TTCS: New Tax Investigation Framework Issued on 1 January 2020 – Salient Points to NoteJanuary 5, 2020
The Sun Daily: Capital/ Net Worth Statements – A Bane to Directors and Wealthy IndividualsFebruary 10, 2020
IRB's Tax Collection Target: RM155 billion
The Finance Minister has just announced that the government is looking to collect RM155 billion in taxes this year. The collection target has been increased by 5% this year despite the Inland Revenue Board (IRB) falling short of its collection target of RM147 billion last year (RM145.08 billion).
How is IRB going to achieve this target?
- Collection from various audits
- Collection from other form of taxes (i.e. real property gains tax, withholding tax)
- Collection from tax investigations
- Collection from income tax return
What you need to do?
Be prepared as the IRB is actively visiting companies and issuing letters. Even if you are confident in the tax positions taken by you or your company, additional time and resources needs to be spent to defend your company's position.