New Economic Sectors Expected To Push Tax Revenue Pass RM139 Billion Target

Prime Minister Datuk Seri Ismail Sabri is confident tax revenue collection to return to pre-pandemic levels by meeting or surpassing the target of RM139 billion this year.

This could be achieved when the Inland Revenue Board (IRB) management formulates short- and mid-term strategies to achieve the target while maintaining its good performance in the future. 

He added that this could include identifying new economic sectors and implementing the tax laws in a transparent, effective, and efficient manner.

For 2021, total revenue collection jumped 17 percent year-on-year to more than RM140 billion while the country’s Gross Domestic Product grew by 3.1 percent compared with a 5.6 percent contraction in 2020.

He also noted that the government would implement the Tax Identification Number and Tax Compliance Certificate (TCC) to increase the efficiency and transparency in the country’s tax collection. The TCC would need to be adopted by all businesses seeking government projects which will take effect from 2023.

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