100% Penalty on Defaulted Tax

Starting from 1 Jan 2018, the Inland Revenue Board Malaysia (IRBM) will impose a 100% penalty on the tax of individuals and companies dodging payment or filing incorrect income tax returns. [http://www.thestar.com.my/news/nation/2017/04/12/100-penalty-from-next-year-for-income-tax-offenders/] At present, the usual maximum penalty rate imposed on offenders is 45%. It is expected that IRMB will be conducting extensive tax audit operations to enforce the requirements of the Income Tax Act 1967. Generally, there are 2 types of tax audits: Desk Audit – Desk audits and analysis are usually conducted at the IRBM’s office. The selected taxpayer will be notified in writing where certain documents and

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