By the end of this sub unit, you should be able to:
1. Explain the employees’ repsonsibiliteis as taxpayers.
2. Describe the functions and powers of the IRBB.
3. Discuss the offences, fines and penalties imposed by IRBM.
The Inland Revenue Board of Malaysia (IRBM) is one of the main revenue collecting agencies for the Government. It comes under the control of the Ministry of Finance. The Department of Inland Revenue Malaysia became a Board on 1 March 1996, and is now formally known as IRBM. The agency is responsible for the overall administration of direct taxes under the following Acts:
1. Income Tax Act 1967.
2. Petroleum (Income Tax) Act 1967.
3. Real Property Gains Tax Act 1976.
4. Promotion of Investments Act 1986.
5. Stamp Act 1949.
6. Labuan Offshore Business Activity Tax Act.
All personal and financial information provided by the taxpayer to the IRB is strictly confidential. It can only be used for purposes allowed by the law.