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LHDN Initiates 'Ops Token' Joint Effort To Combat Tax Revenue Leakage From Cryptocurrency Trading

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The Inland Revenue Board (LHDN) of Malaysia has identified several individuals and companies involved in cryptocurrency trading to address issues related to

The Inland Revenue Board of Malaysia has identified several individuals and companies involved in cryptocurrency trading to address issues related to tax revenue leakage and to improve national tax administration. According to its chief executive officer, Datuk Dr. Abu Tariq Jamaluddin, the high volume of cryptocurrency trading transactions has prompted the revenue board to review and analyse data to understand the potential tax implications better.

'We understand that if there are a lot of transactions, profits from cryptocurrency trading are taxable,' he told reporters after presenting certificates to participants of the Tax Corporate Governance Programme earlier today. 'Individuals engaged in high-volume transactions are not reporting these activities to us.'

https://www.facebook.com/HASiLMalaysia/posts/pfbid02rM7mRqJtqTx17TaKTbwD8AyfMeKnGjGo2LPMQTZZfxsnCg1ycHUfjgzCB1i4f28Gl In response to the situation, LHDN has initiated 'Ops Token', a joint effort with the police and CyberSecurity Malaysia , aimed at combating tax revenue leakage from cryptocurrency trading. This operation covers ten different locations within the Klang Valley, focusing on areas with significant cryptocurrency trading activities.

Abu Tariq highlighted that individuals involved in cryptocurrency trading in Malaysia are subject to income tax. He urged those uncertain about their tax obligations to contact the revenue board for assistance. Additionally, he pointed out that LHDN provides excise service guidelines on digital currency transactions for those seeking more information, which is accessible via this link.

Source: News Formal (newsformal.com)

 

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