Focus

M'sia can earn RM1 billion from global minimum tax, says Ahmad Maslan

06 Apr 2023 10:52pm


CYBERJAYA - The country can get RM1 billion for a start when the global minimum tax (GMT) is introduced, said Deputy Finance Minister 1 Datuk Seri Ahmad Maslan.

He said the related bill is expected to be tabled in the Dewan Rakyat this year.

He told reporters after attending the Inland Revenue Board’s (IRB) Majlis Iftar dan Penyerahan Sumbangan here today that the papers related to the bill are being prepared by the Tax Division of the Ministry of Finance (MoF) in collaboration with the Attorney General's Department.

Asked about the response from multinational corporations (MNCs) based in the country regarding the implementation of GMT, Ahmad Maslan said they will have to comply with international standards because the tax issue has been discussed for the past two years.

"The (GMT) really needs to be implemented and can be a new source of tax revenue for the country, maybe after it is introduced we can get RM1 billion for a start,” he said.

Malaysia has basically agreed to implement a GMT of 15 per cent on some MNCs and Malaysia is among the 136 countries announced by the Organisation for Economic Cooperation and Development (OECD) previously as countries that are ready to reform the international taxation system.

The implementation of the tax system is to ensure that business entities pay taxes fairly in the host country and avoid tax leakage.

Regarding the IRB's voluntary declaration programme as a strategy to expand tax revenue, Ahmad Maslan said it will be implemented on June 1 this year and ends on May 31, 2024.
Related Articles:


"This programme is expected to involve as many as 50,000 taxpayers with an estimated tax collection of RM1 billion," he said.

He said taxpayers who are eligible are advised to go to the IRB office when the programme is implemented before the IRB conducts audit and investigation, which are the IRB's normal procedures, on them. -Bernama

Ahmad Maslan
global minimum tax
irb
More Like This
Photo for illustration purpose only. - Bernama photo
Photo for illustration purpose only. - Bernama photo
National Five key automotive trends in Southeast Asia for 2024
Southeast Asia's automotive industry transforms with EV surge and Chinese automakers.
As of Dec 19, 2,355 Indian entrepreneurs have benefited from these initiatives, with total disbursements amounting to RM57,468. - FILE PIX by Bernama
As of Dec 19, 2,355 Indian entrepreneurs have benefited from these initiatives, with total disbursements amounting to RM57,468. - FILE PIX by Bernama
National Various initiatives implemented for Indian community this year
As of Dec 19, 2,355 Indian entrepreneurs have benefited from these initiatives, with total disbursements amounting to RM57,468.
A widower became the first man to receive six public lashes, carried out at Masjid Al-Muktafi Billah Shah on Friday. - Photo by Bernama.
A widower became the first man to receive six public lashes, carried out at Masjid Al-Muktafi Billah Shah on Friday. - Photo by Bernama.
National Widower receives six lashes for repeated khalwat offences in Terengganu
By NURFARDLINA IZZATI MOKTAR
27 Dec 2024 05:33pm
Over 100 witness public lashing for khalwat in Terengganu mosque
TNB chief financial officer Datuk Nazmi Othman after a media briefing on the implementation of the Fourth Regulatory Period at the Leo Moggie Convention Centre, TNB Platinum in Bangsar, today. - Photo by Bernama
TNB chief financial officer Datuk Nazmi Othman after a media briefing on the implementation of the Fourth Regulatory Period at the Leo Moggie Convention Centre, TNB Platinum in Bangsar, today. - Photo by Bernama
National TNB assures no electricity tariff hike
TNB chief financial officer said this decision is in line with the government’s resolution on Dec 20 to maintain electricity tariffs for the period from Jan 1 to June 30, 2025.