KUALA LUMPUR, April 20 -- Malaysia reportedly recorded a 75 per cent increase in young millionaires in 2022, the Inland Revenue Board (IRB) was reported saying.

The New Straits Times reported IRB saying that the number of those aged under 30 declaring their income as being above RM1 million, went up from 20 in the previous year to 35.

"However, we have yet to tabulate the figures for 2023 since the e-filing process for the year is still ongoing," it was quoted as saying.

The IRB said in the period from 2018 to 2021, 94 per cent of young millionaires have not recorded any outstanding tax balances.

"However, assessing the taxpayers' level of compliance needs to take into consideration, including the submission of income tax declaration ...