Tax
From The Report: Malaysia 2012
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In conjunction with Russell Bedford, OBG explores Malaysia’s taxation system.

Articles from this Chapter

Analysis

Exciting times: A new budget comes along with a number of regulatory changes
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On September 28 2012 Najib Abdul Razak, the prime minister and minister of finance, released the 2013 budget, titled “Prospering the Nation, Enhancing Well-Being of the Rakyat: A Promise Fulfilled”. The 2013 budget aims to reduce the nation’s fiscal deficit from 4.5% of GDP in 2012 to 4% in 2013. With the projection of a positive economic outlook, GDP growth is forecast at between 4.5% and 5.5%, giving rise to the prospect of the GDP surpassing the RM1trn ($322.6bn) mark for the first time…

Overview

By the book: A look at the country’s tax code
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The Inland Revenue Board (IRB) collected a record RM109.7bn ($35.4bn) in direct taxes in 2011. Under its Corporate Plan 2012-15, launched in July 2012, the IRB is targeting an annual tax revenue growth of 15%. The IRB is working towards identifying newer opportunities in expanding the tax base and areas of tax revenue which were not fully explored previously. With the focus on strengthening its administration, the IRB will also be fine-tuning existing procedures and practices. SELF-ASSESSMENT:…