PUTRAJAYA: The Inland Revenue Board (LHDN) is urging all taxpayers who have participated in the Special Voluntary Disclosure Programme (PKPS) 2.0 to make full payment according to the installment schedule set, on or before Dec 31.
In a statement on Thursday (Dec 19), LHDN said that failure to settle payments within the specified period may result in late penalties under Section 103 of the Income Tax Act 1967 or legal action in court.
"Compliance actions may also be taken against them under the applicable Tax Audit Framework, where taxpayers may be audited or investigated in the future, thus invalidating the benefits enjoyed under PKPS 2.0," it said.
All taxpayers are advised to check their arrears and PKPS 2.0 installment payments online at https://mytax.hasil.gov.my, the statement added.
With the cooperation of all parties, the objectives of PKPS 2.0 will be fully realised, acting as a catalyst for greater awareness, responsibility, and improved tax compliance among Malaysians in the future, read the statement.
Launched in 2018, PKPS 2.0 is an initiative by LHDN offering taxpayers the opportunity to voluntarily rectify their tax records, particularly in cases of non-compliance, such as unreported or underreported income, excessive claims for deductions, expenses, reliefs, rebates, allowances, incentives, or failure to submit the Income Tax Return Form.
As of May 31, a total of 141,406 voluntary disclosures have been received, involving a tax assessment of RM1.29bil, surpassing the initial target of RM1bil. - Bernama
