KUALA LUMPUR (July 4): Former Prime Minister Datuk Seri Najib Razak has disputed the additional income tax of RM1.69 billion imposed on him by the Inland Revenue Board of Malaysia (IRB), claiming that foreign donations and political funding should not be taxable. In a Facebook post today, Najib said money accepted as donations, including from overseas, as well as political funds are not taxable. He noted that funds that are used for corporate social responsibility (CSR) programmes can be deducted from the taxable income. Najib also highlighted the inconsistency of the claim, whereby the Government is charging him in the court for accepting "illegal monies" but the IRB considers it legal income that should be taxed. Earlier today, theedgemarkets.com reported that the Government, through IRB, is seeking RM1.69 billion in additional tax assessments from Najib for the assessment years 2011 to 2017, citing documents sighted by the news portal.

Source: The Edge Markets July 04, 2019 14:15 UTC