Board: GST will have no impact on 2015 tax collection target

KUALA LUMPUR: The Inland Revenue Board (IRB) said the impending Goods & Services Tax (GST) would not affect this year's tax collection target of RM142.6 billion from RM133.7 billion reported last year.
Deputy Finance Minister Datuk Ahmad Maslan had previously said that the GST implementation is expected to reduce income tax collection by as much as RM6.12 billion, whereas the implementation of the minimum wage policy would see a RM2.4 billion decrease in corporate tax.
However, IRB CEO Tan Sri Dr Mohd Shukor Mahfar said the reduction in income tax, as well as corporate tax, would not impact this year's total tax collection, explaining that the RM142.6 billion tax collection target announced by the government during the Budget 2015 announcement last year had taken into account the new tax regime implementation.
He added that the GST would not have a negative impact on the country's tax collection due to the collective efforts made by the IRB to establish effective and convenient methods for taxpayers to pay their taxes.
On March 1, 2015, IRB launched a new facility under its online services umbrella by providing credit card payment service, made available through VISA, MasterCard and American Express credit cards issued in Malaysia.
''With this added service, we hope to facilitate the payment of taxes in a fast and secure manner,'' he told reporters after officiating the Malaysia Tax Forum 2015, which is jointly organised by the IRB and Chartered Tax Institute of Malaysia (CTIM).
He said IRB is also looking into integrating simpler work systems to ease the tax payment procedures, include simplifying the e-Filing system of tax returns and improving the online facilities, such as e-Kemaskini Syarikat (Company self-update online) and e-BNTC (Self amendment towards assessment or information declared online for companies).