Op Hazard 2.0: IRB to probe financial records of 57 raided e-waste premises
KUALA LUMPUR: The Inland Revenue Board (IRB) will scrutinise the financial records of 57 premises raided during the integrated Op Hazard 2.0 operation, launched on June 16 to crack down on the illegal processing of electrical and electronic waste (e-waste).
IRB deputy chief executive officer (Compliance) Datuk Hisham Rusli said preliminary investigations discovered that the illegal e-waste processing factories had collectively evaded taxes exceeding RM500 million.
'Based on current information, several of the premises appear to be operated by the same owner, and we are investigating this further,' he said at a joint press conference with the director of the Bukit Aman Internal Security and Public Order Department (JKDNKA) today.
Hisham said that from a taxation standpoint, illegal factories typically either fail to report their income or declare figures significantly lower than their actual earnings.
'We will thoroughly examine their financial records. What we've discovered is that these e-waste processing products are often re-exported at prices many times higher than their original value,' he said.
A total of 57 premises involved in the illegal processing of electrical and electronic waste (e-waste) were raided nationwide during the three-day integrated Op Hazard 2.0 operation, with total seizures estimated at RM500 million.
The breakdown of the seizures during the operation includes RM240 million worth of e-waste, RM182 million in e-waste components, and RM50 million in worn-out goods. Additionally, items linked to other offences were valued at RM32 million. The value of tax-related investigations stemming from the raids is estimated at approximately RM500 million.
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Op Hazard 2.0: IRB to probe financial records of 57 raided e-waste premises
KUALA LUMPUR: The Inland Revenue Board (IRB) will scrutinise the financial records of 57 premises raided during the integrated Op Hazard 2.0 operation, launched on June 16 to crack down on the illegal processing of electrical and electronic waste (e-waste). IRB deputy chief executive officer (Compliance) Datuk Hisham Rusli said preliminary investigations discovered that the illegal e-waste processing factories had collectively evaded taxes exceeding RM500 million. 'Based on current information, several of the premises appear to be operated by the same owner, and we are investigating this further,' he said at a joint press conference with the director of the Bukit Aman Internal Security and Public Order Department (JKDNKA) today. Hisham said that from a taxation standpoint, illegal factories typically either fail to report their income or declare figures significantly lower than their actual earnings. 'We will thoroughly examine their financial records. What we've discovered is that these e-waste processing products are often re-exported at prices many times higher than their original value,' he said. A total of 57 premises involved in the illegal processing of electrical and electronic waste (e-waste) were raided nationwide during the three-day integrated Op Hazard 2.0 operation, with total seizures estimated at RM500 million. The breakdown of the seizures during the operation includes RM240 million worth of e-waste, RM182 million in e-waste components, and RM50 million in worn-out goods. Additionally, items linked to other offences were valued at RM32 million. The value of tax-related investigations stemming from the raids is estimated at approximately RM500 million.
