LHDN finds over RM10bil in undeclared foreign accounts held by MalaysiansPUTRAJAYA: The Inland Revenue Board (LHDN) has identified 14,858 Malaysian tax residents with a combined total exceeding RM10bil in undisclosed offshore financial accounts with tax returns not filed via the Income Tax Return Form (BNCP). In a statement yesterday, LHDN said the identification was made through the international exchange of financial account information with cooperation from over 100 countries to strengthen tax compliance and tackle cross-border tax evasion. It disclosed that these significant offshore accounts were located in several jurisdictions, including Luxembourg, Hong Kong, Guernsey, Cayman Islands, the Bahamas and Bermuda. To avoid penalties and legal action under the Income Tax Act 1967, LHDN advised Malaysian tax residents with unreported income and offshore financial accounts, from sources that should be taxed in Malaysia, to voluntarily come forward soon to make the necessary declarations. LHDN also reaffirmed its commitment to administer the national taxation system with transparency, integrity and professionalism, in line with international taxation standards.

Source: The Star February 03, 2026 02:20 UTC