At the same time, only 16.5% of the 15 million workforce are paying individual income tax. Going digitalThe digitalisation of tax administration and tax reporting is an important consideration towards achieving higher tax compliance and revenue collection. In Malaysia, an online platform for submission of tax worksheets electronically, known as the Malaysian Income Tax Reporting System (MITRS), was introduced. This paved the way for digitalisation and standardisation of tax reporting and the exchange of information electronically — replacing paper-based submissions. Let’s make it simpleThe simpler the tax system, the greater the desire to comply with our tax laws, especially if we want to encourage small businesses to be part of our tax system.

Source: The Edge Markets October 31, 2021 06:47 UTC