KUALA LUMPUR: Malaysians who fail to come forward to declare their overseas incomes may face an 'unfriendly' reception from the taxman, warns Deputy Finance Minister Datuk Amiruddin Hamzah. Amiruddin said the SVDS was targeted at those who had overseas accounts but had not declared or under-declared their incomes to come forward to do so. "Through this information, we will know who has overseas bank accounts and whether they have come forward to declare their incomes or under-declared these incomes," he said. He added that those that failed to declare their incomes would eventually be approached by the taxman to do so. He said those who had made declarations under scheme until June 30 will face a 10% penalty for undeclared or under-declared incomes.

Source: thestar July 08, 2019 03:33 UTC