Anwar and the Ringgit - a Photo collage by LatestMalaysia.com
Prime Minister Anwar Ibrahim highlighted key points at the Hasil Day event today, saying our tax base is still low compared to other neighbouring nations. He also notes that only 29% of the 1.5 million companies registered pay taxes. Read more below:
Malaysia’s tax base remains low at 11.2% of GDP, lagging behind neighboring countries like Singapore and Thailand.
Only 29% of registered companies pay taxes, with 435,000 out of 1.5 million companies contributing.
In 2023, the Inland Revenue Board of Malaysia (IRBM) collected RM183.34 billion, surpassing the previous year’s total by RM7.8 billion.
Individual taxpayers numbered 5.7 million, contributing RM40.96 billion, while companies totaled 539,113, generating RM98.77 billion.
The Voluntary Declaration Special Program (PKPS) 2.0 garnered RM610.62 million from 68,806 cases by February 15, 2024.
Increased revenue from Customs aided in doubling payments for the Compassionate Basic Donation (SARA) program, benefiting 700,000 recipients compared to 210,000 last year.
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