KUALA LUMPUR (June 14): The Inland Revenue Board (IRB) has traced around 31,598 entities comprising individuals, businesses, companies and others who have yet to declare their incomes.

In a statement on Tuesday (June 14), the IRB said the tax losses suffered by the government were estimated at more than RM665 million.

The agency said the entities were identified based on asset ownership as well as their ability to secure financing and/or security valued at RM500,000 and above.

The IRB further advised the 31,598 entities, in particular 23,751 individuals, to voluntarily appear at their nearest IRB branches to register their income tax files and declare their income.

It said these entities shall be given a grace period of one month from June 15 to July 15, 2022.

The agency said upon expiration of the grace period, IRB will enforce tax audits as well as civil and criminal investigations that had failed to file the tax declaration forms.

It said criminal probes would result in charges being filed in court under the Income Tax Act 1967 for tax evasion.