During The Budget 2019, the Minister of Finance has announced a Special Voluntary Disclosure Program (SVPD), to encourage taxpayers to voluntarily disclose their undeclared tax arrears, and provide them an opportunity to clear the unsettled tax with reduced penalty rates.

This is not the first time Malaysia has ever done such a tax amnesty program, the last was on 2016 and it expired in December that year. Under this SVPD, taxpayers who make payment before 30th June will receive a discount on their amount of penalties to be paid, while those that pay after the date stated will receive an add on penalty rates. This program may be utilized by Malaysian and non-residents in Malaysia.

In simple terms, this reduces the amount of penalties. For example, one taxpayer has RM1000 of taxes undeclared. By voluntarily disclosing the amount before 1st April he receives only 10% of penalties (RM100), before 1st July and he receives 15% penalty rates (RM150), while disclosure after 1st July will result in penalty rates as high as 80%-100% (RM800-RM3000).

Do you still have any undisclosed tax payment to be made? 

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  •  Accounting entry review
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  • Tax computation and submission

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For more inquiries, kindly contact to Biztory’s customer service team ( https://bit.ly/2FVgNkl ).