Company Overview: Inland Revenue Board of Malaysia
INTRODUCTION (COMPANY’S BACKGROUND)
The Inland Revenue Board of Malaysia (IRBM) is one of the main revenue collecting agencies of the Ministry of Finance.
IRBM was established in accordance with the Inland Revenue Board of Malaysia Act 1995 to give it more autonomy especially in financial and personnel management as well as to improve the quality and effectiveness of tax administration.
The Department of Inland Revenue Malaysia became a board on March 1, 1996, and is now formally known as IRBM.
The agency is responsible for the overall administration of direct taxes under the following Acts :
Income Tax Act 1967,
Petroleum (Income Tax) Act 1967,
Real Property Gains Tax Act 1976,
Promotion of Investments Act 1986,
Stamp Act 1949,
Labuan Business Activity Tax Act 1990.
IRBM Functions act as agent of the Government and to provide services in administering, assessing, collecting and enforcing payment of income tax, petroleum income tax, real property gains tax, estate duty, stamp duties and such other taxes as may be agreed between the Government and the Board;
To advise the Government on matters relating to taxation and to liaise with the appropriate Ministries and statutory bodies on such matters;
To participate in or outside Malaysia in respect of matters relating to taxation;
To perform such other functions as are conferred on the Board by any other written law;
May act as a collection agent for and on behalf of any body for the recovery of loans due for repayment to that body under any written law.
During the recent Budget 2012 presentation, the Government has announced to give out a one-off cash payment of RM 500 to households with income of less than RM 3,000 a month. This assistance is one of the various initiatives undertaken by Barisan Nasional government to alleviate the burden of low-income earners in facing in rising cost of living.
Starting from December 23, 2013 online application for 1Malaysia People’s Aid (BR1M) can be made via www.hasil.gov.my
The Inland Revenue Board of Malaysia (IRBM) is one of the main revenue collecting agencies of the Ministry of Finance.
IRBM was established in accordance with the Inland Revenue Board of Malaysia Act 1995 to give it more autonomy especially in financial and personnel management as well as to improve the quality and effectiveness of tax administration.
The Department of Inland Revenue Malaysia became a board on March 1, 1996, and is now formally known as IRBM.
The agency is responsible for the overall administration of direct taxes under the following Acts :
Income Tax Act 1967,
Petroleum (Income Tax) Act 1967,
Real Property Gains Tax Act 1976,
Promotion of Investments Act 1986,
Stamp Act 1949,
Labuan Business Activity Tax Act 1990.
IRBM Functions act as agent of the Government and to provide services in administering, assessing, collecting and enforcing payment of income tax, petroleum income tax, real property gains tax, estate duty, stamp duties and such other taxes as may be agreed between the Government and the Board;
To advise the Government on matters relating to taxation and to liaise with the appropriate Ministries and statutory bodies on such matters;
To participate in or outside Malaysia in respect of matters relating to taxation;
To perform such other functions as are conferred on the Board by any other written law;
May act as a collection agent for and on behalf of any body for the recovery of loans due for repayment to that body under any written law.
During the recent Budget 2012 presentation, the Government has announced to give out a one-off cash payment of RM 500 to households with income of less than RM 3,000 a month. This assistance is one of the various initiatives undertaken by Barisan Nasional government to alleviate the burden of low-income earners in facing in rising cost of living.
Starting from December 23, 2013 online application for 1Malaysia People’s Aid (BR1M) can be made via www.hasil.gov.my