The Inland Revenue Board (IRB)

As for many of us, we have to know, or must know this board as this is the authority who is taking all our taxes. Prior to March 1996, this board is actually called Department of Inland Revenue Malaysia, under the scrutiny of Ministry of Finance. As upon 1st March 1996, they became a Statutory Board, so call independent board.

The reason for today's post is simple that is to know their function and why is it important to know, because if next time you are working, you get to know who and how your tax money are used. Main thing to concern for IRB is that, they are responsible for

1. Formulation of new tax policies for both the private and public sectors
2. tax collection and
3. compliance enforcement.

These are probably adapted from the slides, but having to know this are essential and with my beefed up information in the later section.

Functions of IRB

• Act as an agent of the Malaysian Government and to provide services in administering, accessing, collecting and enforcing payment of taxes under the IRB
• Advice the Malaysian Government on matters relating to taxation and to liaise with the appropriate Ministries and statutory bodies on such matters
• Participate in or outside Malaysia in respect of matters relating to taxation
• Perform such other functions as conferred on the Board by any other written law
• 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

And taxes under IRB will include income tax, petroleum income tax, real property gains tax, estate duties and stamp duties. And with that, we have also Malaysian Tax Academy who are in charge of guiding the team of people (who come and bugged you every year in the month of April)

The objectives of Malaysian Tax Academy are :-

1. To provide training for the officers and staff of Inland Revenue Board of Malaysia in taxation and management to enable them to carry out their duties in a professional manner;

2. To reinforce the knowledge and expertise of the officers and staff of Inland Revenue Board of Malaysia to meet the demands of a dynamic tax system;

3. To widen the perspective and knowledge of the officers and staff of Inland Revenue Board of Malaysia through joint training with individuals and organisations within and outside the country; and

4. To provide tax education to the public in order to enhance their knowledge and awareness regarding taxation in this country.