With RM300b at stake, tax experts caution Putrajaya to rein in shadow economy soon

With RM300b at stake, tax experts caution Putrajaya to rein in shadow economy soon

Malay Mail - Malaysia·2020-01-20 10:00

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Rays of light stream through open windows at a wholesale wet market in Chow Kit as people go about their morning routine in Kuala Lumpur February 28, 2018. — Picture by Firdaus Latif

KUALA LUMPUR, Jan 20 — The government needs to crack down on the shadow economy sooner rather than later, two tax experts said.

While the shadow economy is largely estimated to be worth RM300 billion comprising unregistered businesses, smuggling illegal or fake goods and money laundering, Berita Harian reported today that it can take other forms, such as freelance tuition teachers who rake in more money than formal teachers as the former is not monitored or registered with the Companies Commission and is not paying taxes.

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