_full	The slump in the price of crude oil: a call to review Malaysian revenue law and fiscal policies
title_fullStr	The slump in the price of crude oil: a call to review Malaysian revenue law and fiscal policies
title_full_unstemmed	The slump in the price of crude oil: a call to review Malaysian revenue law and fiscal policies
title_sort	slump in the price of crude oil: a call to review malaysian revenue law and fiscal policies
publisher	UPM Press
publishDate	2015
url	http://irep.iium.edu.my/49223/ http://irep.iium.edu.my/49223/ http://irep.iium.edu.my/49223/1/49223_The_Slump_in_the_Price_of_Crude_Oil.pdf
first_indexed	2023-09-18T21:09:37Z
last_indexed	2023-09-18T21:09:37Z
_version_	1777411164420964352

The slump in the price of crude oil: a call to review Malaysian revenue law and fiscal policies

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