Take opportunity to voluntarily declare income before SVDP 2.0 ends - CTIM

KUALA LUMPUR: Taxpayers are advised to voluntarily declare their income within the implementation period of Special Voluntary Disclosure Programme (SVDP) 2.0, which will end on May 31, 2024.

Chartered Tax Institute of Malaysia (CTIM) chartered member Harvinder Singh said the Inland Revenue Board (IRB) would receive the voluntary disclosure information in good faith during the SVDP 2.0.

"The programme is meant to be for one year. It started on June 6, 2023, and will end on May 31, 2024. So, volunteering has to be done before that date.

"I think there are people that are still waiting to participate, but taking that wait-and-see attitude," he said on the Bernama TV's programme 'The Nation - Special Voluntary Disclosure for Taxes in Malaysia, today.

He said those who voluntarily come forward during the SVDP 2.0 period would not face any legal actions such as penalties and audit examinations.

Existing taxpayers would need to download an SVDP form and submit it together with the amended tax competition to be submitted to the tax authorities through the online platform.

"The IRB will review and if accepted, they would then issue a confirmation of participation letter. The letter would indicate or confirm that you will not be audited or investigated for those years that you have declared," he added.

-- BERNAMA