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Tuesday, July 11, 2017

IRB collects over RM56 bil in taxes as of early July



The Inland Revenue Board (IRB) has collected more than RM56 billion in taxes up to early July, exceeding the RM55 billion collected in the corresponding period last year.
Treasury Secretary-General Mohd Irwan Serigar Abdullah said the achievement had given the confidence that the IRB would be able to meet its target of RM127.7 billion 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 today.
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$98 billion.
He said Malaysia had gained good index and rating 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 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 is 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 per cent of the RM225 million in outstanding taxes and was confident of collecting at least 90 percent by year-end.
-- Bernama

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