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Barnama
2 days ago
- Business
- Barnama
HASiL Ramps Up International Efforts To Tackle Tax Evasion
KUALA LUMPUR, June 4 (Bernama) -- The Inland Revenue Board (HASiL) is stepping up its global cooperation to track down taxpayers who fail to comply, including those transferring assets or income overseas. Its Intelligence and Profiling Department director Muhammad Azhari Tamrin @ Thamrin told Bernama Radio that the agency is harnessing international tools, such as the Exchange of Information (EOI) and the Common Reporting Standard (CRS), to access financial data shared by foreign authorities. 'Tax evaders are becoming increasingly sophisticated. They shift profits offshore, set up offshore companies and use international bank accounts. These are tactics that conventional methods struggle to detect,' he said. In response, HASiL has taken proactive steps by deepening partnerships with tax authorities abroad to share information and trace these financial footprints more effectively. Speaking on the radio programme POV: Perspektif Bukan Persepsi, hosted by Kamal Affandi Hashim and focused on tax evasion, Muhammad Azhari explained that Malaysia's participation in the Forum on Tax Administration and the ASEAN network has helped it adopt best practices and strengthen its capacity through big data analytics and risk profiling. Alongside enforcement efforts, HASiL has also rolled out public education campaigns and adopted a 'Compliance Before Enforcement' approach to encourage voluntary tax compliance. Social media, he added, is an increasingly valuable resource in uncovering suspicious financial activity. 'We analyse lifestyles displayed online and compare them with declared incomes, looking out for undeclared businesses, hidden assets and social or business networks,' he noted. Where discrepancies emerge, he said HASiL will conduct audits and investigations, actions that are targeted and data-driven rather than arbitrary. Muhammad Azhari also urged the public to act as watchdogs, encouraging them to report individuals or companies that live beyond their declared means or operate without proper registration.
Malaysian Reserve
2 days ago
- Business
- Malaysian Reserve
HASiL ramps up international efforts to tackle tax evasion
THE Inland Revenue Board (HASiL) is stepping up its global cooperation to track down taxpayers who fail to comply, including those transferring assets or income overseas. Its Intelligence and Profiling Department director Muhammad Azhari Tamrin @ Thamrin told Bernama Radio that the agency is harnessing international tools, such as the Exchange of Information (EOI) and the Common Reporting Standard (CRS), to access financial data shared by foreign authorities. 'Tax evaders are becoming increasingly sophisticated. They shift profits offshore, set up offshore companies and use international bank accounts. These are tactics that conventional methods struggle to detect,' he said. In response, HASiL has taken proactive steps by deepening partnerships with tax authorities abroad to share information and trace these financial footprints more effectively. Speaking on the radio programme POV: Perspektif Bukan Persepsi, hosted by Kamal Affandi Hashim and focused on tax evasion, Muhammad Azhari explained that Malaysia's participation in the Forum on Tax Administration and the ASEAN network has helped it adopt best practices and strengthen its capacity through big data analytics and risk profiling. Alongside enforcement efforts, HASiL has also rolled out public education campaigns and adopted a 'Compliance Before Enforcement' approach to encourage voluntary tax compliance. Social media, he added, is an increasingly valuable resource in uncovering suspicious financial activity. 'We analyse lifestyles displayed online and compare them with declared incomes, looking out for undeclared businesses, hidden assets and social or business networks,' he noted. Where discrepancies emerge, he said HASiL will conduct audits and investigations, actions that are targeted and data-driven rather than arbitrary. Muhammad Azhari also urged the public to act as watchdogs, encouraging them to report individuals or companies that live beyond their declared means or operate without proper registration. 'Tax evasion not only drains public funds but also undermines fairness for honest taxpayers,' he said. Information can be submitted securely through HASiL's e-Tax Evasion Reporting System at with protections under the Income Tax Act 1967. Convicted tax evaders risk penalties of up to 300 per cent of the owed tax, fines of up to RM20,000, imprisonment of up to three years, or both. 'Fighting tax evasion is a shared responsibility. It is essential to ensure that national revenue is collected fairly for the benefit of all Malaysians,' said Muhammad Azhari. — BERNAMA
