Malaysia to See Tax Collection Boost
December 22, 2011 Taxation in Malaysia
KUALA LUMPUR – Malaysia will see a significant boost to its tax revenue levels, due to the government’s efforts to stamp out illicit capital outflows.
At a press conference held on December 21st in Kuala Lampur, the Prime Minister of Malaysia Najib Razak stated that the Inland Revenue Board expects to collect approximately MYR 98 billion in tax revenues this year. The new projection is approximately MYR 7 billion higher than forecasted by the government earlier in the year. If the expectations are realized, then the government will collect MY 20 billion more than the previous year.
The Prime Minister said that the increased revenue will be a direct result of the government’s push towards stamping out tax evasion. He specifically praised the efforts of a new taskforce that was instated earlier this year by the government with the aim of stemming illicit outflows of capital from Malaysia.
Throughout the year the taskforce worked with the country’s Central Bank, the Inland Revenue Board, the Attorney-General’s Chambers and the Custom’s Department to facilitated a greater degree of information sharing and cooperation between the various government agencies, and, according to the Prime Minister, cooperation will be expanded in the future.
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