IRB to offer reduction of penalty for voluntary disclosure

The Inland Revenue Board (IRB) is offering a reduction of penalty with specific rates for taxpayers who make voluntary disclosure from March 1 to Dec 15 this year.

IRB in a statement Wednesday said the reduction was for taxpayers who have not submitted their Income Tax Return Forms (BNCP) or Petroleum Statement Forms (BNP) for years.

The reduction of penalty is also applicable to taxpayers who wish to declare the correct information in the tax form as compared to the BNCP and BNP forms that they had been submitted earlier.

Prime Minister Datuk Seri Najib Razak had announced in the recent 2016 Budget recalibration that the government has agreed to give special consideration by relaxing the imposition of penalties on taxpayers to encourage them to come forward to report on their income for previous years.

For further information, taxpayers may refer to IRB's website, penalty reduction help desk at 03-8313 8885 or call centre at 1-800-88-5436.