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Special Voluntary Disclosure Programme 2.0

The Honorable Prime Minister of Malaysia and Minister of Finance, YAB Dato’ Seri Anwar Bin Ibrahim has announced in Budget 2023 on 24 February 2023 that the Special Voluntary Disclosure Programme (“SVDP”) 2.0 and the Voluntary Disclosure Programme (“VDP”) will be implemented from 1 June 2023 to 31 May 2024.

The SVDP 2.0 provides an opportunity for taxpayers to come forward voluntarily to report their income and tax computations for direct taxes that are accurate and orderly in line with the Inland Revenue Board of Malaysia (“IRBM”) rulings that are in force as well as encouraging taxpayers to pay taxes within the stipulated period.

The VDP is also to encourage taxpayers to voluntarily declare any mistakes or omissions related to indirect taxes that were previously unknown or undiscovered by the Royal Malaysian Customs Department (“RMCD”).  

Let’s take a look at our publication on the key points obtained from the Guidelines and FAQ released by IRBM on SVDP 2.0 and RMCD on VDP.