The Inland Revenue Board of Malaysia (LHDN) has identified 14,858 Malaysian tax residents with undisclosed offshore financial accounts totaling over RM10 billion, who have not submitted their tax returns via the Income Tax Return Form (BNCP).
In a statement today, LHDN said the identification was made through the international exchange of financial account information, with cooperation from more than 100 countries, as part of efforts to strengthen tax compliance and combat cross-border tax evasion.
These substantial offshore accounts are reported to be 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 part of a voluntary compliance initiative, providing them the opportunity to review and declare their income before any enforcement action is taken,” the statement said.
The Board urged Malaysian tax residents with unreported income or offshore accounts from taxable sources to voluntarily come forward soon to declare their income and avoid penalties or legal action under the Income Tax Act 1967.
LHDN emphasized its commitment to managing the national tax system with transparency, integrity, and professionalism, in accordance with international taxation standards.
“Through strategic initiatives and cooperation with all stakeholders, LHDN will continue to strengthen national tax governance for the benefit of the people and the country’s development,” the statement added.
For enquiries or feedback, taxpayers can contact the HASiL centre at 03-8911 1000 (or +603-8911 1000 from overseas), use HASiL Live Chat, or submit feedback via the official website: https://maklumbalaspelanggan.hasil.gov.my/Public/.
