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Authorities in Malaysia are reportedly increasing their scrutiny of cryptocurrency tax evaders. It has been claimed that officers from the Malaysian federal agency Inland Revenue Board (IRB) conducted raids at numerous locations as part of a special investigation codenamed "Ops Token."
Malaysia Targets Crypto Tax Evasion with Coordinated Raids by IRB and Security Agencies
These raids were carried out after the IRB discovered companies that had not declared their crypto-related engagements. Much like the government of India, the government of Malaysia is attempting to keep a record of crypto-related financial transactions through these taxes. These transactions, which are otherwise mostly anonymous and could be used for illegal purposes, are a potential target for corruption.
According to reports, the Internal Revenue Board (IRB) has collaborated with the Royal Malaysia Police and CyberSecurity Malaysia (CSM) to identify those who have evaded paying taxes. According to a report released by The Malaysian Reserve over the weekend, the team that carried out raids at ten different locations in the Klang Valley consisted of 38 security officials.
Malaysia's growing consensus is that cryptocurrencies should be classified as securities. Additionally, the trading of cryptocurrencies is permitted in Malaysia, even though they are not regarded as payment options. Cryptocurrency-related enterprises operating within the country, on the other hand, are subject to the nation's tax system.
Malaysia's Cryptocurrency Market to Hit $306.6M by 2024 Amidst Crackdown on Tax Evasion
Statistics from Statista indicate that by the end of 2024, the cryptocurrency industry in Malaysia is anticipated to reach a valuation of $306.6 million, which is equivalent to around Rs. 2,556 crore. In addition, Statista estimates that there are currently three million people living in Malaysia who are involved in the cryptocurrency field.
The authorities there aim to reduce the number of instances of tax evasion across the country. It has been claimed that in March, the Prime Minister of Malaysia, Datuk Seri Anwar Ibrahim, instructed the authorities to crack down on individuals who avoid taxes.
Following reports that Malaysia had lost RM 6.34 billion, which is equivalent to $1.3 billion (about Rs. 11,222 crore), due to tax evasion, he issued a directive to conduct audits of organizations that were engaged in crypto-related activities and to take action against defaulters.
Tax evasion can result in a penalty of up to RM 20,000 or $4,237.74 (about Rs. 3.53 lakh) in Malaysia, as well as a possible prison sentence of up to six months.
Malaysia has previously taken measures to curb cryptocurrency miners and prevent the theft of electricity for mining activities.
Photo: Microsoft Bing
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