IRB expects to collect RM132.6b taxes in 2016

comments     Bernama     Published     Updated

The Inland Revenue Board expects to collect RM132.6 billion in taxes next year after taking into consideration the lower oil price, which is now below US$49 a barrel.

Chief executive officer Mohd Shukor Mahfar said the target will also depend on the world’s economic conditions, especially the fluctuating oil prices.

“We will work hard to achieve the target and we believe we can under the present economic condition and if there are no downturn” he told reporters after the Innovation Day 2015 celebration today.

“We are monitoring the situation, considering that RM100 billion was collected on Oct 30 under a not favourable economic condition compared to Oct 5 last year,” he said.

Mohd Shukor said for this year’s collection, the Finance Ministry has also earlier reduced its target from RM142 billion to RM130 billion because of the fall in oil prices.

“The fall in oil prices has affected the world and Malaysia is not spared,” he said.

He said in 2010, oil revenue was RM86 billion, 2011 (RM109 billion), 2012 (RM125 billion), 2013 (RM129 billion) and 2014 (RM134 billion).

- Bernama



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