Disclose income by May 31

PUTRAJAYA: Taxpayers have been reminded that there are less than four months to go before the Inland Revenue Board (LHDN) ends its special voluntary programme which allows them to report their income with no penalty.The Special Voluntary Disclosure Programme (SVDP) 2.0 will end on May 31.

As of Jan 31, the board had received 64,748 voluntary disclosures from taxpayers.

SVDP 2.0, which began on June 6 last year, is meant for taxpayers to voluntarily disclose accurate and systematic income and tax calculations in accordance with regulations set by the board, said the LHDN in a statement yesterday.It said that taxpayers nationwide should use the programme to improve their tax compliance status.

The board gave an assurance that all disclosures received under the programme would be accepted in good faith and exempted from penalties.

“There would be no audits or investigations carried out on those years of assessment (in relation to SVDP 2.0),” it said.

The programme is open to all categories of taxpayers except employers with cases involving unreported or under-reported income, excessive or disallowed expenses or claims, overstated deductions or rebates, and excessive claims for capital allowances or incentives.

The programme is also available to those who wish to report asset disposals and submit documentation or agreements that were not previously stamped within the allowed period.

After the programme ends, tax compliance activities will be conducted in accordance with the existing tax audit framework, said the LHDN.

For more details, taxpayers may contact the board at 03-8911 1000/ 603-8911 1100 (for those overseas), via live chat, or the feedback form at its portal at https://maklumbalaspelanggan.hasil.gov.my/Public/.

Last year, then deputy finance minister Datuk Seri Ahmad Maslan said the programme, that was first implemented in 2019, was reintroduced to encourage taxpayers to voluntarily file their income without being penalised.