Special Voluntary Disclosure Programme Malaysia

5 implementation 5 1 this special program is open to all categories of taxpayers.

Special voluntary disclosure programme malaysia. You might also be interested in the accompanying article. Introduction 1 1 these guidelines outline the implementation procedures of the special program for voluntary disclosure special program for eligible taxpayers following the 2019 budget announcement by the honorable minister of finance malaysia on 02 november 2018. The special program on voluntary disclosure is only offered from 0 3 november 2018 until 30 june 2019. This is not the first time malaysia is granting tax amnesty.

1 the special program offers reduced penalty rates for taxpayers to voluntarily disclose any unreported income including income maintained in offshore accounts for income tax petroleum. Voluntary disclosure can be made at any time commencing from 3 november 2018 until 30 september 2019. Take advantage of the special voluntary disclosure programme. On 2 november 2018 a new special voluntary disclosure programme svdp was announced by the minister of finance during the budget 2019 to encourage taxpayers to voluntarily disclose their previous undeclared income accurately and to settle tax arrears if any this was announced in view of malaysia s participation in the automatic exchange of information with foreign tax.

What is the key difference between voluntary disclosure under this special program for voluntary disclosure and the previous voluntary disclosure offer. By participating in this svdp program the tax penalty. This programme is offered to encourage taxpayers to voluntarily disclose any unreported income and settle the tax arrears if any within the period of 3 november 2018 until 30 september 2019. During the 2019 malaysian budget announcement on 2 november 2018 the minister of finance introduced a new special voluntary disclosure programme svdp for eligible taxpayers.

The irb s special voluntary disclosure programme is aimed at encouraging taxpayers to come clean and start afresh from their 2018 assessment year. Special voluntary disclosure program svdp to provide an opportunity for taxpayers to voluntarily come forward in declaring any unreported income for tax purposes including offshore accounts. 5 2 voluntary disclosure includes. Introduced a special program in the recently announced budget 2019 ie.

The special voluntary disclosure programme svdp launched last november is the third attempt in recent times by the inland revenue. Malaysia s ministry of finance the mof and inland revenue board the irb issued several media releases on the special voluntary disclosure program the special program introduced in the 2019 budget. 5 2 1 taxpayers who are not registered with the inland revenue board of malaysia irbm.