Opportunities for tax avoidance and tax evasion in the Malaysian income tax system

Article Abstract:

The opportunity exists under Malaysia's income tax system to engage in both tax evasion and tax avoidance. Tax evasion is possible because of inadequate resources devoted to investigating evasion and insufficient reporting requirements that would make monitoring of taxpayers easier. Administrative procedures need to be improved as well. With regard to tax avoidance, income can be converted into nontaxable capital because the nation has no capital gains tax, and income splitting opportunities are available.

Tax evasion

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The long arm of Uncle Sam: taxation of foreign trusts and their beneficiaries

Article Abstract:

Foreign trusts have been restricted by legislation, but may still be useful in tax planning, particularly foreign grantor trusts and testamentary trusts. Foreign trusts are still subject to transfer, excise and income taxes and beneficiaries are subject to taxation on accumulated trust income, distributions and capital gains. The laws defining foreign trusts, compliance activities and tax planning suggestions are presented.

Trusts and trustees, Trustees, Trusts (Law)

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