What is TAX?
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A sum of money paid by the citizens to the government on the income or value of purchases of certain specific goods and services. The purpose is to bear government expenditure and to undertake development projects.
Why TAX?
In Malaysia, tax is the main contributor to the Federal Government’s revenue. In year 2003, tax contributed RM64,891 million or approximately 70.1% of the Federal Government’s revenue.
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Tax revenue constituted direct taxes amounting to RM43,016 million and indirect taxes of RM21,875 million.
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- Direct taxes include income tax, petroleum income tax, stamp duties and real property gains tax.
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- Indirect taxes include import duties, export duties, excise duties, sales tax and service tax.
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