Tax & Revenue

IRB wants Individuals with Overseas Bank Accounts to declare Income

Date: 08 February 2019; Type: Legal News; Source: Bernama

PUTRAJAYA, Feb 8 (Bernama) - The Inland Revenue Board (IRB) has issued letters and emails to taxpayers who have overseas bank accounts and who have failed to file their tax returns. “Taxpayers in this category are urged to contact IRB and declare their income immediately, said its chief executive officer Datuk Seri Sabin Samitah. He said the agency began to receive financial information in particular about the ownership of bank accounts abroad from September last year under the Automatic Exchange of Information (AEOI) initiative which was initiated by the Organisation for Economic Cooperation and Development (OECD).

IRB introduced the Special Voluntary Disclosure Programme (PKPS) to enable taxpayers to make voluntary disclosures of income generated from sources within Malaysia and deposited in overseas bank accounts but which have yet to be declared for tax purposes.

Under the programme, the government has also agreed to reduce the penalty for this from 300 per cent to 10 per cent if the income is reported by or before March 31, 2019 and 15 per cent, if done before or by June 30, 2019. -

In another development, Sabin said action had been taken based on complaints against a few of its officers who carried out their duties unprofessionally, intimidated taxpayers and did not follow specified work procedures.

Sabin in the meantime assured that audits or investigations will not involve raids on the homes of taxpayers at midnight.

“Taxpayers are encouraged to lodge complaints if there is any such misconduct and the IRB will not hesitate to take action against any IRB officers who are found to have breached specified work procedures,” he said.

Complaints can be channelled to e-mail [email protected]

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