The Observer provides a helpful list of places for the tax department to zero in.
Recently, the media media were abuzz with news of the Inland Revenue Board (LHDN) asking for parents’ details from international schools, which I assume was to check against their declared income in their tax returns.
I am all for this as the last thing you want is people not declaring taxes correctly from their income or assets.
Here is a list that LHDN should also target so that the wealthy can be identified to check their income tax status and collect back taxes and penalties from any undeclared income.
The board can do this by obtaining details of customers, owners, purchases or other information obtained from:
- luxury boutiques
- travel agents, targeting those who spend on luxurious holidays and flights
- luxury homes in areas such as Bukit Bandaraya, Damansara Heights, Kiara Green, Hartamas, Country Heights and luxury condos in the heart of Kuala Lumpur. Just a drive around these areas will result in a massive list being compiled
- inspections of car parks in KLCC, Bangsar Shopping Centre, Pavillion, and Star Hill and check owners’ records.
- inspection of social media such as Instagram and Facebook: note details of those boasting oabout luxurious holidays and huge purchases
- hotels where patrons spend lavishly on weddings or functions held in ballrooms
- random checks of shareholders of listed entities, especially the public portions
- Amanah Saham Nasional, Tabung Haji and banks, concentrating on those with huge balances
- luxury spas and beauty centres
- all ministers, deputy ministers, chief ministers , senior civil servants, heads of government agencies and quasi government agencies: check their asset details against declared income over the years.
The Observer is the pseudonym of a follower of Aliran.