In Malaysia, they began to fight tax evaders from crypto transactions
Date: 2024-06-18 Author: Gabriel Deangelo Categories: IN WORLD
The Malaysian Inland Revenue Bureau (IRB) has launched a special operation called Ops Token to curb tax evasion in the cryptocurrency sector. The operation is being carried out jointly by the country's Royal Police and the Cybercrime Unit.
Raids and detection of violations
According to local media, Operation Ops Token involves raids on the offices of at least ten crypto companies suspected of significant “tax revenue leaks” related to digital currency transactions. The measures already taken have revealed numerous tax violations.
The data obtained will be analyzed in detail to determine the value of the cryptocurrency assets being sold and the profit received from this activity. This will help reveal the true magnitude of tax leakage that was never brought to the attention of the IRB. As noted by local media, this analysis will be an important step in ensuring transparency and compliance with tax obligations in the cryptocurrency sector.
IRB Chairman Statement
The Ops Token operation is expected to improve Malaysia's "tax efficiency" and increase revenue by eliminating loopholes that previously allowed tax evasion, according to the department's chief Datuk Abu Tariq Jamaluddin.
International context
Malaysia is not the first country whose authorities have strengthened control over the payment of taxes on crypto income. In May, the Australian Taxation Office also promised to look into “tax discrepancies” related to cryptocurrency income. This indicates a global trend towards tightening tax controls in the cryptocurrency sector.
Operation Ops Token in Malaysia represents a significant step in the fight against tax evasion in the cryptocurrency sector. The joint efforts of the Inland Revenue, Police and Cybercrime Units are aimed at identifying and eliminating tax irregularities, thereby improving tax efficiency and increasing government revenue. This approach is consistent with international trends and efforts by other countries to strengthen controls over cryptocurrency tax obligations.
