The accounts, held by Malaysian tax residents, are in jurisdictions including Luxembourg, Hong Kong, Guernsey, the Cayman Islands, the Bahamas and Bermuda.
In a statement today, LHDN said 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.
It said significant offshore accounts were 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 enforcement action is taken,” it said.
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 come forward voluntarily 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,” it said.
Enquiries or feedback on the matter can be directed to the HASiL contact centre at 03-8911 1000 (or +603-8911 1000 from overseas), HASiL Live Chat, or the feedback form available on the official website: https://maklumbalaspelanggan.hasil.gov.my/Public/. - FMT
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