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PUTRAJAYA: The government expects the Inland Revenue Board (IRB) to be able to achieve its tax collection target of RM127 billion this year, as well as the direct tax collection target of RM143.9 billion by 2021, said the minister of Finance Tengku Datuk Seri Zafrul Abdul. Aziz.
He said that the role and function of the IRB are very important to ensure that tax collection is always at the optimal level, despite the fact that collection activities during the Covid-19 pandemic are very challenging, in order to balance the difficulties faced by affected merchants and responsibility as a tax administrator.
He said that IRB’s ability to operate efficiently and effectively in raising revenue for the country would make it easier for the government to realize its recovery and development agenda, such as those outlined in the 2021 Budget and the 12th Malaysia Plan.
“Efforts to realize the government’s agenda for the well-being of the people and the prosperity of the nation will not be achieved if there is insufficient finance,” he said in his speech at the IRB 2020 Innovation and Integrity Day virtual launch. .
“Therefore, I call on all IRB employees to continue to carry out their duties to ensure that the government has sufficient funds to finance the country’s expenses,” he said.
Tengku Zafrul said that the 2021 Budget, presented at Dewan Rakyat on November 6, will act as a means for people’s well-being and will support the business sector by introducing tax measures that would benefit target groups.
The government’s goal of reducing people’s financial burden due to the impact of Covid-19 translates into reducing the income tax rate, increasing the tax relief limit, and expanding the scope of tax relief. on income and exemption from stamp duty for specific transactions. .
“The announcement of tax measures without introducing any new taxes is among the continued efforts of the government to stabilize the economy of the country that is affected by the Covid-19 pandemic,” he said.
Tengku Zafrul said the government is also studying efforts to adjust tax revenues by tackling the shadow economy, with an estimated size of around 21% of the country’s gross domestic product (GDP), as well as to curb the smuggling of products with high rates. tax.
“By optimizing efforts to address black economy activities such as smuggling, it will undoubtedly bring huge benefits to the nation’s income as well as the well-being of the people and ensure business continuity,” he said.
On IRB’s annual Innovation and Integrity Day, Tengku Zafrul said that his organization has enabled the IRB to be at a high level of readiness to face the evolution of the Fourth Industrial Revolution by incorporating digitization into all its work processes.
He said the revenue transformation plan developed by IRB had successfully increased the overall efficiency of tax work processes, as well as allowing the board to quickly adapt to the new normal work environment when government agencies were asked to implement the Work From Home directive.
Meanwhile, IRB Executive Director Datuk Seri, Dr. Sabin Samitah, said that as a tax collection agency under the Ministry of Finance, IRB will do more to fulfill its duties to generate the financial source that the government needs to revive the nation’s economy, even though it is currently facing a critical situation.
“The IRB has undertaken several initiatives to ensure that tax services continue, in addition to reducing the burden on people affected by the pandemic,” he said in his speech from Menara Hasil in Cyberjaya near here.
In conjunction with this year’s celebration, the IRB launched three new tax products, such as the IRB Corporate Planning Book 2021-2025, which is also the agency’s five-year strategy and manifestation plan, and MyTax, which is a information portal and a one-stop shop for taxpayers.
The other product is APM Digital Learning Hub, an e-education platform with comprehensive content options including videos, books, and other sources related to skills such as business and management, leadership development, and digital transformation. – Bernama
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