Foreign firms’ online income to be taxed
The Treasury Secretary-General has reiterated that foreign companies operating vide online platforms are not exempt from tax in Malaysia if the income is generated here. He informed that the Treasury’s online business and commerce decision task force is working on a mechanism to collect taxes from companies using online platforms.
Directors charged for not declaring income tax, 14 February 2017
The Inland Revenue Board (IRB) has charged two directors for failing to declare their income tax returns.
A contractor is facing eight charges under s 77(1)(a) and 112(1) of the Income Tax Act 1967 for failing to declare his income and submitting the Form B for YAs 2006 to 2013.
In another case, a director is facing three charges under s 77(1)(a) and 112(1) of the Income Tax Act 1967 for failing to declare the company’s income and the Form C for YAs 2011, 2013 and 2014.
If convicted, the two individuals may face a penalty between RM200 to RM2,000 or imprisonment not exceeding six months or both for each charge. The IRB has requested for an arrest warrant and the court has set a mention date of 13 March 2017.
Source: IRB website, 13 February 2017