With the Internet-based sector\u2019s continuous growth in Malaysia, the Ministry of Finance (MoF) is looking to tax online businesses next year.<\/p>\n
According to Tan Sri Dr Mohd Serigar Abdullah, the Treasury Secretary-General, the MOF had requested the Inland Revenue Board (IRB) to conduct a detailed assessment of the matter.<\/p>\n
\u201cWe need to tax these people who are also earning an income which is taxable.<\/p>\n
\u201cOtherwise, it will be revenue lost for the government with more and more businesses going into the sharing and digital economies,\u201d he told reporters Bernama<\/em> last week.<\/p>\n The IRB has formed an online business and commerce division, and is working with the Companies Commission of Malaysia (SSM) to conduct the evaluation.<\/p>\n “We are also interested in getting those undertaking online businesses to register with the SSM, to enable us to track how much they earn,” he added.<\/p>\n[sc:sample_banner]\n In another report on Free Malaysia Today<\/em>, Hamzah Zainuddin, the Domestic Trade, Cooperatives and Consumerism Minister said, his ministry was in the process of drafting regulations involving all sales of items, including one-offs.<\/p>\n He said online sellers will need to be registered with SSM, even if it is to sell one product online, and the item must be sold within 30 days. Re-registration is required for another 30 days if the item is not sold within the first 30 days.<\/p>\n Other than online businesses, Irwan said part-time drivers for Uber\/Grab should also be taxed, as revealed in a study by the Land Public Transport Commission (SPAD) where these drivers could earn up to RM7,000 per month.<\/p>\n The current taxable income is around RM3,000 to RM4,000 per month.<\/p>\n \u00a0[Source 1<\/a>] [Source 2<\/a>]<\/em><\/p>\n The Ministry of Finance (MOF) is looking to tax online businesses next year, in line with the growing Internet-based sector.<\/p>\n","protected":false},"author":9,"featured_media":24225,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[216,215],"tags":[303],"class_list":["post-24224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-updates","category-tax","tag-income-tax"],"acf":[],"yoast_head":"\nImage from Expert Beacon<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"