Tax

Inland Revenue Board’s Media Release on SVDP

Inland Revenue Board’s Media Release on SVDP

The Inland Revenue Board of Malaysia (“IRB”) has recently issued media releases covering the following:

1. Media Release dated 21 March 2019

  • Companies with financial years ended 31 January 2018, 28 February 2018 or 31 March 2018 which have failed to submit their Income Tax Return Form (“ITRF”) for the Year of Assessment (“YA”) 2018 are eligible to participate in the Special Voluntary Disclosure Program (“SVDP”).
  • Participants of SVDP may enjoy the reduced penalty rate of 10% or 15%*.

(Note * : 10% reduced penalty rate of the SVDP ended on 31 March 2019 and 15% reduced penalty rate ends on 30 June 2019)

  • Participants are required to file their ITRF for the YA 2018 on or before 30 June 2019 and settle the tax payable amount on or before 1 July 2019.

Kindly click here to read the full media content.

 

2. Media Release dated 27 March 2019

  • Companies with financial years ended 31 January 2018, 28 February 2018 and 31 March 2018 which have submitted their ITRF for the YA 2018 prior to the announcement of the SVDP in the 2019 Budget are eligible to participate in the SVDP for YA 2018 and prior years.
  • Companies which have applied to participate in the SVDP for the YA 2018 previously but were rejected by the IRB shall re-submit their application.
  • Participants of SVDP may enjoy the reduced penalty rate of 10% or 15%*.

(Note * : 10% reduced penalty rate of the SVDP ended on 31 March 2019 and 15% reduced penalty rate ends on 30 June 2019)

  • Participants are required to submit a written declaration via letter or e-mail for the YA 2018 on or before 30 June 2019 and settle the tax payable amount on or before 1 July 2019.

Kindly click here to read the full media content.

 

Operational Guidelines No. 1/2018 – Updated 29 March 2019

The IRB has recently updated the Operational Guidelines on SVDP. The penalty rates after the SVDP are as follows:

  • Paragraph 6.1 of the updated Guidelines.

Taxpayers who fail to submit Tax Return Forms may be liable to penalty at a minimum rate of 45%.

  • Paragraph 6.2 of the updated Guidelines

Taxpayers who fail to report the correct income may be liable to penalty at a minimum rate of 45%.

Kindly click here to refer the full content.

 

 

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