Deloitte's tax experts say the creation of a tax identification number can help the government combat the 'shadow economy'. – The Malaysian Insight file pic, November 6, 2019.
INTRODUCING tax identification numbers for individuals aged 18 and above by 2021 can be one of the solutions to address the “shadow economy”, Deloitte Malaysia said. Shadow economy refers to goods and services unreported for taxation, encompassing undeclared income from freelancing work, illicit activities like prostitution, sale of illegal drugs, smuggling of cigarettes and liquor, as well as accepting bribes.
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Source: Financial Digest (financialdigest.net)
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