Inland Revenue Board of Malaysia and the Royal Malaysian Customs Department are expected to collect about RM270 billion in taxes. IRB collects income tax, real property gain taxes, stamp duties, petroleum income tax; Customs collects import duties, export duties, excise duties, sales tax, service tax, and tourism tax.
In many countries, both these agencies have been merged, particularly in the area of value added tax and internal taxes. Examples would be Singapore, New Zealand, the UK, Australia and Thailand, among others. Currently, the lack of sharing such information has resulted in gaps and consequently leakages in tax collection. For example, is the information that is available to IRB on the income and expenditure and the balance sheets being reconciled with what is declared for sales tax and service tax purposes and vice versa? If the connection is made, then the revenue will be increased automatically since the opportunity to arbitrage on those gaps will be minimised.
IRB cannot share information with Customs as the law is clear that all information provided to the Board is confidential. However, if this was a single agency, this issue will disappear.
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: fmtoday - 🏆 5. / 72 Read more »