In the Budget 2020 announced last month, Finance Minister Lim Guan Eng said Malaysians above the age of 18 as well as corporate entities will be assigned a Tax Identification Number. ― Picture by Shafwan Zaidon
Speaking at a forum, he said last year, the government introduced the Special Voluntary Disclosure Programme that had ended in September, with 450,000 notices sent to 250,000 individuals who did not voluntarily declare their income. “Once you are in the net, you buy properties, do any financial transactions, you report your Tax Identification Number so we can trace where you get the money from. To evade tax will be very difficult,” he said.
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