Higher penalty for tax defaulters beginning next year
The penalty increase was to ensure that companies and individual taxpayers were more disciplined.
Starting next year, those who fail to pay their taxes or has submitted inaccurate tax report will face a 100 percent penalty as opposed to the current penalty of 45 percent.
Inland Revenue Board (IRB) chief executive officer Datuk Sabin Samitah said the penalty increase was to ensure that companies and individual taxpayers were more disciplined.
"The penalty hike will not involve any new amendments of the law because it is already stipulated under the Income Tax Act 1967," said Sabin after launching the G127B operation at the IRB building, here today.
According to the Act, the increase in penalty can go up to 300 percent.
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