Special Operation Launched in Malaysia to Tackle Cryptocurrency Tax Evasion
Malaysia’s Inland Revenue Board (IRB), alongside the Royal Malaysia Police and Cybersecurity Malaysia, launched “Ops Token” to address tax losses from cryptocurrency trading.
The operation, involving 38 personnel, covered 10 locations in the Klang Valley. Including Kuala Lumpur, Putrajaya, and nearby Selangor. Investigators found cryptocurrency trading data on mobile devices and computers, suggesting significant tax revenue loss. The IRB is analyzing this data to determine undeclared assets and profits, uncovering that some businesses were structured to evade taxes. IRB CEO Datuk Dr. Abu Tariq Jamaluddin urged crypto traders to declare their income to avoid compliance actions.
Clever Robot News Desk 17th June 2024
