ID :
17931
Wed, 09/03/2008 - 20:47
Auther :
Shortlink :
http://m.oananews.org//node/17931
The shortlink copeid
IRB CONFIDENT OF COLLECTING MORE THAN RM77 BLN FOR ASSESSMENT YEAR 2007
KUALA LUMPUR, Sept 3 (Bernama) -- The Inland Revenue Board (IRB) is optimistic of collecting taxes in excess of the targeted RM77 billion for the 2007 assessment year, chief executive officer and director-general Hasmah Abdullah said Wednesday.
"As of September, the IRB has collected 15-20 percent more taxes than it
did in the same period last year," she said.
She said taxpayers and companies whose accounting period ended on Dec 31
last year had submitted their income tax returns by Aug 15, the deadline for
submission.
"So, if there is excess tax they need to pay, they will have to settle,"
she
told reporters after the opening of a national taxation seminar by Deputy
Finance Minister Kong Cho Ha.
Hasmah said IRB collected RM74.669 billion in the 2006 assessment
year.
She said the IRB had set a RM83 billion collection target for the 2007
assessment year, of which RM6 billion were refunds.
On expectations for the 2008 assessment year, Hasmah said tax collection
might take a beating owing to the people's weakened purchasing power which could
have affected companies' profits.
"In the next accounting period we may need to take into account whether
company profits have been affected by the people's reduced purchasing power,"
she said.
Hasmah however said higher tax revenue was expected from petroleum
companies
following the hike in fuel prices.
On refunds, Hasmah said not all refund cases can be settled within the
30-day specified period for taxpayers using the e-filing method as 20 to 30
percent of the cases needed re-auditing to ensure the claims were
genuine.
"Nearly 50 percent of taxpayers say they need to be refunded but actually
it
is not so as there are previous years tax arrears which we need to
calculate.
"Further assessment has to be done for the bonus and salary arrears in the
previous year which were paid this year. This has to be adjusted," she
explained.
Of the 400,000 refund cases for individual taxpayers, she said about
200,000
of them are not refund cases.
On e-filing, Hasmah said there was a 60 percent rise to 1.2 million users
this year as compared to about 800,000 last year.
"This is an encouraging increase and I hope it will go up further as
taxpayers feel comfortable using the electronic method," she said.
Hasmah also said the latest "e-stamping" facility will be implemented on
Jan
1, 2009 to facilitate the public in transactions needing stamp duty.
This followed the announcement in the 2009 Budget, allowing stamp duties be
paid electronically.
US$1=RM3.38
"As of September, the IRB has collected 15-20 percent more taxes than it
did in the same period last year," she said.
She said taxpayers and companies whose accounting period ended on Dec 31
last year had submitted their income tax returns by Aug 15, the deadline for
submission.
"So, if there is excess tax they need to pay, they will have to settle,"
she
told reporters after the opening of a national taxation seminar by Deputy
Finance Minister Kong Cho Ha.
Hasmah said IRB collected RM74.669 billion in the 2006 assessment
year.
She said the IRB had set a RM83 billion collection target for the 2007
assessment year, of which RM6 billion were refunds.
On expectations for the 2008 assessment year, Hasmah said tax collection
might take a beating owing to the people's weakened purchasing power which could
have affected companies' profits.
"In the next accounting period we may need to take into account whether
company profits have been affected by the people's reduced purchasing power,"
she said.
Hasmah however said higher tax revenue was expected from petroleum
companies
following the hike in fuel prices.
On refunds, Hasmah said not all refund cases can be settled within the
30-day specified period for taxpayers using the e-filing method as 20 to 30
percent of the cases needed re-auditing to ensure the claims were
genuine.
"Nearly 50 percent of taxpayers say they need to be refunded but actually
it
is not so as there are previous years tax arrears which we need to
calculate.
"Further assessment has to be done for the bonus and salary arrears in the
previous year which were paid this year. This has to be adjusted," she
explained.
Of the 400,000 refund cases for individual taxpayers, she said about
200,000
of them are not refund cases.
On e-filing, Hasmah said there was a 60 percent rise to 1.2 million users
this year as compared to about 800,000 last year.
"This is an encouraging increase and I hope it will go up further as
taxpayers feel comfortable using the electronic method," she said.
Hasmah also said the latest "e-stamping" facility will be implemented on
Jan
1, 2009 to facilitate the public in transactions needing stamp duty.
This followed the announcement in the 2009 Budget, allowing stamp duties be
paid electronically.
US$1=RM3.38
