Malaysia’s Inland Revenue Board (IRB), in collaboration with the Royal Malaysia Police and Cybersecurity Malaysia (CSM), recently launched a special operation codenamed “Ops Token” to tackle tax revenue evasion from crypto trading.
The initiative, involving 38 personnel, was executed across 10 locations in the Klang Valley.
This region encompasses the federal territories of Kuala Lumpur and Putrajaya, as well as adjacent cities and towns within the state of Selangor.
During the operation, the IRB discovered cryptocurrency trading data on various mobile devices and computers, indicating a substantial loss in tax revenue.
This data is currently being analyzed to assess the actual value of undeclared assets and profits.
The investigation revealed that some corporate entities and partnerships were deliberately structured to evade taxes.
IRB CEO Datuk Dr. Abu Tariq Jamaluddin urged crypto traders to declare their income promptly to avoid compliance actions.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
