{"id":33191,"date":"2018-02-09T15:50:20","date_gmt":"2018-02-09T07:50:20","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=33191"},"modified":"2018-08-23T23:52:48","modified_gmt":"2018-08-23T15:52:48","slug":"aggressive-tax-collection","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/aggressive-tax-collection","title":{"rendered":"IRB Cracking Down On Tax Evaders To Ensure Success Of Collection Target"},"content":{"rendered":"<p>The Inland Revenue Board (IRB) are amid efforts to ensure strict compliance from taxpayers this year in a bid to achieve their collection target of RM134.7billion.<\/p>\n<p>IRB chief executive officer (CEO) Datuk Seri Sabin Samitah said income tax contributes between 50% and 55% to the country\u2019s revenue, and that it helped finance the nation\u2019s development policies and its citizens\u2019 wellbeing.<\/p>\n<p>&#8220;The board will make every effort to plug loopholes so that taxpayers cannot escape from paying taxes and this will help improve the rate of compliance,&#8221; said Sabin.<\/p>\n<p>He said they are zeroing in on tax leakage from transfer pricing activities and the &#8220;underground economy&#8221; adapted by multinational companies, after 50 local and multinational companies in Labuan were found evading tax.<\/p>\n<p>&#8220;Among the methods used by these aggressive taxpayers include mergers and acquisitions of companies and the manipulation of the Labuan Business Companies Act 1990,\u201d he said.<\/p>\n<p>Additionally, IRB will also focus on specific sectors such as banking, insurance and finance to achieve their target.<\/p>\n<p>Sabin added there was a positive increase of 8.15% in terms of tax collection last year and the board will continue efforts to improve compliance rates.<\/p>\n<p>\u201cThis positive improvement clearly illustrates the overall strategy of 2017 has been well-planned and implemented to bring the desired impact and effect,&#8221; he said, adding that Malaysia\u2019s economic growth was also a main factor that had influenced compliance rates last year.<\/p>\n<p>Meanwhile, IRB deputy CEO (compliance) Abdul Manap Dim assured the public that authorities will be fair and transparent following its approach to tracking down tax evaders.<\/p>\n<p><a href=\"http:\/\/www.thesundaily.my\/news\/2018\/02\/07\/irb-address-tax-evasion-loopholes-updated\" target=\"_blank\" rel=\"nofollow\"><em>[Source]<\/em><\/a><\/p>\n<p><em>Picture by The Star<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Get your receipts ready, tax season is near.   <\/p>\n","protected":false},"author":38,"featured_media":33192,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[216,215],"tags":[],"class_list":["post-33191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-updates","category-tax"],"acf":[],"yoast_head":"<!-- This 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