The Malaysian Internal Revenue Board (IRB), in collaboration with the Royal Malaysian Police and the Malaysian Cyber Security Agency (CSM), recently launched a special operation codenamed'Ops Token 'to address tax losses caused by cryptocurrency transactions. The scheme involved 38 personnel and was executed at 10 locations in the Klang Valley. The area includes Kuala Lumpur and the Federal Territory of Putrajaya, as well as neighbouring cities and towns within the state of Selangor.
During the operation, the IRB found cryptocurrency transaction data on various mobile devices and computers, indicating a significant reduction in tax revenue. The data is currently being analysed to assess the actual value of undeclared assets and profits. Investigations revealed that some corporate entities and partnerships were set up deliberately to evade taxes. IRB CEO Datuk Dr. Abu Tariq Jamaluddin urged cryptocurrency traders to declare their income in a timely manner to avoid compliance actions.
Malaysia launches special operation to crack down on cryptocurrency tax evasion
2024-06-16 04:50:49
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