PETALING JAYA: Some 31,598 entities consisting of people, companies, firms, and others, have but to declare their income, says the Inland Revenue Board (LHDN).
LHDN stated these entities led to leakages in tax collections amounting to an estimated RM665mil.
“These entities have been recognized by means of asset possession and their capability to safe loans and securities valued at RM500,000 and above.
“The quantity of tax losses suffered by the federal government is estimated to be RM665mil.
“This estimate is a major quantity, because it can provide a destructive affect on the nation’s financial stability if not addressed instantly,” stated LHDN in a press release on Tuesday (June 14).
LHDN stated the 31,598 entities, which consisted of 23,571 people, have a one-month grace interval, from Wednesday (June 15) till July 15, to go to the closest LHDN department to register their income tax and declare their income.
“After this one-month interval ends, LHDN will take tax enforcement motion, corresponding to audits, civil and legal investigations on the people who failed to file the tax declaration type.
“Criminal investigation may be taken to court docket. Tax evasion may be charged below Section 112, 113 and 114 of the Income Tax Act 1967,” added the LHDN.
