"Ha already! Crypto investors in Malaysia are ready to pay taxes."
The Inland Revenue Board (IRB) is conducting a special operation named Ops Token as part of the government's desire to reduce the leakage of tax revenue from cryptocurrency trading as well as improve the country's tax administration.
It is reported that 38 units of the Royal Malaysian Police and CyberSecurity Malaysia (CSM) have worked together to raid 10 different locations in the Klang Valley.
Following the crypto trading data stored in the computer's mobile device was found through the operation, they finally managed to identify the value of the digital assets traded which caused the leakage of tax revenue to be very significant.
The data obtained will be analyzed in detail to obtain the value of the crypto traded and the profit generated from the activity thus identifying the true value of the leak never declared to the IRB.
The operation found that several corporate entities and limited liability partnerships were deliberately formed for crypto trading transactions solely to avoid tax declaration.
According to Datuk Dr Abu Tariq Jamaluddin, Chief Executive Officer (CEO) of KHDN, any individual involved in crypto trading in this country is subject to income tax in Malaysia.
Following that, he advised those who carry out crypto trading activities to declare their taxes at any nearby IRB office as soon as possible before compliance actions are taken.
The implementation of the operation is not only expected to increase revenue but also reduce leakage and improve tax efficiency which will contribute to the sustainability of the country's revenue collection.
