CYBERJAYA: The Inland Revenue Board (IRB) will launch an income tax audit operation on professionals, including architects, lawyers and engineers. IRB chief executive officer Datuk Sabin Samitah said that based on risk analysis, third-party information and analysis by Bank Negara Malaysia, some of these professionals have never declared their income. On the target of RM127.7bil in tax collection this year, Sabin said it was achievable, but several restrictions could reduce the tax collection, including the announcement of a 1% reduction in the tax rate. "Another restriction is in the petroleum tax collection. Any investigation or audit on any individual or firm is based on a detailed risk analysis by the IRB.

Source: The Star August 29, 2017 14:01 UTC