IRB eyes RM130b tax collection
THE Inland Revenue Board (IRB) is confident of collecting RM130 billion in taxes this year in tandem with the country's economy growth.
"It is not impossible for us to collect the amount and God-willing, it may be more," said IRB chief executive officer Tan Sri Dr Mohd Shukor Mahfar.
He noted that in the first two months of this year, IRB's tax collection has been very positive and encouraging, as evidenced in the monthly targets.
Last year, IRB collected about RM125 billion in taxes, 13.76 per cent higher compared with the RM109.6 billion in 2011.
IRB said it will put together a number of strategies, including identifying industries that have tax leakages, to ensure collection targets are achieved.
Shukor said leakages can occur due to reasons like taxpayers' lack of awareness, misinterpretation of the relevant law and those who deliberately evade from paying taxes.
He was speaking at the IRB's 17th Revenue Day and the launch of Revenue 4U event here yesterday.
Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah officiated the event.
Meanwhile, Shukor said the implementation of the minimum wage will not directly impact tax collection as it is not liable to tax.
However, tax may increase as income rises as a result of rising productivity, he said.
"The implementation of the minimum wage also gives more power to consumer spending, which will lead to increased business and tax collection by the government," Shukor said.