Finance Ministry: IRB able to address revenue leakages under Bill amendments

KUALA LUMPUR, June 3 — The Inland Revenue Board Malaysia is able to address the issues of revenue leakages through the introduction of a new provision under the amendments in the Finance Bill 2021, said the Finance Ministry today.

The ministry, in its 2023 Pre-Budget Statement, said the amendments empowered IRBM to request for a taxpayer’s bank account information from financial institutions for the purpose of making an application to the court for a garnishee order. “Also, certain payments made to resident agents, dealers or distributors who are individuals and who have received more than RM100,000 will be subject to a 2.0 per cent withholding tax,” it added.

The MoF said, under Budget 2022, several initiatives were introduced to curb elements of revenue leakage or harmful practices that relate to cross-border tax evasion and double non-taxation. These initiatives included the removal of the tax exemption on foreign-source income received in Malaysia by Malaysian tax residents, the introduction of a Tax Compliance Certificate as a pre-condition for tenderers to participate in government procurement and the implementation of the Tax Identification Number. — Bernama

😂😂😂😂😂😂

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Finance Ministry: Tax, revenue reforms key to socio-economic resilienceKUALA LUMPUR, June 3 — Putrajaya will continue to implement tax reform initiatives proposed by the Tax Reform Committee, which focused on measures to broaden the tax base,...
Source: malaymail - 🏆 1. / 86 Read more »

Budget 2023: Finance Ministry says govt building resilience through jobs and social protectionKUALA LUMPUR, June 3 — The government would focus on facilitating employment, re-employment, and social protection, especially among the self-employed and informal sector...
Source: malaymail - 🏆 1. / 86 Read more »

Structural reforms a key focus for Budget 2023, says Finance MinistryKUALA LUMPUR, June 3 — In an effort to manage external shocks that may affect the wellbeing of the people and businesses, the government has set a medium-term priority of...
Source: malaymail - 🏆 1. / 86 Read more »

Finance Ministry invites stakeholders to share inputs for Budget 2023KUALA LUMPUR, June 3 — The Ministry of Finance (MoF) will begin its engagement and consultative sessions with various stakeholders under its Pre-Budget Statement (PBS) to ensure...
Source: malaymail - 🏆 1. / 86 Read more »