No extension for voluntary tax disclosure
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