KUALA LUMPUR (Bernama): The Inland Revenue Board (IRB) has identified 79,786 individuals, companies, organisations, cooperatives and more with property and extraordinary wealth who have yet to pay tax.
IRB chief executive officer (CEO) Datuk Seri Sabin Samitah said they will be sent an offer to voluntarily confess, as well as a notice under Section 79 of the Income Tax Act 1967 to provide more information or clarification.
They have 30 days to respond to the notice and if they don’t, can be fined a maximum of RM20,000, jailed up to six months or both.
“We have a structured programme to send notifications to taxpayers who have failed to submit the tax form or declare income sufficiently, and have overseas accounts,” Sabin told reporters when attending the first IRB National Taxation Seminar 2018 which is being held at different locations on different dates around the country till December.
“We already have the information which we’ve been receiving from tax administrators overseas since September,” he added.
Sabin also informed that as of Nov 11, tax collection has increased by 11% compared to the same period last year as there is confidence in the government to manage financial affairs well.
On the extraordinary wealth of certain individuals that has resulted in viral spread in social media, Sabin said IRB has a special team to keep watch.
“We study social media, the newspapers and magazines, then draw up data to see if what has been declared matches up,” he said.
Via a statement on Tuesday (Nov 13), IRB said taxpayers have till June 30, 2019, under the Special Voluntary Disclosure Programme announced by Finance Minister Lim GuanEng during Budget 2019 to enjoy a reduced penalty of 10-15%, compared to having to pay 80-300% after the period, for unpaid taxes. – Bernama