IRB auditing 15 banks to recover hundreds of millions in taxes
CYBERJAYA: The Inland Revenue Board (IRB) is auditing 15 banks with offshore transactions to collect hundreds of millions of ringgit worth of taxes.
IRB deputy chief executive officer (compliance) Abdul Manap Dim said the auditing of the banks was among the big cases the board hoped to solve soon.
“There is a possibility the issue deals with transfer pricing, where profit distribution differs between those in offshore accounts and peninsular accounts.
“We have initiated checks and followup information from these banks,” he said after the launch of the 2017 Op Mega at IRB’s headquarters here yesterday.
He said the banks involved were local and international.
He said IRB would deal with the cases until every issue was resolved.
“We cannot settle these cases within this or next month. But, it is placed under Op Mega.”
IRB’s Op Mega aims to ensure that voluntary compliance of rules on tax and national revenue continues to be prioritised.
One of the main initiatives was to educate the public on tax, Manap said in a speech on behalf of IRB chief executive officer Datuk Seri Sabin Samitah.
A total of 5,000 IRB members would meet members of the public to educate them on tax compliance, tax awareness and new information regarding IRB.
Manap said the board’s target of collecting RM127 billion in taxes this year was within reach, with almost RM109 billion collected so far.
“Seeing the current trend, In-syaAllah, we will reach our target,” he said, adding that the target of RM134.7 billion for next year was also achievable.
There is a possibility the issue deals with transfer pricing.
ABDUL MANAP DIM Inland Revenue Board deputy chief executive officer (compliance)