Special Voluntary Disclosure Programme

For the period 1 october 2016 until 31 august 2017 a special voluntary disclosure programme svdp gave non compliant taxpayers an opportunity to regularise their unauthorised foreign assets and income by voluntary disclosing this information. Special program for voluntary disclosure 1. The sars permanent voluntary disclosure programme vdp is administered under the tax administration act 2011 with effect from 1 october 2012.

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Malaysia 2018 Special Voluntary Disclosure Programme Conventus Law

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Malaysia 2018 Special Voluntary Disclosure Programme Conventus Law

Many Of You May Be Aware Of The Ongoing Special Voluntary Disclosure Programme Svdp By The Inland Revenue Board Irb But May Not Be Too Sure What Exactly It Is Fret Not

Guan Eng First Phase Of Special Voluntary

The special voluntary disclosure programme svdp launched last november is the third attempt in recent times by the inland revenue board irb to recover funds lost over the years to potential tax evasion and perhaps in assets stashed overseas by wealthy individuals and businesses.

Special voluntary disclosure programme. 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. This voluntary disclosure can be made at the nearest irbm office commencing from 3rd november 2018 until 30th september 2019. 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.

Iras is prepared to reduce penalties for voluntary disclosures which meet the qualifying conditions. 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 income tax and real property gains tax purposes. This special program is part of the government s efforts in tax reformation.

5 2 1 taxpayers who are not registered with the inland revenue board of malaysia irbm. The programme is also part of the government s tax reform initiative in encouraging. 5 implementation 5 1 this special program is open to all categories of taxpayers.

By participating in this svdp program the tax penalty rate would be as below refer page 4. 5 2 voluntary disclosure includes. Special voluntary disclosure programme in a move to ease the burden of the people the government has announced a special voluntary disclosure programme voluntary disclosure in the 2019 budget speech.

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. Voluntary disclosure can be made at any time commencing from 3 november 2018 until 30 september 2019. It is to encourage taxpayers to make voluntary disclosure in reporting their income to increase tax collection for the country s development.

The iras voluntary disclosure programme vdp encourages taxpayers who have made errors in their tax returns to come forward voluntarily in a timely manner to correct their errors. 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. 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.