– Information given to IRB may be shared with Customs from 2024

1967 when the Income Tax Act was enacted, the golden rule is: Information given to the Inland Revenue Board is confidential and it cannot be shared with anybody else except when it is needed to be used in court in relation to tax matters, and to the auditor-general in exercising the functions of his office. The intention here is to foster trust with taxpayers.

When it comes to transfer pricing documentation, confidential information such as the pricing policy, business model, pricing strategy, etc. are available to the IRB. During tax audits/investigations, far more information is available.During a recent IRB seminar, it was stated that the particular provision dealing with the confidentiality could be amended, and the information could be shared with the Royal Malaysian Customs Department for revenue collection purposes.

This is a significant departure from the clear understanding IRB has maintained for the past seven decades that information provided to them will be kept confidential. Taxpayers will be concerned whether this is the start to opening the doors for the IRB to share information beyond RMCD to the other government agencies. We hope that will not happen and it should not happen otherwise the trust we have in our revenue collecting agencies will be broken.

It would be preferable if both authorities could give us an annual reassurance that they have sufficient protocols and protective measures to ensure that confidentiality and secrecy is maintained. If there is any breach, the laws should also be changed such that the officials or classified persons are punished for their wrongdoings more severely than they are today. This will act as a deterrent for anyone breaching the rules of confidentiality.

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