IRB expects RM132bil in taxes in 2016

CYBERJAYA: The Inland Revenue Board (IRB) expects to collect RM132.57bil in taxes next year after taking into consideration the lower oil price, which is now below US$49 a barrel.

Its Chief Executive Officer, Tan Sri Dr Mohd Shukor Mahfar, said the target would also depend on the world's economic condition, especially the fluctuating oil prices. 

"We will work hard to achieve the target and we believe we can under the present economic condition and if there are no downturn" he told reporters after Innovation Day 2015 celebration here today. 

"We are monitoring the situation, considering that RM100bil was collected on Oct 30 under a not favourable economic condition compared to Oct 5 last year," he said.

Mohd Shukor said for this year's collection, the Finance Ministry has also earlier reduced its target from RM142bil to RM130bil because of the fall in oil prices.

"The fall oil oil prices has affected the world and Malaysia is not spared," he said.

He said in 2010, oil revenue was RM86nil, 2011 (RM109bil), 2012 (RM125bil), 2013 (RM129bil) and 2014 (RM134bil). - Bernama