Update tax returns, SC member tells corporates

APPLICANTS going for a corporate restructuring will have to show to the Securities Commission (SC) that the submission of their tax returns and/or settlement of tax liabilities with the Inland Revenue Board (IRB) are up-to-date. 

“If it is found that any of these persons/entities have not updated their tax returns or settled their tax liabilities, the SC may reject the proposal or impose appropriate conditions,” SC member Datuk Dr Zainal Aznam Yusof said at the Third National Tax Conference in Kuala Lumpur yesterday.