{"id":57908,"date":"2023-08-18T15:05:24","date_gmt":"2023-08-18T07:05:24","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=57908"},"modified":"2023-08-18T15:05:24","modified_gmt":"2023-08-18T07:05:24","slug":"lhdn-collect-record-high-income-tax","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/lhdn-collect-record-high-income-tax","title":{"rendered":"LHDN To Collect Record High Income Tax From Malaysians"},"content":{"rendered":"

The Inland Revenue Board (LHDN) is expected to achieve a record-high income tax collection this year, according to a report by FMT<\/a>.<\/p>\n

In a statement given by deputy finance minister Steven Sim at LHDN\u2019s headquarters in Cyberjaya, RM104.9 billion has been collected through tax as of 31 July. This was a 20% surge compared to the previous year\u2019s collection during the same period.<\/p>\n

Sin stated that based on the remarkable current performance of LHDN, they expect to establish a \u201crecord for the country\u2019s revenue collection by the end of the year.\u201d<\/p>\n

In addition, Sin also talked about the Special Voluntary Disclosure Program (SVDP) 2.0, which commenced on 6 June, and has led to 13,109 companies and individuals taking part in the program. The amount collected from the program sits at RM94.469 million as of 31 July.<\/p>\n

Taxpayers can also expect the e-invoicing service to begin in January 2024, which will be required by businesses with annual sales exceeding RM100 million to utilise the service by June 2024.<\/p>\n

Tax season is still far away but if you want to maximise your insurance income tax reliefs, make sure you read this guide (before the end of 2023)<\/a>!<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

A surge of up to 20% compared to the previous year\u2019s income tax collections.<\/p>\n","protected":false},"author":47,"featured_media":57909,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[271,254,216,215],"tags":[972,303,382,618,1268,751,947],"class_list":["post-57908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-income","category-news-updates","category-tax","tag-income","tag-income-tax","tag-irb","tag-lhdn","tag-personal-income-tax","tag-tax","tag-taxes"],"acf":[],"yoast_head":"\nLHDN Collect Record High Income Tax<\/title>\n<meta name=\"description\" content=\"The Inland Revenue Board states that they are set to collect almost RM105 billion of income tax this year from Malaysians.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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