By DayakDaily Team
KUCHING, March 1: Malaysia still has a low tax base of around 11.2 per cent of gross domestic product (GDP), compared to other neighbouring countries such as Singapore’s 12.6 per cent and Thailand’s 16.4 per cent.
Prime Minister Datuk Seri Anwar Ibrahim, who is also the Finance Minister, said the number of companies that pay taxes is still low, which is around 435,000 out of 1.5 million registered companies in Malaysia.
“This means that less than 29 per cent of registered companies pay tax,” he said when officiating the 28th LHDN Day celebration in Cyberjaya today.
On the same note, Anwar said the Inland Revenue Board (LHDN) recorded a new history of RM183.34 billion in national tax collection in 2023.
According to him, the amount exceeds RM7.8 billion or 4.49 per cent of the total collection compared to 2022.
“As of Dec 31, 2023, the number of individual taxpayers is as much as 5.7 million with collection revenue of RM40.96 billion and for companies, it is as much as 539,113 with collection revenue of RM98.77 billion,” he added. — DayakDaily
