IRB knows how much you have in that offshore bank account (AEOI explained in layman’s terms)

Key points: a. Malaysia is a participating country of AEOI System (Automatic Exchange of Information) initiated by the OECD. b. Malaysian tax authority will automatically receive information on offshore bank account owned by its citizens/residents. c. All Malaysian financial institutions and banks are required to provide information on bank account owned by foreigners or non- Malaysian residents to the tax department. And the tax authority will transmit such information to the account holder’s country of residence. More than 100 countries have committed to be part of the AEOI System (Automatic Exchange of Information), through which every AEOI participating country will automatically exchang

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