IRB Targets Tax Collection Of RM197 Billion This Year

The Inland Revenue Board (IRB) is aiming to collect a total of RM197 billion in taxes this year after achieving its highest collection ever last year, amounted to RM183.34 billion. The ratio of this collection to GDP stands at 9.91%, which is also higher than the direct tax-to-GDP ratio for Asia-Pacific countries, which typically falls within the range of 8%.

IRB’s Chief Executive Officer, Datuk Dr. Abu Tariq Jamaluddin, stated that the organisation remains committed to formulating strategies to ensure the country’s tax collection target for this year is met.

“Our focus will be on tax evasion issues involving high net worth individuals, income from Malaysia held in offshore accounts that have not been reported, cross-border transactions, domestic transfer pricing, online activities, and shadow economy cases.

The implementation of E-Invoicing is also a key initiative for HASiL in 2024,” he said during the Tax Day 2024 celebration commemorating the 28th anniversary of LHDN’s corporate establishment at its headquarters in Menara Hasil, here today.

Additionally, IRB has launched five new digital service products to facilitate users in the country.

The five new products are e-CKM (Capital Gains Tax), HASiL Tax HTB 2023, Profiling Information Systems (PINS), Travel Restrictions e-System, and Behavioural Insights Tools: Compliance Empowerment.

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