The Special Voluntary Disclosure Program (SVDP) is implemented to offer reduced penalty rates for voluntarily disclose tax non-compliance for the year of assessment 2017 and prior.
In the event where the voluntary disclosure results in a higher incremental tax than the audit estimate, the difference will be considered a voluntary disclosure.
The penalty rates after the SVPD will be subjected to a minimum rate of 45% to 300% on a case by case basis. This voluntary disclosure can be made at the nearest IRBM office commencing from 3 November 2018 until 30 September 2019. Please note that this will be the last month of the SVDP program.
If you need further clarification, please do not hesitate to contact our tax team.
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