SVDP 2.0 – Another chance to get it right

Viable avenue: A pedestrian passing by an LHDN branch. At least 50,000 new taxpayers are expected to participate in SVDP 2.0, with an estimated tax collection of RM1bil.

IN an unexpected yet unsurprising move, the Special Voluntary Disclosure Programme (SVDP) was reintroduced in Budget 2023 tabled on Feb 24.

This programme was first introduced by the government in the Budget 2019, which provided individuals or businesses to report any incorrect and/or undisclosed income to the tax authority, with a 10% or 15% discount applied to penalties on additional taxes disclosed by participants.