Taxman on cross-border hunt

Nearly 15,000 Malaysians are reported to hold over RM10 billion in undisclosed offshore financial accounts, raising tax compliance concerns and highlighting the risk of cross-border tax evasion.

Soh Lian Seng, Head of Tax at KPMG in Malaysia, explained that voluntary disclosure is crucial, allowing taxpayers to regularize past non-compliance, reduce potential penalties, and gain greater certainty for future obligations. In a separate interview on the topic, Dr. Veerinderjeet Singh, Senior Advisor on Tax Policy at KPMG in Malaysia, added that offshore accounts can serve legitimate purposes, but proper documentation is essential to encourage full tax compliance.

Read on what they have to say online, or in the attachments below:

• Nanyang Siang Pau: Overseas assets worth tens of billions face increased regulatory scrutiny 

For media-related queries, please email marcom@kpmg.com.my