KUALA LUMPUR: Individuals with overseas bank accounts and those having previously undeclared income have been told to report to the Inland Revenue Board (IRB).
The IRB said it had begun receiving information on ownership of overseas bank accounts from September last year under the Automatic Exchange of information with the Organisation for Economic Cooperation and Development (OECD).
“We have issued letters and sent e-mails targeting those taxpayers with overseas bank accounts and who have failed to file their tax returns as required.
“Taxpayers in this category are requested to contact the IRB and report their income,” it said in a statement here today.
The IRB has introduced the Special Programme for Voluntary Disclosure for taxpayers who have not declared income generated from sources within Malaysia and kept in overseas bank accounts.
The government has also agreed to reduce the penalty for this from 300% to 10% if the income is reported by March 31, and 15% if reported by June 30.