PETALING JAYA: Individuals and businesses earning RM4,000 a month and above have to declare their income under the Special Voluntary Disclosure Programme (SVDP), says the Inland Revenue Board of Malaysia (IRB).
It said that not everyone who had received an e-mail or a letter had to contact IRB and register as taxpayers, as this only applied to those with a “monthly employment income of RM4,000 and above”.
“For those carrying on a business other than a private limited company with annual income of RM48,000 (or RM4,000 a month) after deducting approved operational expenses and capital allowances, these taxpayers are still required to register as taxpayers and declare the income to IRB.
“Taxpayers can ignore the letters and e-mails received from IRB if the income received is less than the amount mentioned,” it said in a statement yesterday.
The IRB said that registered taxpayers who had previously declared their income need not worry about the emails and letters received, as they were general notifications informing them of the SVDP, which ends on June 30, 2019.
The SVDP encourages taxpayers to voluntarily declare any unreported income until June 30.
Heavily-reduced penalty rates are being offered during the disclosure period.
The scheme, which commenced from Nov 3, 2018, until June 30, 2019, will offer taxpayers reduced penalty rates for misreporting their tax filings or failure to declare their income to the IRB.
For further clarification, visit the nearest IRB office or call its careline at 1-800 88 5436 or email firstname.lastname@example.org
Did you find this article insightful?