According to a statement issued by the Inland Revenue Department (LHDN), the department found 31,598 individuals and businesses did not report their actual income, which resulted in a loss of RM665 million to the country.
LHDN said that this is a large number and if the problem is not eliminated immediately, it will have a negative impact on the country’s economic stability.
The Inland Revenue Department is tracking these individuals and businesses based on the fact that these individuals or businesses have assets and the ability to obtain loans or securities over RM500,000, but do not report their income truthfully.
There were 23,751 individuals and 7,847 businesses that did not file tax returns.
The Inland Revenue Department gave these individuals and businesses a one-month grace period in which they had to report their income between June 15 and July 15, 2022. At the end of the one-month period, the authorities will take tax enforcement actions, such as audits, civil and criminal investigations, against these individuals and businesses.
