Highlights

IRB wants individuals with overseas bank accounts to declare income

 Publish date: Fri, 8 Feb 2019, 5:38 PM

PUTRAJAYA: 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 aduan@hasil.gov.my.
 
 - Bernama

 

Share this

  Be the first to like this.
 


 

329  377  563  710 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 SAPNRG 0.295+0.015 
 ARMADA 0.315+0.01 
 GPACKET-WB 0.265+0.01 
 SAPNRG-WA 0.12+0.005 
 HSI-H6S 0.165+0.045 
 HSI-C7E 0.21-0.085 
 HSI-H8E 0.29+0.05 
 KNM 0.38+0.005 
 VSOLAR 0.100.00 
 HSI-H6T 0.47+0.095 

TOP ARTICLES

1. OPCOM (0035) OPTIMAL OPTIC COMPANY : THE SUPER-STOCK OF THE DIGITAL ECONOMY, Calvin Tan Research THE INVESTMENT APPROACH OF CALVIN TAN
2. Four simple reasons why Alam Maritim can hit 20 sen Good stocks to share
3. When can ego be good and when can it be bad? Koon Yew Yin Koon Yew Yin's Blog
4. [转贴] 巴菲特告訴孩子:成為富有的人,一生只需要3種投資 Good Articles to Share
5. 中东局势混乱国际油价是否会继续往上移?? 大马股市在油气(Oil & Gas)板块有没有较低风险的隐形黑马吗? Ten Ninety
6. 《《 这只股走了一大轮,是什么原因导致这一路的上涨呢? 》》 StockBuddy
7. AirAsia - Weighed down by leased aircraft and high fuel cost AmInvest Research Reports
8. MQ Research: Impact of Saudi Oil Attacks on Malaysian O&G KL Trader Investment Research Articles
Partners & Brokers