How should we judge a government?

In Malaysia, if you don't watch television or read newspapers, you are uninformed; but if you do, you are misinformed!

"If you're not careful, the newspapers will have you hating the people who are being oppressed, and loving the people who are doing the oppressing." - Malcolm X

Never argue with stupid people, they will drag you down to their level and then beat you with experience - Mark Twain
Never argue with an idiot, otherwise people won't know which one of you is the idiot.
Since light travels faster than sound, some people appears bright - until you hear them speak.

Why we should be against censorship in a court of law: Publicity is the very soul of justice … it keeps the judge himself, while trying, under trial. - Jeremy Bentham

"Our government is like a baby's alimentary canal, with a happy appetite at one end and no responsibility at the other. " - Ronald Reagan


Government fed by the people

Government fed by the people

Career options

Career options
I suggest government... because nobody has ever been caught.

Corruption so prevalent it affects English language?

Corruption so prevalent it affects English language?

When there's too much dirt...

When there's too much dirt...
We need better tools... to cover up mega corruptions.

Prevent bullying now!

Prevent bullying now!
If you're not going to speak up, how is the world supposed to know you exist? “Orang boleh pandai setinggi langit, tapi selama ia tidak menulis, ia akan hilang di dalam masyarakat dan dari sejarah.” - Ananta Prameodya Toer (Your intellect may soar to the sky but if you do not write, you will be lost from society and to history.)

Saturday, November 05, 2016

Farah Rosley: IRB’s carrot and stick approach

Excerpt:

Budget 2017 is just round the corner and there are various expectations on what the budget will entail.
The economic environment for 2017 is expected to be challenging.
As such, people are hoping for tax cuts, balanced with prudent spending by the Government without impacting development costs that will be vital for the country’s economic growth.

A tax amnesty programme can be seen as a means for the Government to increase tax collection and thus contribute to the Government’s revenue.
Recently, the Indonesian Finance Minister, Sri Mulyani Indrawati, raised eyebrows when she issued a warning to tax dodgers in Indonesia to join its tax amnesty programme launched in July or face “hell”.
Like Indonesia, the Malaysian Inland Revenue Board (IRB) has introduced a tax amnesty programme to boost tax revenues by encouraging the payment of tax debts.
Launched on March 1, the 2016 Malaysian tax amnesty programme (which follows a similar offering from the IRB in 2015) is one of the attempts to counter the nation’s shrinking coffers due to the plunge in oil prices, whilst giving taxpayers the opportunity to regularize their tax affairs.
The programme runs until 15 December this year, and taxpayers are strongly encouraged to evaluate whether the tax amnesty programme will benefit them.
Under the Malaysian tax amnesty programme, penalties will be reduced or waived.
The following reduced penalties (depending on the payment terms) will be imposed, instead of the maximum penalty rates of 100% or 300%:
>Voluntary disclosure of non-submission of income tax returns: 15% or 20% of the tax charged
>Voluntary disclosure of incorrect tax returns submitted before the case is selected for tax audit: 15% or 20% of the tax undercharged
>Voluntary disclosure of incorrect tax returns (within a stipulated period after the taxpayer has been informed of the tax audit): 25% or 35% of the tax undercharged
>Voluntary disclosure within 14 days from the date of the IRB inspection (for tax investigation case): 20% or 25% of the tax undercharged; and
>Discovery by the IRB during a tax audit or investigation: 25% or 35%
The programme also provides for the waiver of late payment penalties for early settlement of tax arrears.
The eligibility of the offer will depend on the merits of the case and is subject to the relevant IRB regulations.
The tax amnesty applies to a range of taxes comprising corporate income tax; personal income tax; petroleum income tax; real estate property gains tax; stamp duty; withholding tax; late payment of taxes; and penalty on under-estimation of tax.
In recent years, the IRB has undergone a major re-organisation to strengthen its enforcement unit and increase its enforcement activities with the ultimate objective of stepping up the country’s tax revenue collections, through a widening of tax audit activities."
IMHO: With diminishing oil reserves and low oil prices, Petronas as main contributor to national incomes is being squeezed to pay obligatory dividends to government as well as to cut back on capex in exploration. Therefore, GST is seen as another good source of income which current rate of 6% can be adjusted upwards, if and when necessary. Meanwhile, IRD is being pressured to produce additional tax from would be tax evaders, with initial incentives as carrot, and later with stick, when necessary. With budget cuts in vital ministries like health and education, the government cannot deny we are in financial squeeze,

Link

No comments: