The Inland Revenue Board (IRB) of Malaysia has unveiled its updated tax investigation framework for 2024, which includes more comprehensive investigative procedures amongst other methods.
The new framework aims for a fair, transparent and equitable taxation system that will be achieved by improving the public’s trust in the taxation system.
In general the framework outlines the rights and responsibilities of IRBM officers, taxpayers and tax agents; help taxpayers fulfil their responsibilities; and inform taxpayers about allocations laws related to tax investigation.
The compliance with taxation laws will be strictly enforced under the new framework. Non-compliance and tax evasion will be subject to action according to provisions of the Income Tax Act 1967 (ACP) and other acts administered by IRB. Convicted taxpayers can be subject to penalties, fines and/or imprisonment.
The updated tax investigation framework for 2024 took effect from 31 May, 2024.
