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Pay Your Taxes Or You'll Be Fined Double The Amount You Owe

The Inland Revenue Board (LHDN) will implement the new penalty starting 2018.


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Pay Your Taxes Or You'll Be Fined Double The Amount You Owe
Image: Ringgit Plus
If you’re one of those people who have been avoiding paying your taxes, you better start thinking about settling your debts. Or you may be slapped with a 100% penalty if (or when) you get caught.
 
In other words, you would have to pay back double the amount of what you owe!
 
The Inland Revenue Board (LHDN) has announced that tax dodgers will be penalised more than double the rate from 2018 onwards.
 
This higher penalty will be implemented across all individuals and companies.
 
LHDN CEO Datuk Sabin Samitah told The Star that the current penalty is at 45% of the amount owed if the defaulters settle within six months.
 
Defaulters have been given the last two years to settle their debts voluntarily and they’ll have until the end of the year before the new penalty is imposed, he added.
 
A number of multinationals, government-linked companies and small-and-medium enterprises have been penalised for tax evasion.
 
LHDN launched Operasi Gegar Bersepadu on Monday as a nationwide operation to create awareness among those who don’t pay their taxes.
 
Audits, summons and travel restrictions were issued to defaulters and employers who failed to make monthly tax deductions for their employees.
 
This operation is one of LHDN’s initiatives to achieve the RM127.7 billion tax collection target that government had set for this year.

Speaking of taxes, don't forget to do your e-filing. The deadline's coming soon!

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