Special Voluntary Disclosure Programme Malaysia

In a statement issued today finance minister lim guan eng announced that the inland revenue board.

Special voluntary disclosure programme malaysia. 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. 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 current svdp scheme offered a 10 penalty rate for those who make voluntary disclosure by 31 march 2019 and a 15 penalty for those declaring their previously unreported income from 1 april 2019 to 30.

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. Pkps is an ongoing offer by the inland revenue board of malaysia irbm. This special program is part of the government s efforts in tax reformation. Inland revenue board of malaysia special program for voluntary disclosure 1.

The government has decided to extend the special voluntary disclosure programme svdp that offers a reduced penalty rate until 30 june 2019. Special program 03 11 22018 30 06 2019 made on the reported information. 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. This is not the first time malaysia is granting tax amnesty.

Introduced a special program in the recently announced budget 2019 ie. This programme is offered to encourage taxpayers to voluntarily disclose any unreported income and settle. By participating in this svdp program the tax penalty. The special voluntary disclosure programme svdp launched last november is the third attempt in recent times by the inland revenue.

Malaysia special voluntary disclosure programme. You might be interested in the special voluntary disclosure programme pkps if you have yet to declare your income tax. The special program on voluntary disclosure is only offered from 0 3 november 2018 until 30 june 2019.