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SELAMAT HARI RAYA AIDILFITRI

SELAMAT HARI RAYA AIDILFITRI

Wednesday, 12 July 2017

LHDN has collected more than RM56bil in taxes up to early July, exceeding the RM55bil during same period last year

IRB's tax collection year-to-date exceeds same period last year


Sabin says the IRB is now increasing its tax auditing and investigation activities on foreigners who carry out businesses but fail to report their income.
Sabin says the IRB is now increasing its tax auditing and investigation activities on foreigners who carry out businesses but fail to report their income.
 
CYBERJAYA: The Inland Revenue Board (IRB) has collected more than RM56bil in taxes up to early July, exceeding the RM55bil collected in the corresponding period last year.

Treasury Secretary-General, Tan Sri Dr Mohd Irwan Serigar Abdullah, said the achievement had given the confidence that the IRB would be able to meet its target of RM127.7bil in tax collection set by the Government this year.

“Through this achievement made, it negates talks that previously said that the country’s revenue is declining...this is baseless,” he said to reporters at the IRB Hari Raya Aidilfitri open house in Cyberjaya on Tuesday.

Mohd Irwan said 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, and in fact,
Bank Negara Malaysia’s international reserves had also increased and now stands at over US$98bil (RM421.2bil).

He said Malaysia had gained good index and ratings recognition which placed the country as one of the major investment destinations.

“In fact, 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.

Meanwhile, IRB chief executive officer Datuk Sabin Samitah said with the implementation of good taxation programmes, the board was confident that the tax collection target determined by the Government was achievable.

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

“We find that they undertake a lot of businesses especially in the Klang Valley, particularly in restaurant, retail and tourism businesses,” he said.

On Ops Kutip, Sabin said to date, the IRB had collected 25% of the RM225mil in outstanding taxes and was confident of collecting at least 90% by year-end. - Bernama

Read more at http://www.thestar.com.my/business/business-news/2017/07/11/irb-collects-more-taxes-year-to-date-versus-same-period-last-year/#JMJBLp54F5FVId3V.99

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