KUALA LUMPUR, April 1 — A 15 per cent penalty will be levied on taxpayers declaring previously unreported income under the Special Voluntary Disclosure Programme (SVDP) from today until June 30, 2019.
The rate is up from the 10 per cent the Inland Revenue Board (IRB) imposed during the SVDP’s first phase from November 3 last year until yesterday.
Once the programme ends on June 1, taxpayers still with undeclared income will face the original penalty rates ranging from 80 per cent to 300 per cent.
IRB chief executive officer Datuk Seri Sabin Samitah advised taxpayers who missed out on SVDP’s first phase to take advantage of the scheme’s remaining time to fully declare their income.
“I urge taxpayers to not wait until the last minute of the programme’s (SVDP) second phase to make their voluntary disclosures,” he was quoted as saying by Berita Harian.
According to Sabin, 320,000 taxpayers already “surrendered themselves” to the IRB through the programme as of March 24 this year.
He also assured taxpayers that no audits or subsequent investigations would be conducted if they come forward willingly in the SVDP.
“The confidentiality of the disclosures are also guaranteed under tax laws,” he was further quoted as saying.
The IRB expressed hope that taxpayers would also provide accurate disclosures regarding their tax matters under SVDP.
The scheme was announced during the tabling of Budget 2019 in order to encourage full reporting of previously undeclared income here and abroad.