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Tax collection until early July better than last year’s

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CYBERJAYA — July 11, 2017: The Inland Revenue Board (IRB) managed to collect more than RM56 billion in taxes up to early July, exceeding last year’s collection by RM1 billion.

Treasury Secretary-General Tan Sri Dr. Mohd. Irwan Serigar Abdullah said this has given the IRB confidence that it would be able to meet its target of RM127.7 billion in tax collection set by the government this year.

“This achievement also negates talk that the country’s revenue was declining… this is baseless,” he said at the IRB Hari Raya open house here today.

According to Irwan, the country’s economic development had shown an improvement in terms of investments and foreign funds flow into the stock market, as well as government bonds which had strengthened. In fact, Bank Negara Malaysia’s international reserves has also increased and now stands at over US$98 billion.

“Many international companies have come to enquire about investing in our country and we should make the right choice, especially for companies that are able to bring in high technology without having to rely on huge manpower in terms of migrant workers,” he said.

IRB Chief Executive Officer Datuk Sabin Samitah said that with the implementation of good taxation programmes, the board was confident the tax collection target determined by the government was achievable.

Besides that, the agency is now increasing its tax auditing and investigation activities on foreigners who carried out businesses but failed to report their income to the IRB.

On ‘Ops Kutip’, Sabin said to date, the IRB has collected 25 per cent of the RM225 million in outstanding taxes and was confident of collecting at least 90 per cent by the year’s end. — Bernama

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News sourced from Bernama, Reuters, AFP and other accredited news agencies, including credible blogsites and news portals.