IRB collected RM716.1 million in penalty payments last year

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2008/07/03

IRB collected RM716.1 million in penalty payments last year

www.nst.com.my

 

BERNAMA

 

KUALA LUMPUR, THURS:

A total of RM716.1 million in penalty payments was collected by the Inland Revenue Board last year, which was about one per cent of the total gross tax collection of RM74.7 billion last year, Deputy Finance Minister Datuk Kong Cho Ha said.

He said a 10 percent penalty was imposed on late payment not exceeding 10 days from the due date and an additional five percent fine on payments made later than 30 days after due date.

Penalties were also imposed for offences like failure to file tax return forms within the specified time, failure to pay income tax, evading tax payment, and giving inaccurate information on earnings, he said during the Question and Answer session at the Dewan Rakyat sitting today.

Kong was replying to a question from Md Sirat Abu (BN-Bukit Katil) on total revenue collected by IRB last year and the amount collected from tax payers in penalties following the enforcement of tax regulations by the department.

He explained that the income tax collected from the IRB were taxes on corporate earnings, individuals, petroleum tax, stamp duties and direct taxes.

The taxes collected contributed in full to the government’s financial resources.

To a supplementary question from Ngeh Koo Ham (DAP-Beruas) on why the government was still asking Dewan Rakyat to approve an additional allocation of RM30 billion while there have been increased tax collections, Kong said the additional allocation was to cater to the increased cost in carrying out projects under the Ninth Malaysia Plan.

 

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