LHDN finds over RM10bil in undeclared foreign accounts held by Malaysians
PUTRAJAYA: The Inland Revenue Board (LHDN) has identified 14,858 Malaysian tax residents with a combined total exceeding RM10bil in undisclosed offshore financial accounts with tax returns not filed via the Income Tax Return Form (BNCP).
In a statement yesterday, LHDN said the identification was made through the international exchange of financial account information with cooperation from over 100 countries to strengthen tax compliance and tackle cross-border tax evasion.
It disclosed that these significant offshore accounts were located in several jurisdictions, including Luxembourg, Hong Kong, Guernsey, Cayman Islands, the Bahamas and Bermuda.
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“LHDN has issued reminder notices to the relevant tax residents as a voluntary compliance encouragement measure, while also providing an opportunity for them to review and declare their income before any enforcement action is taken,” the statement, reported by Bernama, read.
To avoid penalties and legal action under the Income Tax Act 1967, LHDN advised Malaysian tax residents with unreported income and offshore financial accounts, from sources that should be taxed in Malaysia, to voluntarily come forward soon to make the necessary declarations.
LHDN also reaffirmed its commitment to administer the national taxation system with transparency, integrity and professionalism, in line with international taxation standards.
“Through a strategic approach and cooperation from all stakeholders, LHDN will continue to strengthen national tax governance for the benefit of the people and nation’s development,” the statement added.
Enquiries or feedback on this matter can be directed through the HASiL contact centre at 03-8911 1000 (or +603-8911 1000 from overseas), HASiL Live Chat, or the feedback form on the official website https://maklumbalaspelanggan.hasil.gov.my/Public/.
