The Inland Revenue Board of Malaysia (IRBM) has officially identified 14,858 Malaysian tax residents holding overseas financial accounts with a staggering combined balance exceeding RM100 billion. These holdings, previously undisclosed in annual income tax returns, were detected through sophisticated international data-sharing frameworks.
In a statement issued today, the IRBM confirmed that this breakthrough was made possible via the Automatic Exchange of Financial Account Information (AEOI). This framework involves cooperation with over 100 countries, allowing the IRBM to receive automated data on accounts held by Malaysians in jurisdictions including:
Luxembourg & Hong Kong
The Cayman Islands & Bermuda
Guernsey & The Bahamas
To encourage compliance, the IRBM has begun issuing formal reminder letters to the affected individuals. This exercise is designed to provide taxpayers with a final opportunity to review their finances and regularize their tax affairs before the Board initiates stricter legal actions.
Warning: Tax residents with undeclared income or assets are strongly advised to respond promptly. Failure to do so may lead to heavy penalties and prosecution under the Income Tax Act 1967.
Members of the public who require further information or wish to provide feedback may contact the HASiL Contact Centre at 03-8911 1000 (or +603-8911 1000 from overseas), use the HASiL online chat service, or submit enquiries and feedback via the official website at https://maklumbalaspelanggan.hasil.gov.my/Public/
Singapore