Najib ‘1MDB’ Razak - The billionaire jailbird

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Najib ‘1MDB’ Razak - The billionaire jailbird

KUALA LUMPUR, July 21, 2024: Not only has disgraced and shameless former premier Najib “1MDB” Razak stolen from the rakyat dan negara (people and country), he also failed to pay income taxes.

Parliament was told that the former Umno president has yet to settle RM1.7 billion in unpaid taxes and that the Inland Revenue Board (IRB) had taken appropriate action that is still in progress.

No News Is Bad News reproduces below a news report posted by The Coverage on the income tax-dodging former premier and jailbird:

NEWS

Bankruptcy Notice : Najib Razak Has Yet To Settle RM1.7 Billion In Unpaid Taxes

20 July, 2024

FORMER premier Datuk Seri Najib Razak has yet to settle nearly RM1.7 bil in unpaid taxes, according to the Finance Ministry (MOF). The ministry stated that the issue remains unresolved, with the Inland Revenue Board (IRB) continuing to take appropriate action.

MOF provided this update in a written reply to Jelutong MP RSN Rayer in Parliament, indicating that legal proceedings are ongoing. The next hearing is scheduled for July 29, 2024, at the Insolvency High Court in Kuala Lumpur.

Rayer had queried the Finance Minister Datuk Seri Anwar Ibrahim about the status of Najib’s tax arrears. On Oct 16, 2023, the Federal Court upheld a ruling that Najib must pay RM1.69 bil in unpaid taxes, rejecting his appeal against the High Court’s decision.

The government’s lawsuit initiated by the IRB on June 25, 2019, seeks to recover the unpaid taxes with interest at a rate of 5% per year from the date of judgment, along with costs and other relief deemed appropriate by the court.

In July 2020, the High Court granted the IRB’s application for a summary judgment against Najib, ordering him to pay the RM1.69 bil owed for the period between 2011 and 2017. 

IRB can resume bankruptcy notice hearing against Najib and son

The Inland Revenue Board (IRB) can now resume its bankruptcy notice hearing against incarcerated former prime minister Datuk Seri Najib Razak and his son Datuk Nazifuddin to recoup billions of ringgit in unpaid tax from the duo.

A source from the Attorney-General’s Chambers (AGC) said the duo had exhausted their final avenue to overturn the High Court’s decision compelling them to settle RM1.69 billion and RM37.6 million in unpaid taxes and penalties respectively.

“This is following the Federal Court’s ruling yesterday that affirmed IRB’s summary judgement compelling them to settle the amounts for the period between 2011 and 2017.

“Now we can proceed with the (bankruptcy) notice,” the source said.

The top court, in an unanimous decision, ruled Section 103(1) of the Income Tax Act (ITA) provides that tax payable under an assessment shall be due and payable on the due date, regardless of whether the person appeals against the assessment.

The court said the present incarnation of the ITA was enacted by the legislature to facilitate the expeditious collection of government revenue and to deter tactical attempts from would-be tax evaders to delay the payment of outstanding taxes.

Najib and Nazifuddin were served with a bankruptcy notice two years ago following their failure to pay the disputed monies to the IRB.

According to the notice sighted by the New Straits Times, the former prime minister has to pay RM1.69 billion with interest at five per cent, for the period between July 22, 2020 and Feb 4, 2021 amounting to RM45.9 million from the date of the order of the summary judgement as well as costs of RM15,000.

This brings the accumulated sum to RM1.73 billion.

Meanwhile, Nazifuddin has to pay RM37.6 million with interest at five per cent for the period between July 6, 2020 and Feb 4, 2021, amounting to RM1.1 million from the date of the order of a summary judgement as well as costs of RM10,000.

This brings the accumulated sum to RM38.7 million.

On Sept 21, last year, Chief Justice Tun Tengku Maimun Tuan Mat, who chaired the Federal Court’s three-member bench, allowed the duo’s application for a stay of the High Court’s ruling pending their appeal at the Apex court.

On July 22, 2020, the High Court allowed the IRB’s application for a summary judgement to be entered against Najib in its suit to recover RM1.69 billion in taxes from the latter for the period between 2011 and 2017.

Meanwhile, on July 6 the same year, another High Court also ordered Nazifuddin, 39, to pay RM37,644,810.73 in unpaid taxes to the IRB.