Published: Tuesday July 17, 2012 MYT 4:06:00 PM
Taxman expects 15% annual growth in tax revenue
KUALA LUMPUR: The Inland Revenue Board (IRB) is eyeing an annual tax revenue growth of 15%, from a record RM109.679bil collected last year, under its newly-launched IRB Corporate Plan 2012-2015.
Chief Executive Officer Tan Sri Mohd Shukor Haji Mahfar said on Tuesday the target was within reach as the board has identified ways to improve tax administration and compliance for direct tax collection.
"We are seeking to identify newer opportunities in expanding our tax base and areas of tax revenue which were not fully exploited previously.
"We are also fine tuning existing procedures and practices, as well as, strengthening our administration," he told a press conference on the sidelines of the National Tax Conference 2012.
Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah opened the two-day conference and launched the three-year strategic roadmap.
Mohd Shukor said after registering a whooping RM109.679bil in tax collection last year, the success has spurred IRB to set a higher target, surpassing the initial target of RM110bil set for the year.
"The target will be revised quarterly in tandem with the Gross Domestic Product growth. Thus, I think with the new roadmap, we will be scaling new heights in tax collection.
"As the economy expands, our base will also grow," he said.
The three-year strategic plan, which complements the 10th Malaysia Plan, will focus on tax management, service delivery, organisation risk management, information technology management, coordination, human resource optimisation, human capital development and teamwork. - Bernama