Kuala Lumpur: Malaysia reportedly recorded a 75 per cent increase in young millionaires in 2022, the Inland Revenue Board (IRB) was reported saying.
Kuala Lumpur: Malaysia reportedly recorded a 75 per cent increase in young millionaires in 2022, the Inland Revenue Board was reported saying.
The IRB said in the period from 2018 to 2021, 94 per cent of young millionaires have not recorded any outstanding tax balances. In a related matter, the IRB said it has recovered RM5.2 billion in additional assessment tax raised due to unreported, under-declared and evasion of reported income by individuals and companies in 2023.“IRB will take measures under the provision of the Income Tax Act 1967 to combat tax evasion, including enhanced enforcement, legislation and taxpayer education.
Last year, property consultancy Knight Frank’s latest report showed Malaysia was among the top 10 countries with the fastest-growing population of ultra-rich individuals — which is defined as having a minimum of US$30 million or RM139 million in net wealth.
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