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300 Malaysian firms guilty of tax fraud
Publication Date : 25-05-2012
Malaysian authiories have found that 300 businesses falsified their true taxable income last year to reduce and avoid paying taxes.
A task force on money laundering and financial crime, headed by the Attorney-General's Chambers, investigated more than 300 businesses last year for under-declaration of Customs duties, income tax evasion and money laundering.
The firms were found to have falsified their true taxable income to reduce and avoid paying taxes, it said in a statement yesterday.
They were probed and charged for offences under the Customs Act 1967, Income Tax Act 1967 and the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (Amlatfa).
Also on the task force are the Inland Revenue Board (IRB), Customs, Malaysian Anti-Corruption Commission, Bank Negara, the police, Immigration, National Audit Department, the Companies Commission of Malaysia and Cyber Security Malaysia.
The task force said its main goal was to identify and assist the IRB and Customs in collecting revenue that would otherwise be lost through income tax and Customs duty evasion. It advised individuals and companies to cooperate in declaring their true taxable income and Cus-toms duties to the IRB and Customs department.
Failure to furnish returns, submitting incorrect returns and wilful evasion of taxes under the Income Tax Act 1967 are serious offences under the Amlatfa, it said.