Tax updates: Special Program for Voluntary Disclosure

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