The IRB also known as Lembaga Hasil Dalam Negeri (LHDN) said in the period from 2018 to 2021, 94 per cent of young millionaires have not recorded any outstanding tax balances. (Photo: Malaymail.com) Kuala Lumpur (VNA) – The number of youngmillionaires in Malaysia is on the rise, with a 75% increase in millionairesaged 30 and under recorded in 2022.
Figures from the country’s Inland Revenue Board (IRB) showthat 35 people aged under 30 declared their income as being above 1 millionMalaysian ringgit (about 209,000 USD) in 2022, a sharp increase from 20 in the previous year.
The figures for 2023 have not been announced as the e-filingprocess for the year is still ongoing," the IRB said.
It also said that over 94% of taxpayers under the age of 30who earn over 1 million ringgit have not recorded any outstanding tax balancesin the year between 2018 and 2021.
The IRB also said it recovered an additional 5.2 billionringgit in additional taxes from individuals and companies that failed todeclare, underdeclared, and evaded income reporting in 2023.
It affirmed that IRB will take measures under the provision ofthe Income Tax Act 1967 to combat tax evasion, including enhanced enforcement,legislation and taxpayer education. The agency is also committed to tacklingtax evasion and at the same time, strengthening the tax net by broadening thetax base to address any existing leakages or gaps to make sure that everyonepays an equal share to the government without discriminating either individualsor companies.
The IRB said it has implemented Tax Identification Number(TIN) and e-invoicing to address the issue of tax evasion in the country.
Last year, property consultancy Knight Frank’s latest reportshowed Malaysia was among the top 10 countries with the fastest-growingpopulation of ultra-rich individuals — which is defined as having a minimum of30 million USD in net wealth.
In 2017, there were 491 ultra-high-worth individuals inMalaysia. The number grew to 659 in 2021 and 721 in 2022./.
