Yikes, it looks like Najib Razak is in a whole lot of trouble.
The former Prime Minister apparently owes the Inland Revenue Board (IRB) RM1.69 billion
in additional tax assessments, and they want their money back.
According to a report by The Edge Markets
, the finding was based on court documents sighted by the business news portal.
The report said the figure was the sum of taxes reportedly owed from the year 2011 to 2017, as well as penalties for late payment as he failed to respond to an initial inquiry by the IRB regarding an additional tax assessment of RM1.47 billion in March this year.
The payment, which should have been paid within 30 days, caused a 10 per cent hike of RM147 million in line with Section 103 of the Income Tax Act 1967.
Another compounded five per cent hike of RM80 million was caused by Najib’s failure to settle the payment within 60 days under the same Act.
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The report further said that a Writ of Summons was sent to the 65-year-old following the first additional assessment notice dated 20 March, while another additional assessment notice was sent on 25 March.
However, the additional assessment notice reportedly wasn’t returned to the plaintiff.
It'll be interesting to see what Najib Razak will do next.