PETALING JAYA: A total of 31,598 entities have been identified as possible tax evaders and they have one month to declare their income to the Inland Revenue Board (LHDN) before action is taken.
LHDN said it has identified 23,571 individuals and 7,847 companies that have yet to declare their income, adding that has led to leakages in tax collections amounting to an estimated RM665mil.
“These entities were identified through asset ownership and their ability to secure loans and securities valued at RM500,000 and above.
“The amount of tax losses suffered by the government is estimated to be RM665mil.
“This estimate is a significant amount, as it can have a negative impact on the nation’s economic stability if not addressed immediately,” LHDN said in a statement yesterday.
It said the 31,598 entities have a one-month grace period, from June 15 until July 15, to go to the nearest LHDN branch to register their income tax and declare their income.
“After this one-month period ends, LHDN will take tax enforcement action, such as audits, civil and criminal investigations on the individuals who failed to file the tax declaration form.
“Criminal investigation can be taken to court. Tax evasion can be charged under Sections 112, 113 and 114 of the Income Tax Act 1967,” it added.
