GEORGE TOWN: The Special Voluntary Disclosure Programme (SVDP) for unreported income will not be extended after Sept 30, says Lim Guan Eng.
The Finance Minister said the programme, which was supposed to end on June 30, was extended to Sept 30.
"It would defeat the purpose if we extended the date again and furthermore, I don't make the decision, but Cabinet, " said Lim during a question and answer session after a briefing on SVDP organised by the Penang Chinese Chambers of Commerce here on Monday (Aug 12).
Under the programme, only a penalty of 10% is imposed for unreported income before June 30. A 15% penalty is imposed for unreported income after June 30 and before Sept 30.
However, after Sept 30, a penalty of 80% to 300% is imposed for any unreported income discovered by the Inland Revenue Board of Malaysia (IRB).
Lim said taxpayers should take advantage of SVDP, and they would not be questioned on their income declaration anymore.
IRB chief executive officer Datuk Seri Sabin Samitah said SVDP is a gift to the people and all unreported income is accepted in good faith.
He said under the programme, a person has to declare the right amount to the "best of his knowledge".
"All these information will be kept strictly confidential and no further review will be done over the reported information.
"My advice is to declare with good faith as those who under declare a very minimal income although records show there was a vast difference could lead to a risk analysis by the department."
Sabin said the clearance letter for tax payers under SVDP would be released within three days for standard cases.
The SVDP, which was launched in November, was offered to five taxpayer categories, including individuals, companies and organisations that have not registered with the Inland Revenue Board, and those who have registered but have not submitted their income tax return forms, petroleum return forms or real property gains tax return forms.
Under the SVDP, individual taxpayers are required to disclose all undeclared income.
No auditing or investigation will be carried out in future if the taxpayer declares his or her property under the SVDP.