The Chairman of Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat), Dr Norraesah Mohamad, has spoken out on her fears for Malaysia's declining tax collection and has urged the goverment to amend legislation governing the collection of company tax and the zakat.
Dr Norraesah said 25,000 bumiputra companies in the Klang Valley have not paid the zakat, a sum of money that Muslims are required to pay to support specific and needy groups of people, because there is no incentive to encourage them to pay. During a zakat payment last week in Kuala Lumur, Dr Norraesah said: 'What needs to be done is for the government to allow for the deduction of zakat payment before the final deduction of corporate or income tax to business corporations.'
She added: 'This will not only enable more zakat be collected from each individual companies but also will enable the religious authorities to collect a larger sum of zakat for use of the Muslim community.' Dr Norraesah also pointed out that over the last five years the Bank Rakyat had paid a total of RM26mil in zakat.
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