IRB Media Release - Avoiding Offences under AMLATFA

The Inland Revenue Board (IRB) released a media statement on 29 August 2012 advising the public that the IRB will take appropriate action for tax offences under the Anti-Money Laundering and Anti-Terrorism Financing Act (AMLATFA) 2001 

Anti-Money Laundering and Anti-Terrorism Financing (Amendment of Second Schedule) Order 2010 [P.U.(A) No. 343/2010], gazetted on 7 October 2010, has included the following tax offences in the Second Schedule of AMLATFA:

1) Failure to furnish return or give notice of chargeability [S. 112, Income Tax Act 1967 (ITA)];

2) Submitting incorrect income tax returns [S. 113, ITA]; and

3) wilful tax evasion [S.114, ITA].

Any person who is found guilty of the above offences shall be liable to a fine not exceeding RM5 million and/or jailed for up to 5 years. The IRB can freeze, seize or confiscate the person�s property during investigation. The IRB informed that in the year 2011, 1389 bank accounts had been frozen under this law. The Chief Executive Officer of the Inland Revenue Board, Tan Sri Dr. Mohd Shukor Bin Hj. Mahfar commented that the IRB is serious in implementing the law against offenders.

For further inquiries and assistance, please contact the IRB via email at callcentre@hasil.gov.my or telephone 1-300-88-3010.

Members may view the IRB Media Release at IRB�s website.