Accounting firm KPMG’s senior tax policy adviser Dr Veerinderjeet Singh said businesses or individuals hold offshore financial accounts for various purposes such as investments or tax benefits. Malaysians with offshore accounts must be able to prove why they find it a necessity to set up such accounts. ALSO READ: Hidden offshore wealth exposed“If you have income here, you paid your taxes and invested overseas, there is nothing wrong with that,” he said. “One must not jump to conclusion that it is an offence just having an offshore financial account,” he added. “Instead of handling offshore data as ad hoc cases, offshore data must be systematically matched against domestic filings and risk-scored.

Source: The Star February 03, 2026 02:56 UTC