THE Inland Revenue Board of Malaysia (IRB) and the Royal Malaysian Customs Department (Customs) are expected to collect about RM270 billion in taxes. ...
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.
Italia Ultime Notizie, Italia Notizie
Similar News:Puoi anche leggere notizie simili a questa che abbiamo raccolto da altre fonti di notizie.
'Art Gallery', a board game that turns you into a museum curatorThere are 48 different paintings by artists from Rembrandt to Monet up for grabs, although the manufacturer appears to have only chosen works by white European men
Leggi di più »
Rolling Stone magazine co-founder axed from Rock hall of fame boardWASHINGTON, Sept 17 — The co-founder of Rolling Stone magazine, Jann Wenner, has been ousted from his seat on the board of the Rock and Roll Hall of Fame Foundation for comments...
Leggi di più »
Iconic music figure axed from Rock & Roll Hall of Fame boardThis follows comments Jann Wenner made blasted as racist and sexist.
Leggi di più »
Board game ‘Bansan’ aims to preserve wet market culture‘Bansan’ highlights the complicated web of relationships between vendors, customers, wholesalers and authorities in a wet market.
Leggi di più »
Action to be taken if palm oil mill caused Sungai Pukin pollution, says MPOBKUALA LUMPUR: The Malaysian Palm Oil Board (MPOB) will take action in accordance with its legislation if a palm oil mill is found to be the cause of pollution in Sungai Pukin, Rompin, Pahang.
Leggi di più »
Rolling Stone magazine co-founder axed from Rock hall of fame boardWASHINGTON, Sept 17 — The co-founder of Rolling Stone magazine, Jann Wenner, has been ousted from his seat on the board of the Rock and Roll Hall of Fame Foundation for comments...
Leggi di più »