Malaysia’s tax officials play their cards as collectibles turn into money-spinners

With the card-collecting hobby turning into a moneymaking venture with thousands of ringgit moved in single transactions, Malaysia’s tax authorities are keeping a close eye out for any tax discrepancies and doing audits to clarify statuses. The Inland Revenue Board (LHDN) said it is aware of the growing market for high-value collectibles, in particular trading cards, and urged collectors to be aware of tax responsibilities if their hobbies are deemed to be business transactions. “We are aware...

By The Star