Malaysia

Taxman eyes RM129b in collections for 2013

SUNGAI PETANI, Jan 23 — The Inland Revenue Board Malaysia (IRBM) is targeting collection of RM129 billion for 2013.

Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah (picture) said that, last year, the early collection target was RM110 billion, but at year-end, the actual figure proved to be an encouraging RM124.8 billion.

“Initially, we put RM110 billion as the target for 2012 as we believed the figure was achievable.

“In the course of the year, we noticed the collection was moving to be higher than RM110 billion, so we switched the target to RM115 billion, then RM118 billion and after that, RM123.6 billion.

“We moved the target four times. However, at the year-end, we achieved RM124.8 billion, which was a record for the country. The IRB’s efficiency has improved.

“As a result, they managed the higher collection,” he told reporters after officiating the official opening of the Menara Hasil Sungai Petani at Bandar Amanjaya here today.

He said based on last year’s performance, the Finance Ministry is confident that the RM129 billion target for the IRBM for this year is achievable.

Ahmad Husni said the higher collection by the IRBM and Customs will help Malaysia have a better operating surplus.

“As a result of the high collection, Malaysia has never been in an operating deficit, always an operating surplus. With this surplus, we can cover part of the development expenditure.

“Only when we cannot finance internally, do we borrow for development expenditure,” he added. — Bernama

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