IRBM Information Collection Program

01Overview

Do you know that LHDNM has a program called Information Collection Program?

This program is to collect the data of multiple sources of income, purchases, and ownership of assets, association/club memberships, and others.

Therefore, if you have received the notice/letter under Section 81 of the Income Tax Act 1967, it is compulsory to submit the information to LHDNM within 30 days from the date of the notice/letter.

02Key takeaways:

You will understand the objective and consequence as follows: --

1. What is the objective of the program?

2. Who is required to submit the information?

3. What types of information are to be provided?

4. When is the deadline for submission?

5. What are the consequences of non-compliance?

03Summary of learning

1. What is the objective of the program?

- To provide the information for tax base expansion and support the enforcement and compliance activities conducted by LHDNM.

2. Who is required to submit the information?

- Government agencies, private companies and individuals.

3. What types of information are to be provided?

- Information on payment to insurance agents/distributors/wholesalers/broker, part-time authors/ stringers/ instructors and etc

- License or rental payment made for liquor business, day/night market, tenants/ owners of retail space/lots and etc

- Petrol stations business: total sales and supply of fuel in quantity (in Litre) and value (in RM).

- Buyer information on acquiring services such as vacation packages, luxury vehicle rental, spa and beautician services and others.

- Information of members of associations and organizations

- Information on real-estate assets owners

- Information on the owner of new buildings/homes (residential or shop houses, office buildings or etc)

- Buyer information on acquiring cars or vehicles

4. When is the deadline for submission?

- 30 days from the date of the notice.

- If a longer time is needed, an application to extend the submission time can be made to the relevant LHDNM Branch.

5. What are the consequences of non-compliance?

- A RM200.00 – RM20,000.00 fine or imprisonment for a term not exceeding six months of both.

Sources

Information Collection Program - https://bit.ly/3sO7xX1

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