To support this goal, he said, the Inland Revenue Board’s (LHDN) management needs to formulate short- and mid-term strategies to achieve the target while maintaining its good performance in the future.

“This includes identifying new economic sectors and implementing the tax laws in a transparent, effective and efficient manner. Indirectly, the effort will increase the Malaysian Family’s trust and ensure that taxpayers fulfil their responsibilities,” he said at the LHDN’s 26th Revenue Day celebration here today.

The text of his speech was read out by finance minister Tengku Zafrul Aziz.

Ismail said revenue collection for 2021 jumped 17% year-on-year to more than RM140 million while the country’s gross domestic product (GDP) grew by 3.1% compared with a 5.6% contraction in 2020.

He also noted that the government would implement the Tax Identification Number (TIN) and Tax Compliance Certificate (TCC) to increase the efficiency and transparency in the country’s tax collection.

In addition, starting from 2023, all businesses seeking government projects must have TCCs as a main prerequisite, he said.

Ismail expressed confidence that the government’s GDP forecast for 2022 of between 5.5% and 6.5% would be achieved in line with the projections by the International Monetary Fund (5.7%) and World Bank (5.8%).

“This will be driven by the expansionary Budget 2022, recovery in economic and social activities as well as strong external demand that will continue to spur growth,” he said.