No ex­ten­sion for vol­un­tary tax dis­clo­sure

The Sun (Malaysia) - - NEWS WITH­OUT BOR­DERS -

will end on Dec 15.

Oth­man said the gov­ern­ment had no plan to ex­tend the pe­riod of the ini­tia­tive.

The ini­tia­tive was an­nounced on Jan 28 by Prime Min­is­ter Datuk Seri Na­jib Abdul Razak as part of the 2016 Bud­get re­cal­i­bra­tion.

As part of the 2016 Bud­get re­cal­i­bra­tion ef­fort to en­cour­age more tax pay­ers to vol­un­tar­ily dis­close their cor­rect in­come and set­tle their tax ar­rears, the In­land Rev­enue Board of Malaysia (IRD) also came up with sev­eral of­fers.

The IRD of­fered a re­duc­tion of penalty to tax pay­ers un­der the fol­low­ing sit­u­a­tions: Tax pay­ers who failed to sub­mit their In­come Tax Re­turn Forms (ITRF) or Petroleum Tax Re­turns (PTR) for pre­vi­ous years of as­sess­ment (late sub­mis­sions of ITRF or PTR); Tax pay­ers who wish to de­clare the cor­rect in­come against the in­come de­clared in the ITRF sub­mit­ted ear­lier; Dis­posers who failed to re­port the gains ob­tained from the dis­pos­als of real properties within a stip­u­lated pe­riod of time and; Stamp duty pay­ers who failed to present stam­pable in­stru­ments within a stip­u­lated pe­riod of time. The el­i­gi­bil­ity for th­ese of­fers would de­pend on the merits of a tax payer’s case and are sub­jected to the rules and reg­u­la­tions set by IRD. – Ber­nama

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