A Tax Inspector Calls For Many Labuan Firms
According to a report in the Malaysian Daily Express, several large firms based
in Labuan are said to have received unannounced visits from Inland Revenue Board
Officials who wished to check the accuracy of tax return details. Exactly which firms were targeted by the operation is unknown, though one unidentified
businessman told the Mail: “We were taken by surprise but they were polite and
stated that they merely wanted to check some records.” It is thought that the
Revenue representatives were interested in such documents as invoices and sales
records, and some files were removed from premises for closer examination, says
the Mail report. In a press briefing given last year, the Director-General of the IRB Datuk
Zainol Abidin Abu Rashid stated that tax collections from the Labuan district
were RM24.7 million in the first five months of last year, up from RM17.3 million
in the corresponding period in 2001. Overall, the Director-General expected
record revenues for 2002 at RM48 billion. .
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