IRB CONDUCT OPERATION TO REDUCE TAX LEAKAGE THROUGH CRYPTOCURRENCY TRADING

PUTRAJAYA, June 15 (Bernama) – The Inland Revenue Board (IRB) recently conducted a special operation codenamed Ops Token, in line with the government’s desire to reduce tax revenue leakage from cryptocurrency trading and improve tax administration to improve the country.

The operation, which was held in collaboration with the Royal Malaysia Police and CyberSecurity Malaysia (CSM), involved 38 personnel and was conducted simultaneously at 10 different locations in the Klang Valley.

“During the operation, cryptocurrency trading data stored on mobile devices and computers was found and we successfully identified the value of the digital assets being traded, causing a very significant leakage of tax revenue,” the IRB said today in a statement declaration.

“The data obtained will be analyzed in detail to obtain the value of the cryptocurrency assets traded and the profits generated from the activity, thus identifying the true value of tax leakage that was never reported to the IRB.”

The operation revealed that several corporate entities and limited liability companies had been deliberately established for cryptocurrency trading transactions solely to avoid tax reporting.

Meanwhile, IRB chief executive Datuk Dr. Abu Tariq Jamaluddin in the same statement said that any individual involved in cryptocurrency trading in the country is subject to income tax in Malaysia.

Therefore, he advises any party conducting cryptocurrency trading activities to promptly file their taxes with a nearby IRB office before taking any compliance action.

The implementation of this operation is expected to increase revenues by reducing leakages and increasing tax efficiency, which will contribute to the sustainability of the country’s revenue collection.

For more information on the guidelines for the treatment of taxes on digital currency transactions, visit https://phl.hasil.gov.my/pdf/pdfam/GP_LAYANAN_CUKAI_KE_ATAS_TRANSAKSI_MATA_WANG_DIGITAL.pdf.

— BERNAMA


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