Special Voluntary Disclosure Programme 2019

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. 1 2 the establishment of the tax reform committee is part of the. 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.

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It is to encourage taxpayers to make voluntary disclosure in reporting their income to increase tax collection for the country s development.

Special voluntary disclosure programme 2019. You might also be interested in the accompanying article. 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. Inland revenue board irb chief executive officer ceo datuk seri sabin samitah has called on taxpayers to trust the government s intention to introduce the special voluntary disclosure programme svdp which was announced during budget 2019 last year.

This voluntary disclosure can be made at the nearest irbm office commencing from 3rd november 2018 until 30th september 2019. 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. Inland revenue board malaysia irbm jan feb 2019 nithea nadarajah special voluntary disclosure programme svdp.

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. By participating in this svdp program the tax penalty. The sars permanent voluntary disclosure programme vdp is administered under the tax administration act 2011 with effect from 1 october 2012.

Payment for voluntary disclosure during the special program period has to be made in the following manner. 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. The svdp encourages taxpayers to not only settle tax arrears but also gives them a chance to voluntarily disclose undeclared income from previous years.

7 1 taxpayers must settle the tax due as follows. Introduced a special program in the recently announced budget 2019 ie. Take advantage of the special voluntary disclosure programme.

The programme is also part of the government s tax reform initiative in encouraging. This special program is part of the government s efforts in tax reformation. Period of voluntary disclosure payment to be made on or before 03 11 2018 30 06 2019 01 07 2019 01 07 2019 30 09 2019 01 10 2019.

May 6 last november the malaysian government introduced the special voluntary disclosure programme svdp alongside its 2019 budget. Sabin who was addressing tax experts and reporters at kpmg malaysia s dialogue with the irb yesterday acknowledged that.