Tax amnesty programme aims to reduce people’s burden, says IRB
KUALA LUMPUR: The Special Voluntary Disclosure Programme ( SVDP) is a clear indication of the government’s desire to reduce the burden of the people through taxation, Inland Revenue Board ( IRB) chief executive officer Datuk Seri Sabin Samitah said.
The programme, announced by the government last November, offers an avenue for taxpayers to come forward and voluntarily declare any unreported income or overclaimed expenses for Malaysian tax purposes.
“It is the desire of the government to encourage and instil the culture of voluntary tax compliance, and this offer to start on a clean slate on tax matters is the right move towards achieving that,” he said in his speech during a KPMG dialogue session with the IRB here yesterday.
Under the SVDP, for disclosures of unreported income made from Nov 3, 2018, to March 31, 2019, the penalty will be 10 per cent of the tax payable.