You’ve undoubtedly heard the line about death and the taxman. So, with that do we come to the shenanigans that a number of car importers have purportedly been up to, according to a report by The Star yesterday.
Over the past week, a total of 78 car importing companies have been paid a ‘visit’ by the taxman, in the form of a special task force led by the Inland Revenue Board and made up of the Customs Department, the Malaysian Anti-Corruption Commission, Bank Negara, the Auditor-General’s Department, Companies Commission of Malaysia and Cyber Security Malaysia.
Besides the companies, the residences of 59 company directors as well as 32 audit firms across the country were also raided, and more than 300 related bank accounts were frozen under the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (Amlatfa).
The task force was set up to recover undeclared duties, amounting to hundreds of millions of ringgit. The A-G’s Chambers stated there were “strong reasons” to believe that those raided were involved in under-declaring customs duties, tax evasion, misuse of APs (approved permits), as well as falsifying documents, money-laundering and corruption.
Basically, that’s a pretty big shebang of nasty activities intimated to, “activities which present a significant threat to the nation’s economy and reputation,” the A-G said in a statement, and the supervised and coordinated raids are aimed at identifying and collecting undeclared customs duties and tax due to the government. Wonder just how much will be recovered – with there being no escape from the taxman, it should be a whole darn lot.
© 2011 Paul Tan's Automotive News. All Rights Reserved.
This story originally appeared on Paul Tan's Automotive News on Sat, 14 May 11 11:59:47 +0000.
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