IRB collects over RM56b as of early July

The Inland Revenue Board of Malaysia (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 Tan Sri Dr Mohd Irwan Serigar Abdullah said the achievement has 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 yesterday.

Mohd Irwan said the country’s economic development has shown an improvement in terms of investments and foreign funds flow into the stock market, as well as government bonds, which has strengthened, and in fact, Bank Negara Malaysia’s international reserves has also increased and now stands at over US$98 billion (RM421.4 billion).

He said Malaysia has gained good index and ratings recognition, which places 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 CEO Datuk Sabin Samitah said with the implementation of good taxation programmes, the board is confident that the tax collection target determined by the government is 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. — Bernama