Special Voluntary Disclosure Programme

The iras voluntary disclosure programme vdp encourages taxpayers who have made errors in their tax returns to come forward voluntarily in a timely manner to correct their errors. It is to encourage taxpayers to make voluntary disclosure in reporting their income to increase tax collection for the country s development. Voluntary disclosure in reporting their income and paying tax within the stipulated period.

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

Special voluntary disclosure programme. The special voluntary disclosure programme svdp launched last november is the third attempt in recent times by the inland revenue board irb to recover funds lost over the years to potential. 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. This voluntary disclosure can be made at the nearest irbm office commencing from 3rd november 2018 until 30th september 2019.

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. Individuals and companies could apply during the window period from 1 october 2016 until 31 august 2017. 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.

By participating in this svdp program the tax penalty. This special program is part of the government s efforts in tax reformation. Besides malaysia countries offering voluntary disclosure programs include the united states of america united kingdom australia japan singapore and indonesia to name a few.

1 4 the special program also gives an opportunity to taxpayers to report the. In line with the new automatic exchange of information between tax authorities sars started receiving offshore third party financial data from other tax authorities in 2017. 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.

Iras voluntary disclosure programme iras understands that some taxpayers may occasionally make errors in their tax returns due to lack of care or awareness of their tax obligations. The programme is also part of the government s tax reform initiative in encouraging. The special voluntary disclosure programme svdp was for taxpayers who want to disclose their offshore assets and income.

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. May 6 last november the malaysian government introduced the special voluntary disclosure programme svdp alongside its 2019 budget.