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Govt pins hopes on LHDN meeting tax collection target of RM127 billion

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Finance Minister Tengku Zafrul Aziz says this is necessary for the government to implement plans for the benefit of the people.

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Free Malaysia Today
The government is hopeful LHDN will achieve the direct tax collection of RM143.9 billion forecast under the 2021 budget.

PUTRAJAYA:
The government is hopeful that the Inland Revenue Board (LHDN) will be able to achieve its tax collection target of RM127 billion this year, as well as the direct tax collection of RM143.9 billion forecast for 2021, Finance Minister Tengku Zafrul Aziz said.

He said the role and function of LHDN is very important to ensure that tax collection is always at the optimum level even though collection activities during the Covid-19 pandemic are very challenging.

“Efforts to realise the government’s agenda for the people’s well-being and the nation’s prosperity will not be achieved if there are insufficient finances,” he said in his speech at the virtual launch of IRB Innovation and Integrity Day 2020.

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

The government’s objective to reduce the financial burden of the people due to the impact of Covid-19 is translated through the reduction in the income tax rate and increase in tax relief limit.

“The announcement of tax measures without introducing any new tax is among the government’s continuous efforts to stabilise the country’s economy which has been impacted by the Covid-19 pandemic,” he said.

Tengku Zafrul said 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% of the country’s gross domestic product, as well as to curb smuggling of products with high tax rates.

Meanwhile, LHDN CEO Sabin Samitah said as a tax collection agency under the finance ministry, it would strive further to carry out its duties to generate the financial sources needed by the government to revive the nation’s economy.

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