Home > News > Nation
Wednesday July 9, 2014 MYT 12:00:00 AM
Wednesday July 9, 2014 MYT 7:03:22 AM
KUALA LUMPUR: The Government almost lost RM2.02bil when 1,748 companies tried to evade paying taxes over three years from 2011.
Through a tax compliance audit, the Inland Revenue Board (IRB) not only recovered the sum owed to the Government, but also obtained penalty payments amounting to RM1.3bil from the companies.
“All these companies committed obscure tax evasion and action was taken against them outside court, requiring them to pay tax on additional income assessment and a penalty,” said IRB Investigation Department director Datuk Mohd Nizom Sairi.
He added that the tricks of tax dodgers included making false purchases and expenditure claims and not reporting sales or reducing the amount of reported sales, as well as making excessive allowance claims or claims for ineligible allowances.
“There were also companies which reported partial profits ... perhaps the sales cash transactions made without receipts were not included in the accounts,” he said.
Tax dodgers who refused to settle what they owe, including evasion penalties, would be prevented from going abroad and have a caveat placed on their assets, he added.
The IRB enforced the compliance audit after the implementation of the tax self-assessment system for companies in 2001.
He said the public could report tax evasion cases to the IRB via letter or e-mail to firstname.lastname@example.org.
The identity of the complainant and information received will be kept confidential. — Bernama
Tags / Keywords:
Government, evasion, income tax
Dept: RM2bil went up in flames last year
Minister: Taxes paid by country’s billionaires can’t be revealed
'Raise taxes to curb tobacco use'
Companies urged to donate school items to children of flood victims
More companies discovering gold in toxic waste
China-Malaysia ties at its best now
Solider killed, two badly injured after army truck crashes
Adnan unable to give state funds to opposition reps
Envoy casts doubt on MH17 probe
Ladies, time to stand up and fight for your man
Looking out for your ears
Ming dynasty treasures on display at a museum in Britain
St Tropez’s siren call
Doggy wearable Voyce to ship soon
Copyright © 1995-2014 Star Publications (M) Bhd (Co No 10894-D)