Tax reduction to benefit about 260,000 tax payers

SEREMBAN: About 260,000 tax payers are expected to benefit from the reduction of  individual income tax rate by two percentage points currently announced by the government, says Inland Revenue Board (IRB) deputy chief executive officer (Compliance) Abdul Manap Dim.

He said single individuals earning below RM3,100 were not required to pay income tax.

“For the previous year of assessment, from the total of three million individuals who returned the forms, only 1.8 million were taxable,” he told a press conference after launching the Creating Awareness, Sharing Nation’s Prosperity programme here yesterday.

Abdul Manap said despite the reduction in tax collection of about RM1.3 billion, the revenue collection was expected to increase based on economic development.

Meanwhile, the programme was aimed at bringing IRB closer to the community and providing people with the opportunity to seek tax advice. — Bernama

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