Rockwills Advisory : Heavy Penalty for Tax Offenders under AMLATFA

KUALA LUMPUR, Aug 29 (Bernama) — The Inland Revenue Board of Malaysia (IRBM) has warned that taxpayers who commit any of the three tax offences under the Anti-Money Laundering and Anti-Terrorism Financing Act (AMLATFA) 2001 will face a heavy penalty.

They are liable to be fined up to RM5 million or jailed for up to five years or both, under the Act, warned its chief executive officer Tan Sri Mohd Shukor Mahfar in a statement, here.

The three tax offences under the AMLATFA 2001 are failure to file income tax returns, submitting incorrect income tax returns and wilful evasion of tax.

“Taxpayers should not take income tax matters lightly. The IRBM can freeze or seize the assets of suspects while they are under investigation,” he warned.

He said throughout last year, the IRBM froze 1,389 bank accounts belonging to companies and individuals believed to have committed or abetted in a tax offence.

For further enquiries, the IRBM can be reached at 1-300-88-3010 or through email: callcentre@hasil.gov.my.

 

Source from http://finance.bernama.com/news.php?id=690784
Disclaimer: This article is given purely for information drawn from other sources and Rockwills make no representations, express or implied, thereon and shall not be responsible for the accuracy of such information.

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