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Tax updates: Special Program for Voluntary Disclosure

30/1/2019

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Special Program for Voluntary Disclosure
  • In the 2019 Budget speech, the government has announced a Special Voluntary Disclosure Program (Voluntary Disclosure).
  • This is to encourage the tax payers voluntarily declare their unreported income.
  • The programme is valid from the beginning of 3 November 2018 until 30th June 2019.
  • Tax payer will be subjected to a lower penalty rate of between 10%-15% compared to the new rate which is between 80%-300%.
  • This programme applies to the following cases:
  1. Not registered with IRB;
  2. Registered with IRB but have not submitted Income Tax Return Form, Petroleum Return Form, Real Property Gains Tax Return Form;
  3. Registered with IRB, submitted Income Tax Return Form, Petroleum Return Form, Real Property Gains Tax Return Form but have not reported the correct taxable income or gains on disposal of assets; and
  4. Unstamped instruments (where such instruments were not stamped after six (6) months from the due date for stamping.
  • Payment for voluntary disclosure during the Special Program period has to be made as follows:
Period of Voluntary Disclosure
Payment to be made on or before
03.11.2018 - 31.03.2019
01.04.2019
01.04.2019 - 30.06.2019
01.07.2019
If you need further clarification or information, please  do not hesitate to contact us.

Source:
http://www.hasil.gov.my/bt_goindex.php?bt_kump=4&bt_skum=1&bt_posi=1&bt_unit=1&bt_sequ=1&bt_lgv=2

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Tax update: Submission of income tax return for YA 2018 and YA 2019

14/1/2019

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We have decided to kick start the year with some compliance deadline which sets as a reminder for all entities.
 
YA 2019
  • Companies, Co-operative, Societies, Limited Liability Partnerships and Trust Bodies: The deadline for submission of Form C is within 7 months from the date following the close of the accounting period which constitutes the basis period for the year of assessment.
 
YA 2018
  • Individuals, Partnerships, Associations, Deceased persons’ estate and Hindu Joint Families: The deadline for submission of Form BE is on the 30 April 2019 for those who does not carry on business. As for individuals with business income, the submission of Form B, BT, M, MT or P are not later than 30 June 2019. 
 
Please be informed that a delay in submitting the ITRF to IRBM is an offense and may be subjected to a penalty equal to treble the tax chargeable under Subsection 112(3) of the Income Tax Act 1967.   
 
If you need further clarification or information, please contact us.

Source:
  • IRB website: Updates for submission of YA 2018 and 2019 http://lampiran1.hasil.gov.my/pdf/pdfam/MediaLHDNM_08012019_Program_Memfail_Borang_Nyata_2019.pdf
  • IRB website: Deadlines for Income Tax Submission in BM: http://lampiran2.hasil.gov.my/pdf/pdfam/ProgramMemfailBN_2019_1.pdf
  • IRB website: Deadlines for Income Tax Submission in English: http://lampiran2.hasil.gov.my/pdf/pdfam/ProgramMemfailBN_2019_2.pdf


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