Special Voluntary Disclosure Programme Malaysia

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. It is to encourage taxpayers to make voluntary disclosure in reporting their income to increase tax collection for the country s development. What is the key difference between voluntary disclosure under this special program for voluntary disclosure and the previous voluntary disclosure offer.

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By participating in this svdp program the tax penalty.

Special voluntary disclosure programme malaysia. The svdp encourages taxpayers to not only settle tax arrears but also gives them a chance to voluntarily disclose undeclared income from previous years. 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. 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.

1 the special program offers reduced penalty rates for taxpayers to voluntarily disclose any unreported income including income maintained in offshore accounts for income tax petroleum. Malaysia s ministry of finance the mof and inland revenue board the irb issued several media releases on the special voluntary disclosure program the special program introduced in the 2019 budget. 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.

Inland revenue board of malaysia special program for voluntary disclosure 1. Introduced a special program in the recently announced budget 2019 ie. This is not the first time malaysia is granting tax amnesty.

The special voluntary disclosure programme svdp launched last november is the third attempt in recent times by the inland revenue. This special program is part of the government s efforts in tax reformation. The special program on voluntary disclosure is only offered from 0 3 november 2018 until 30 june 2019.

Sabin who was addressing tax experts and reporters at kpmg malaysia s dialogue with the irb yesterday acknowledged that. This voluntary disclosure can be made at the nearest irbm office commencing from 3rd november 2018 until 30th september 2019. 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.

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. Special program 03 11 22018 30 06 2019 made on the reported information. May 6 last november the malaysian government introduced the special voluntary disclosure programme svdp alongside its 2019 budget.