The Inland Revenue Board of Malaysia has published a media release on the implementation of a 100% penalty on the additional tax payable resulting from undeclared and under declared income. The 100% penalty will apply in various cases, including:
- Repeated offences of undeclared or incorrectly declared income received by way of a return form;
- Refusal to give full co-operation during an audit or investigation process;
- Failure to give information or documents requested to assist in an audit or…