The Sun
2 days ago
- Business
- The Sun
HASiL ramps up international efforts to tackle tax evasion
KUALA LUMPUR: Malaysia's Inland Revenue Board (HASiL) is stepping up its global cooperation to track down taxpayers who fail to comply, including those holding assets or income overseas. Its Intelligence and Profiling Department director Muhammad Azhari Tamrin @ Thamrin told Bernama Radio that the agency is harnessing international tools, such as the Exchange of Information (EOI) and the Common Reporting Standard (CRS), to access financial data shared by foreign authorities. 'Tax evaders are becoming increasingly sophisticated. They shift profits offshore, set up offshore companies and use international bank accounts. These are tactics that conventional methods struggle to detect,' he said. In response, HASiL has taken proactive steps by deepening partnerships with tax authorities abroad to share information and trace these financial footprints more effectively. Speaking on the radio programme POV: Perspektif Bukan Persepsi, hosted by Kamal Affandi Hashim and focused on tax evasion, Muhammad Azhari explained that Malaysia's participation in the Forum on Tax Administration and the ASEAN network has helped it adopt best practices and strengthen its capacity through big data analytics and risk profiling. Alongside enforcement efforts, HASiL has also rolled out public education campaigns and adopted a 'Compliance Before Enforcement' approach to encourage voluntary tax compliance. Social media, he added, is an increasingly valuable resource in uncovering suspicious financial activity. 'We analyse lifestyles displayed online and compare them with declared incomes, looking out for undeclared businesses, hidden assets and social or business networks,' he noted. Where discrepancies emerge, he said HASiL will conduct audits and investigations, actions that are targeted and data-driven rather than arbitrary. Muhammad Azhari also urged the public to act as watchdogs, encouraging them to report individuals or companies that live beyond their declared means or operate without proper registration. 'Tax evasion not only drains public funds but also undermines fairness for honest taxpayers,' he said. Information can be submitted securely through HASiL's e-Tax Evasion Reporting System at with protections under the Income Tax Act 1967. Convicted tax evaders risk penalties of up to 300 per cent of the owed tax, fines of up to RM20,000, imprisonment of up to three years, or both. 'Fighting tax evasion is a shared responsibility. It is essential to ensure that national revenue is collected fairly for the benefit of all Malaysians,' said Muhammad Azhari.
Arabian Business
21-04-2025
- Business
- Arabian Business
UAE Central Bank imposes financial sanction on a bank
The Central Bank of the UAE (CBUAE) has imposed financial sanctions on a bank operating in the UAE for failing to comply with the Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations policies and procedures. The financial penalty was imposed after the CBUAE assessed the findings of its examination into the matter. The name of the bank and the quantum of penalty were not disclosed. This was done under Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments. All banks, staff must abide by the UAE laws Through its supervisory and regulatory mandates, the CBUAE ensures that all banks and their staff abide by the UAE laws, regulations and standards to safeguard the transparency and integrity of the banking sector and the UAE financial system. On March 25, the CBUAE had imposed financial sanctions totalling AED2.62 million on five banks and two insurance companies for non-compliance with the reporting procedures required by the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) guidelines.
Gulf Today
26-03-2025
- Business
- Gulf Today
CBUAE imposes financial sanctions on 5 banks, 2 insurance companies
The Central Bank of the UAE (CBUAE) imposed financial sanctions totalling AED2,621,000 on five banks and two insurance companies operating in the UAE for non-compliance with the reporting procedures required by the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) guidelines. The sanctions were imposed due to the institutions' failure to meet compliance standards, particularly in due diligence and the accuracy of financial reporting, despite the CBUAE granting all licenced financial institutions ample time for rectification. The CBUAE affirmed that this step enhances the quality of the UAE's financial system, and aligns with its commitment to global initiatives promoting the integrity and transparency of tax systems and combat tax evasion, thereby preserving the UAE's position as a financial centre adhering to global best practices. WAM
