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Tuesday, 17 January 2017

(The Edge Financial Daily) More than RM114b collected in direct taxes

(Subtitle) 2016 figure is slightly lower than RM116.8b in 2015, says IRB

KUALA LUMPUR: The Inland Revenue Board of Malaysia (IRB) collected more than RM114 billion in direct taxes for 2016, slightly lower that the RM116.8 billion in 2015.

Its deputy chief executive officer (management) Datuk Mohd Nizom Sairi said the amount collected was also less than the RM115 billion targeted for the year because of the weak economy and a fall in global oil prices.

“Economic performance, not just that of Malaysia, but globally, had been negatively impacted with the fall in oil prices from mid-2014.

“It [had] not just directly affected the oil industry, but the overall economic sector.

“As such, 2016 tax collection fell in comparison to the previous year,” he told a press conference after officiating the National Level Friendly Tax Visit Programme here yesterday.

Following the Budget 2016 re-calibration, a second review by the Treasury expected direct tax collection for 2016 to be at RM115 billion.

For 2017, the IRB aims to collect RM127 billion in direct taxes in line with the amount set by the government in Budget 2017. — Bernama