The Inland Revenue Board says anyone with an equity interest of at least 20% in the company is liable at the point of default.
Read More: https://www.freemalaysiatoday.com/category/nation/2024/07/05/aviation-firm-directors-get-warning-over-unremitted-tax-deductions/
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#FMTNews #SAS #LHDN #TaxDeductions #IncomeTaxAct1967
Read More: https://www.freemalaysiatoday.com/category/nation/2024/07/05/aviation-firm-directors-get-warning-over-unremitted-tax-deductions/
Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.
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NewsTranscript
00:00Directors who individually hold 20% or more of the equity interest in troubled, systematic
00:08aviation services Sindhir and Berhad have been warned that they will be hauled up if
00:12they fail to remit monthly tax deductions on their employees' behalf.
00:17A spokesperson for the Inland Revenue Board said the company, as well as individuals who
00:22serve on its board at the point of default, will be held liable.
00:26Speaking to FMT, the spokesperson said the Income Tax Act 1967 states that a director
00:32who holds 20% or more of the ordinary shares of the company will be jointly and severally
00:37liable for MTD not remitted by the company.
00:41However, he added any corresponding action can only be taken against a person who holds
00:46a position as director during the period in which the MTD becomes due.
00:51LHDN was responding to a query based on complaints from current and former employees of SAS,
00:56who have lodged reports alleging that the company has failed to remit the tax deductions
01:01over several years.
01:03The spokesperson said a director, if found guilty, is liable to a fine of between RM200
01:09and RM20,000 or to imprisonment not exceeding six months or both.