Over 31,000 Entities Not Declaring Actual Income, Says IRB

Around 31,598 entities comprising individuals, businesses, companies and others who have yet to declare their incomes, according to Inland Revenue Board (IRB).

In a official statement released on Tuesday, the IRB said the tax losses suffered by the government were estimated at more than RM665 million.

The entities were identified based on asset ownership as well as their ability to secure financing and/or security valued at RM500,000 and above, the agency said.

The IRB further advised the 31,598 entities, in particular 23,751 individuals, to voluntarily appear at their nearest IRB branches to register their income tax files and declare their income. These entities shall be given a grace period of one month from June 15 to July 15, 2022.

“Upon expiration of the grace period, IRB will enforce tax audits as well as civil and criminal investigations that had failed to file the tax declaration forms,” the agency said.

“Criminal probes would result in charges being filed in court under the Income Tax Act 1967 for tax evasion,” the agency added.

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