IRB intensifying investigation on companies who have not declared their real income.

IRB aims to collect RM117b tax this year

KUALA LUMPUR, Oct 4 — The Inland Revenue Board (IRB) targets direct tax collection of RM117 billion this year, Deputy Finance Minister Datuk Donald Lim Siang Chai told the Dewan Rakyat today. From 2008 to 2011, IRB’s total direct tax collection was RM342 billion, he said in reply to a question from Datuk Raime Unggi (BN-Tenom), who wanted to know the total tax collection from 2008 to 2012. To a further question from Raime, Lim said IRB’s moves to boost the collection include focusing on auditing of companies that are exposed to high risks and tax evasion, and investigating those who have not declared their real income. “IRB’s investigation unit can trace and assess the taxes of those who fail to settle their taxes within the stipulated time or who do not declare their income correctly,” he said, adding the board was also focusing on the collection of stamp duties and real property gains tax. —Bernama

Source: Malaysian Insider

Posted by Alex Wong CPA Australia Melbourne University, Australia

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