Article Related To tax collection

The Prime Minister said LHDN had succeeded in creating a new record in tax collection last year of RM183.34 billion, which was 4.49 per cent more than the total collected the year before.

Prof Emeritus Dr Barjoyai Bardai said Malaysia fell behind Singapore and Thailand and is struggling to catch up.

MoF said the lower non-tax collection is cushioned by an increase in tax revenue which is expected to record RM218.3 billion.

The government has asked the LHDN and the JKDM to find more creative ways to increase their tax collection without imposing new taxes on the people.

Tax collection continues to be the largest contributor to the governments revenue representing 75.4 pct of total revenue, Sim said.

The recruitment of expatriates has contributed to the country's revenue but several weaknesses need to be given attention including the unsatisfactory tax collection management involving them.

The government is expected to collect more than RM1 billion in WPL in 2022 based on the projected average CPO price of RM4,250 per tonne and production of 19 million tonnes.

The government expects to collect at least RM3 billion through the implementation of the Prosperous Tax announced in Budget 2022, said Deputy Finance Minister II, Yamani Hafez Musa.

Veerinderjeet said the shadow economy or informal economy could be equivalent to about a third of Malaysia's GDP.

The Inland Revenue Board (IRB) believes the government's target of RM143.9 billion direct tax collection next year is reasonable.

The Federal Government revenue is projected to decrease by 14 per cent to RM227.3 billion in 2020 from RM264.4 billion last year as a result of lower tax collection.

IRB is revising downwards its tax collection target for 2020 from the RM154 billion projected in January, which was prior to the MCO implementation.

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.

He said the decision was made after the matter was discussed in the state cabinet meeting here yesterday.

The Inland Revenue Board (IRB) has collected about 35 per cent in the targeted RM127.7 billion tax collection for this year as of May 31, said its chief executive officer Datuk Sabin Samitah.

According to police, four individuals, including three police officers, were involved in the incident.

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