High-volume crypto traders need to pay taxes

High-volume cryptocurrency traders in Malaysia are evading tax, said Inland Revenue Board (LHDN).

The LHDN has identified individuals and companies engaged frequently in cryptocurrency trading to reduce tax revenue leakage and improve the country’s tax administration.

“We are closely monitoring individuals and companies with significant and frequent trading volumes for tax scrutiny,” LHDN chief executive Datuk Dr Abu Darul Tariq Jamaluddin said, reported Sin Chew Daily.

He also mentioned that the board has initiated actions and will conduct reviews based on the collected data.

He said this after awarding certificates to participants of the Tax Corporate Governance (TCG) Programme today.

Recently, LHDN, in collaboration with the police and CyberSecurity Malaysia (CSM), launched Ops Token to tackle tax revenue gaps from cryptocurrency trading. This initiative spans 10 locations across the Klang Valley.

Those seeking clarification on tax matters can contact the revenue board or refer to the guidelines available here: https://phl.hasil.gov.my/pdf/pdfam/GP_LAYANAN_CUKAI_KE_ATAS_TRANSAKSI_MATA_WANG_DIGITAL.pdf.