KUALA LUMPUR, Aug 12 — The Inland Revenue Board of Malaysia (IRB) is on track to collect RM140 billion in taxes for 2014, a rise of 8.5 per cent, from a year earlier.
Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah said for the year to date, the tax collection had surpassed that of the same period of 2013.
He told reporters after delivering his keynote address at the National Tax Conference 2014 here today.
Last year, the IRB collected RM129 billion in taxes, versus RM125 billion in 2012 and RM110 billion in 2011.
“In view of this excellent record, I strongly believe that the time is right for the IRB to move towards being an autonomous body in terms of self-sufficiency and self-governance, especially with regards to human resource and financial management,” he said.On the Goods and Services Tax (GST) that will be introduced on April 1, 2015, Ahmad Husni said the tax was necessary to provide the public with quality amenities, besides public goods and services across the nation. While tax is the national coffers’ largest revenue source, the GST will broaden and stabilise the revenue base, he said in his keynote speech. The new tax regime, he added, will help lift Malaysia to a truly developed nation by 2020. — Bernama
