KUALA LUMPUR FEB.1: The Inland Revenue Board of Malaysia (IRBM) advises 8.3 million tax payers who have received the Special Voluntary Disclosure Programme (SVDP) through letters or emails to contact IRBM for further explanation instead of getting worried.
IRBM has issued letters and emails to tax payers informing on SVDP starting on November 3, 2018 and ends on June 30. 2019 as announced by the Minister of Finance in 2019 Budget.
IRBM in a statement said, the tax payers are offered low penalty rates of 10% and 15% on the additional tax raised:
- Registered tax payer who failed to submit the Income Tax Return from (ITRF/Petroleum. Return Form (PRF) Real Property Gains Tax Return Form (RPGTRF) in an orderly manner.
- Tax payers who have submitted the ITRF/PRF/RPGTRF but did not declare the right income declaration (under declared income) or claim the right expenses and tax reliefs (over –claimed deductions).
- Duty payers who failed to execute instruments in the stipulated time.
Meanwhile, in the statement, IRBM Chief Executive Officer, Dato’ Seri Sabin Samitah also advises tax payers to be vigilant of fraudulent syndicates taking advantage through the implementation of this programme (SVDP).
“Tax payers may seek verification and further information regarding this programme by visiting the nearest IRBM office; contacting Hasil Care Line at 1-800-88-5436 or 603-7713-666 (Overseas) or emailing queries to firstname.lastname@example.org,” said Sabin.
The statement added, the SVDP have been implemented in over 20 countries such as the United States of America (USA); Australia, Canada, Germany, South Africa and Indonesia.
It acts as an opportunity for the people to make voluntary declaration as initiated by the Organisation for Economic Co-operation and Development (OECD) through the exchange of information initiative under the Country-by- Country Reporting which started in September 2018 for Malaysia. –Malaysia World News