The IRB also known as Lembaga Hasil Dalam Negeri (LHDN) said in the period from 2018 to 2021, 94 per cent of young millionaires have not recorded any outstanding tax balances. (Photo: Malaymail.com)
Kuala Lumpur (VNA)🐬 – The number of youngmillionaires in Malaysia is on the rise, with a 75% increase in millionairesaged 30 and under recorded in 2022.
Figures from the country’s Inland Revenue Board (IRB) showthat 35 people aged under 30 declared their income as being above 1 millionMalaysian ringgit (about 209,000 USD) in 2022, a sharp increase from 20 in the previous year. The figures for 2023 have not been announced as the e-filingprocess for the year is still ongoing," the IRB said.
It also said that over 94% of taxpayers under the age of 30who earn over 1 million ringgit have not recorded any outstanding tax balancesin the year between 2018 and 2021.
The IRB also said it recovered an additional 5.2 billionringgit in additional taxes from individuals and companies that failed todeclare, underdeclared, and evaded income reporting in 2023.
🔥 It affirmed that IRB will take measures under the provision ofthe Income Tax Act 1967 to combat tax evasion, including enhanced enforcement,legislation and taxpayer education. The agency is also committed to tacklingtax evasion and at the same time, strengthening the tax net by broadening thetax base to address any existing leakages or gaps to make sure that everyonepays an equal share to the government without discriminating either individualsor companies.
The IRB said it has implemented Tax Identification Number(TIN) and e-invoicing to address the issue of tax evasion in the country. Last year, property consultancy Knight Frank’s latest reportshowed Malaysia was among the top 10 countries with the fastest-growingpopulation of ultra-rich individuals — which is defined as having a minimum of30 million USD in net wealth. In 2017, there were 491 ultra-high-worth individuals inMalaysia. The number grew to 659 in 2021 and 721 in 2022./.
The Vietnamese Embassy in Malaysia and the Malaysia-Vietnam Friendship Association on April 13 held a ceremony to commemorate the Hung Kings, the legendary founders of Vietnam.
Malaysia is adopting a holistic approach to boost Chinese tourist arrivals, moving beyond traditional promotional methods to create an ecosystem that enhances visitors' experience.
The Malaysian government has agreed to establish the Energy Exchange Malaysia (Enegem) to facilitate cross-border sales of green electricity to neighbouring countries.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
Talking to the Vietnam News Agency on the occasion of the 100th anniversary of the Vietnam’s Revolutionary Press Day (June 21, 1925–2025), Nikulina, who is also a veteran journalist of Russia’s Sputnik News, emphasised the vital role of mainstream journalism in defending the truth and maintaining public trust.
The IRB also known as Lembaga Hasil Dalam Negeri (LHDN) said in the period from 2018 to 2021, 94 per cent of young millionaires have not recorded any outstanding tax balances. (Photo: Malaymail.com) 
