PUTRAJAYA: The government will introduce a Tax Identification Number (TIN) for business or individual income earners aged 18 and above beginning in January 2021, said Deputy Finance Minister Datuk Amiruddin Hamzah yesterday.
This initiative would ensure no taxpayers fail to fulfil their tax obligations, while providing justice to those who have long been responsible in paying their taxes, he said.
In order to implement the initiative smoothly, engagement sessions with stakeholders would commence this year, he said.
“There is an urgent need for a strong capacity to tax in order to carry out the policies that we have outlined, as taxation provides a stable and adjustable source of revenue that can be mobilised if needed,” he said in his address at the Malaysia Tax Policy Forum ‘Strengthening Malaysia’s Fiscal Future’ here yesterday.
In his speech that was read out by Inland Revenue Board (LHDN) chief executive officer Datuk Seri Dr Sabin Samitah, Amiruddin said the government is expected to collect RM244.5 billion in revenue in 2020, an increase of RM11.2 billion from 2019, after excluding the one-off Petronas special dividend of RM30 billion.
Amiruddin pointed out that despite the healthy increase in tax revenue, Malaysia still collects significantly lower taxes than some other countries. — Bernama