In spite of the uncertain economy, the Ministry of Finance (MoF) is confident that the Inland Revenue Board of Malaysia (IRB) can meet its direct tax collection target of RM115 billion for 2016.
This comes after a review by MoF amidst fall in global oil prices and the foreign exchange rate, as well as a change in taxation policy.
“Up to September 30 this year, the IRB collected direct taxes of about RM84.028 billion.
“This is 73.07% of the ministry’s target for the year of RM115 billion,” he told Bernama.
However, in an earlier report, the direct tax collection target was reduced to RM118.5 billion after the budget recalibration, as compared to the earlier target of RM125.6 billion.