Finance Minister: Govt hopes IRB can achieve tax collection target of RM127 bil this year

Published on 19 Nov 2020 5:24:46 PM

The government has high hopes that the Inland Revenue Board (IRB) is able to achieve its tax collection target of RM127 billion this year, as well as the direct tax collection target of RM143.9 billion for 2021, said Tengku Datuk Seri Zafrul Abdul Aziz.

The Finance Minister said that during the Inland Revenue Board (IRB)’s Innovation and Integrity Day celebrations on Thursday, adding that the role and function of the IRB is very important to ensure that tax collection is always at the optimum level even though collection activities during the covid-19 pandemic is very challenging.

Tengku Zafrul also said Budget 2021, tabled in the Dewan Rakyat on Nov 6, will act as a medium for the people's well-being and support the business sector through the introduction of taxation measures that would benefit the targeted groups.

The Finance Minister added that the government is also looking at efforts to fine-tune the tax revenue by addressing the shadow economy, with an estimated size of about 21 per cent of the country's gross domestic product (GDP), as well as to curb smuggling of products with high tax rates.