Malaysian Authorities Intensify Efforts to Target Cryptocurrency Traders Evading Taxes

The Malaysian tax authority has effectively clamped down on tax evasion involving cryptocurrency transactions in a coordinated blitz named “Ops Token”. Simultaneously, teams descended upon 10 different sites within the Klang Valley.

An assemblage of 38 enforcers from the Inland Revenue Board (IRB), police force, and cybersecurity units confiscated important transactional data by searching through computers and smartphones tied to crypto trading.

As noted by government representatives, a significant volume of untaxed profits from crypto trade was detected, which should have contributed to national revenues.

The retrieved data will be pivotal for the IRB in determining the precise tax revenues evaded through these concealed trading ventures. Preliminary analysis suggests that the tax evasion could account for millions of ringgit in lost capital gains tax from trading cryptocurrencies.

The ongoing probe also revealed operations of specific companies and alliances that seem to be expressly established to engage in crypto trading while dodging tax responsibilities. It’s suspected that these organizations deliberately obscured their trading income to engage in extensive tax evasion.

Taking a stern stance, the chief of the IRB admonished all traders in cryptocurrencies: any profits derived from crypto trading within Malaysia are taxable under income tax laws. He strongly urged these traders to proactively disclose their gains for accurate taxation, thereby avoiding stringent penalties or potential legal indictments.

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