Declare your income, overseas bank account holders urged

  • Nation
  • Saturday, 09 Feb 2019

KUALA LUMPUR: Individuals with overseas bank accounts and those having previously undeclared income must report it immediately to the Inland Revenue Board (IRB).

The IRB said it had been receiving information, particularly with regard to ownership of overseas bank accounts from September 2018, under the Automatic Exchange of information with the Organisation for Economic Cooperation and Development.

“We have issued letters and sent e-mails targeting taxpayers with overseas bank accounts and those who have failed to file their tax returns as required,” IRB chief executive officer Datuk Seri Sabin Samitah said yesterday.

The IRB introduced the Special Programme for Voluntary Disclosure to enable taxpayers to make voluntary disclosures of income generated from sources within Malaysia and kept in overseas bank accounts, but have yet to declare it for tax purposes.

The government has agreed to reduce the penalty for this from 300% to 10% if the income is reported by or before March 31, 2019, and 15%, if done before or by June 30, 2019.

On another matter, Sabin said action had been taken following complaints against several of its officers who carried out their duties unprofessionally, intimidated taxpayers and did not follow specified work procedures.

He assured that audits or investigations would not involve raids on the homes of taxpayers at midnight.

“Taxpayers are encouraged to lodge complaints if there is any such misconduct,” he said.

Complaints can be channelled to e-mail —Bernama

Business , IRB , income tax


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