RM37,000 Fine for Failure to Keep Business Record

An owner of a car accessories and car parts company was fined RM37,000 by the magistrate’s court for 6 counts of failing to keep his business records as required by the Income Tax Act 1967. He was found to have breached the requirements in regards to keeping records pertaining to the business income or losses including sales ledgers, general ledgers, payment vouchers and receipts and payment between the 2010 and 2015 years of assessment. The owner, Mr. Tang was ordered to pay the fine or face a jail term of 12 months. Source: https://www.thestar.com.my/news/nation/2017/10/05/car-accessories-company-owner-fined-rm37000-over-tax-issues/ Comments by StanleyCo: 1. S.82(1) requires every person (

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