KUALA LUMPUR: The Inland Revenue Board (LHDN) will monitor the information of individuals with offshore accounts and ensure that they pay their taxes.
Its chief executive officer Datuk Dr Abu Tariq Jamaluddin said such measures are based on information received periodically from tax authorities across the world.
“Checks and intelligence gathering will be conducted to ensure that taxes are paid for all offshore savings, if such savings are derived from activities within the country.
“If there is any indication of tax non-compliance, the case will be channelled to the audit and investigation team for further action,” he said in his speech at the LHDN engagement session with the media at Sunway Putra Hotel here yesterday, Bernama reported.
Abu Tariq said they would also check the individual’s offshore accounts and domestic assets before comparing them with their tax declaration.
“If it seems like it doesn’t match with their assets and disclosures, we will conduct further reviews.
“We will check if they have paid taxes on their savings, if they originated from Malaysia and have yet to be paid taxes on ... We have cause to conduct further reviews to ensure that taxes have been paid,” Abu Tariq said.
On another matter, he said that 64,748 voluntary declarations with a total assessment or duty worth RM573.476mil from new and existing taxpayers were made through the Special Voluntary Declaration Programme 2.0 as of Jan 31.
“Taxpayers who sign up with the programme will not have penalties imposed.
“Their declarations are received sincerely and there will be no further review for income tax payment reports made,” he said.
Abu Tariq also said the government has announced the mandatory implementation of e-Invois for taxpayers with annual incomes or sales of over RM100mil from Aug 1, 2024, followed by taxpayers with RM75mil and above from Jan 1, 2025, with the rest from June 1, 2025.
