Malaysian tax authorities identify 14,858 residents with offshore funds exceeding RM10 billion, urging voluntary disclosure to avoid penalties.
PUTRAJAYA: The Inland Revenue Board (LHDN) has identified 14,858 Malaysian tax residents holding a combined total exceeding RM10 billion in undisclosed offshore financial accounts.
These individuals have not filed tax returns via the Income Tax Return Form (BNCP).
LHDN made the identification through an international exchange of financial account information involving cooperation with over 100 countries.
The initiative aims to strengthen tax compliance and tackle cross-border tax evasion.
The significant offshore accounts are located in jurisdictions including Luxembourg, Hong Kong, Guernsey, the Cayman Islands, the Bahamas, and Bermuda.
LHDN has issued reminder notices to the relevant tax residents as a voluntary compliance encouragement measure.
This provides an opportunity for them to review and declare their income before any enforcement action is taken.
To avoid penalties and legal action under the Income Tax Act 1967, LHDN advises residents with unreported offshore income to come forward voluntarily.
The board reaffirmed its commitment to administering the national taxation system with transparency, integrity and professionalism.
This approach is in line with international taxation standards.
Through a strategic approach and stakeholder cooperation, LHDN will continue to strengthen national tax governance.
Any enquiries can be directed through the HASiL contact centre on 03-8911 1000, HASiL Live Chat, or the official website feedback form.
