LHDN Set To Surpass RM176 Billion Target In Tax Collection
Author Avatar
(Image: Malay Mail/Hari Anggara)

The Inland Revenue Board (LHDN) has revealed that it is on track to surpass its RM176.1 billion target in tax collection this year, thereby setting a new record. In fact, its data indicated a 20% increase in daily tax collection this year as compared to 2022.  

LHDN is expected to collect RM164 billion in net taxes from the RM176.1 billion gross tax collection target this year. Meanwhile, last year saw LHDN recording its largest direct tax collection to date, at RM175.4 billion – itself already an increase of 21.75% from 2021.

Finance Minister II, Steven Sim said that this increase in tax revenue is good news for the country because it will enable the government to implement more programmes and projects to benefit the public. “For example, we were able to give RM150 to assist school children for the first time this year due to better tax collection,” he said, referring to the early school aid announced under Budget 2023 for students attending Year 1 to Form 5.

Chief executive officer of LHDN, Datuk Dr Mohd Nizom Sairi also expressed his gratitude to Malaysian taxpayers for fulfilling their duties and obligations. “We are at a very encouraging level, and I would like to thank the taxpayers who have shown a high level of compliance,” he said.

(Image: New Straits Times)

Datuk Nizom also said that LHDN will strive to streamline its existing A.E.S (awareness, education, and services) approach to continue elevating taxes as a national asset, in hopes of further earning the public’s trust. This is also in line with Prime Minister Datuk Seri Anwar Ibrahim’s goals to use the country’s increased income from direct tax sources for the benefit of the people.

“Certainly, various beneficial agendas for the people can be realised. The living standard quality and wellbeing of the people will also be enhanced through various development projects as a result of sufficient sources of the country’s income,” said Datuk Nizom.

As for the impact of the recent overnight policy rate (OPR) increase on tax collection, Datuk Nizom said that there would be an indirect impact, but it will not be seen immediately. Malaysia’s OPR was raised by 25 basis points (bps) from 2.75% to 3.00% last week.

(Sources: The Star, Malay Mail)

0 0 votes
Article Rating


Comments (0)

Notify of

Inline Feedbacks
View all comments
Top Income Tax Articles
Post Image
Malaysia Personal Income Tax Guide 2021 (YA 2020)
Jacie Tan
- 25th March 2021
NOTE: This is the income tax guide for the year of assessment 2020. If you are filing your taxes […]
Post Image
How To File Your Taxes For The First Time
Alex Cheong Pui Yin
- 21st March 2023
If you’ve just entered the workforce, here’s a handy guide on how to file your taxes for the first time.
Post Image
Everything You Should Claim For Income Tax Relief Malaysia 2021 (YA 2020)
Jacie Tan
- 12th March 2021
Editor’s note: this guide is for YA 2020. Visit our latest YA 2021 guide here. When filing our taxes […]
Post Image
Everything You Should Claim As Income Tax Relief Malaysia 2022 (YA 2021)
Alex Cheong Pui Yin
- 10th March 2022
Editor’s note: this guide is for YA 2021. Visit our latest YA 2022 guide here. With the income tax season […]

Related articles

Related Posts Image
Related Posts Image
Related Posts Image
Related Posts Image