Lower penalties for true disclosure

PETALING JAYA: Tax evaders who voluntarily disclose their income tax information correctly can expect to receive a reduced penalty of as low as 15% of their outstanding tax arrears, under a new guideline issued by the Inland Revenue Board (IRB).

The guideline, which was released yesterday, is in line with the Government’s recent announcement that it would consider relaxing penalties to encourage taxpayers to settle their outstanding arrears promptly.