LHDN To Collect Record High Income Tax From Malaysians

The Inland Revenue Board (LHDN) is expected to achieve a record-high income tax collection this year, according to a report by FMT.

In a statement given by deputy finance minister Steven Sim at LHDN’s headquarters in Cyberjaya, RM104.9 billion has been collected through tax as of 31 July. This was a 20% surge compared to the previous year’s collection during the same period.

Sin stated that based on the remarkable current performance of LHDN, they expect to establish a “record for the country’s revenue collection by the end of the year.”

In addition, Sin also talked about the Special Voluntary Disclosure Program (SVDP) 2.0, which commenced on 6 June, and has led to 13,109 companies and individuals taking part in the program. The amount collected from the program sits at RM94.469 million as of 31 July.

Taxpayers can also expect the e-invoicing service to begin in January 2024, which will be required by businesses with annual sales exceeding RM100 million to utilise the service by June 2024.

Tax season is still far away but if you want to maximise your insurance income tax reliefs, make sure you read this guide (before the end of 2023)!