IRB eyes RM127b tax collection this year
PETALING JAYA: The Inland Revenue Board (LHDNM) targets tax collections this year to hit RM127 billion, a 57.6 per cent increase over the RM124 billion last year, said Deputy Finance Minister Datuk Ahmad Maslan.
As of today, tax collections have hit RM104 billion, he said, adding LHDNM has identified measures to manage the country's tax gap, including formulating a comprehensive and effective action plan.
"The tax gap issue has three main components -- non-filing, under-reporting and underpayment," he told reporters after launching a briefing on Budget 2014 attended by some 1,000 LHDNM staff.
He said continuous public awareness sessions as well as enforcement and compliance activities could enhance the perceived credibility of the country's taxation system, which in turn would ensure the sustainability of the nation's
transformation programme and keep the budget deficit at a manageable level.
Meanwhile, he said, reaction to the 2014 Budget tabled by Prime Minister Datuk Seri Najib Razak yesterday has been generally positive.
The Budget does not have many surprises other than the abolition of the 34 sen sugar subsidy, which is not a major issue as as many Malaysians have become used to less sweet 'teh tarik', he said.-- Bernama