Revenue board identifies individuals, companies involved in crypto trading


PUTRAJAYA: The Inland Revenue Board has identified several individuals and companies engaged in cryptocurrency trading to curb tax revenue leakage and enhance national tax administration.

Its chief executive officer, Datuk Dr Abu Tariq Jamaluddin, said the high frequency of cryptocurrency trading transactions had prompted the revenue board to review data for potential tax implications.

"We understand that if there are a lot of transactions, profits from cryptocurrency trading are taxable.

"Individuals engaged in high-volume transactions are not reporting these activities to us," he told reporters after presenting certificates to participants of the Tax Corporate Governance (TCG) Programme on Wednesday (June 19).

Recently, LHDN launched Ops Token in collaboration with the police and CyberSecurity Malaysia (CSM) to combat tax revenue leakage in cryptocurrency trading. The initiative covers 10 locations across the Klang Valley.

Abu Tariq emphasised that individuals engaged in cryptocurrency trading in Malaysia are liable for income tax, and those needing clarification on tax matters can reach out to the revenue board or access the guidelines here: https://phl.hasil.gov.my/pdf/pdfam/GP_LAYANAN_CUKAI_KE_ATAS_TRANSAKSI_MATA_WANG_DIGITAL.pdf.

Earlier in his speech, Abu Tariq said, "Through TCG, organisations can deepen their comprehension of tax regulations related to business activities and fortify their internal systems for sustained tax compliance.”

The revenue board introduced TCG on March 1, 2022, to bolster voluntary compliance efforts and emphasise cooperation between taxpayers and the board as the national tax authority.

The program was launched in two phases: a pilot project running from June 1, 2022, to June 30, 2024, followed by full implementation starting July 1 this year. – Bernama

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

LHDN , Cryptocurrency , Trading , Tax , TCG

   

Next In Nation

Malaysia-Iran cooperation will not be influenced by foreign parties, says PM
Man escapes gallows for murdering friend's teen daughter, sentenced to 40 years
28 students discharged after food poisoning incident at George Town school
MPs required to undergo health screening by Nov 11
Two die in in accident caused by heart attack in Sepang
Medical fraternity lauds 'historic' amendments to Medical Act
Wan Ahmad Fayshal could face six-month suspension from Dewan Rakyat
Man speaks of months-long ordeal after contacting illegal moneylenders
Man stabs housemate, breaks hip while escaping in Petaling Jaya
Premium salaries for TVET grads among proposals finalised, says Zahid

Others Also Read