News and developments
Post-SVDP 2.0 and the Return of the Revenue: Navigating New Challenges in Tax Audits and Investigations
This marks a significant shift towards stricter enforcement and heightened scrutiny in various key areas.
Key Focus Areas
In particular, the IRB has identified the following areas of focus in enforcement activities:
Author: Chris Toh Pei Roo & Nathaniel Jagan
Footnotes [1] https://www.hasil.gov.my/en/special-voluntary-disclosure-programme-svdp-20/ [2] Available in the Malay language only at https://www.hasil.gov.my/media/puwbltue/rangka-kerja-siasatan-cukai-2024.pdf [3] Paragraph 7.1, TIF 2024 [4] Paragraph 7.1, TIF 2024 [5] Paragraph 10.1, TIF 2024 [6] https://lh-ag.com/lexology-in-depth-tax-disputes-and-litigation-12th-edition-2024/ [7] Available in the Malay language only at https://www.hasil.gov.my/media/puwbltue/rangka-kerja-siasatan-cukai-2024.pdf [8]www.hasil.gov.my/media/f0vfbzv3/20240615-kenyataan-media-hasil-perluasan-asas-cukai-terus-diperkasa-menerusi-operasi-pematuhan-khas-ops-token.pdf [9] https://lh-ag.com/tax-customs-trade-special-alert-crypto-in-the-irbs-crosshairs-debunking-3-myths-for-traders-and-dabblers/
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- Domestic Transfer Pricing
- Offshore Accounts
- High Net Worth Individuals (“HNWIs”)
- Digital and Shadow Economies
- Tax Incentives, including organisations and institutions enjoying exemptions under Section 44(6) of the Income Tax Act 1967 (“ITA”)
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- Conduct a comprehensive assessment of tax exposure and risks.
- Enhance tax strategies and compliance frameworks.
- Understand their rights under TIF 2024, including the right to appoint a representative during audits and investigations.
Author: Chris Toh Pei Roo & Nathaniel Jagan
Footnotes [1] https://www.hasil.gov.my/en/special-voluntary-disclosure-programme-svdp-20/ [2] Available in the Malay language only at https://www.hasil.gov.my/media/puwbltue/rangka-kerja-siasatan-cukai-2024.pdf [3] Paragraph 7.1, TIF 2024 [4] Paragraph 7.1, TIF 2024 [5] Paragraph 10.1, TIF 2024 [6] https://lh-ag.com/lexology-in-depth-tax-disputes-and-litigation-12th-edition-2024/ [7] Available in the Malay language only at https://www.hasil.gov.my/media/puwbltue/rangka-kerja-siasatan-cukai-2024.pdf [8]www.hasil.gov.my/media/f0vfbzv3/20240615-kenyataan-media-hasil-perluasan-asas-cukai-terus-diperkasa-menerusi-operasi-pematuhan-khas-ops-token.pdf [9] https://lh-ag.com/tax-customs-trade-special-alert-crypto-in-the-irbs-crosshairs-debunking-3-myths-for-traders-and-dabblers/