LHDN Flags Over RM10 Bln in Undisclosed Offshore Accounts Held By Malaysian Tax Residents 

PUTRAJAYA, Feb 2 (Bernama) -- The Inland Revenue Board (LHDN) has identified 14,858 Malaysian tax residents with a combined total of over RM10 billion in undisclosed offshore financial accounts, who have not filed tax returns via the Income Tax Return Form (BNCP).

In a statement today, LHDN informed that the identification was made through the international exchange of financial account information, with the cooperation of over 100 countries, to strengthen tax compliance and tackle cross-border tax evasion.

The Board disclosed that these significant offshore accounts are located in several 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, while also providing an opportunity for them to review and declare their income before any enforcement action is taken,” the statement read.

To avoid penalties and legal action under the Income Tax Act 1967, LHDN advises Malaysian tax residents with unreported income and offshore financial accounts, from sources that should be taxed in Malaysia, to come forward voluntarily soon to make the necessary declarations.

LHDN also reaffirmed its commitment to administering 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 the nation’s development,” the statement added. 

Any enquiries or feedback regarding this matter can be directed through the HASiL contact centre on 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/.

-- BERNAMA