SHAH ALAM (Apr 2): Selangor has managed to increase its state reserve to RM3.5 billion as at March 24 this year, a RM300 million or 9.4% higher against RM3.2 billion as at end of last year.

Selangor Mentri Besar Mohamed Azmin Ali said the reason behind Selangor's success lies in the higher collection from the tax revenue amounting to RM809 million in the first three months, which recorded the highest collection rate in the history.

He said the amount collected in the first quarter has accounted for about 41% of the total projected tax revenue of RM1.97 billion this year.

He added the collection rate was higher than 31% in 2014 and 30.6% in 2013.

Azmin, who is also Bukit Antarabangsa assemblyman, said this in response to Semenyih's assemblyman Datuk Johan Abdul Aziz (BN) during the state assembly sitting today.

According to him, the state's reserve grew 10.11% to RM3.2 billion last year from RM2.9 billion in 2013.

He attributed the increase in state reserve to the growth in the trustee account (akaun amanah) amounting to RM181.87 million, tax revenue account (akaun hasil disatukan) of RM111.94 million and tax revenue collection of RM2.225 billion, which some RM1.437 billion is derived from non-revenue receipt (terimaan bukan cukai).

Selangor's reserves have been steadily growing since the Pakatan Rakyat took over the helm from Barisan Nasional in 2008. The state had RM400 million in reserves when Barisan Nasional was in control.