In a move to ease the burden of the people, the government has announced a Special Voluntary Disclosure Programme (Voluntary Disclosure) in the 2019 Budget speech. The programme is also part of the government’s tax reform initiative in encouraging taxpayers to voluntarily declare income, which subsequently will increase tax revenue needed for the nation’s development.
Voluntary disclosure may be made at any of Inland Revenue Board of Malaysia’s offices nationwide beginning 3 November 2018 until 30 June 2019. This programme is offered to all categories of taxpayers where the rate of penalty will be reduced according to the voluntary disclosure and tax payment period.
Through this offer the taxpayer will be subjected to a lower penalty rate of between 10% and 15% of the tax payable compared to the penalty rate of between 80% and 300% after the voluntary disclosure period expires.
Categories of taxpayers, voluntary disclosure period and penalty rates offered are as follows:
Operational Guidelines 1 of 2018 entitled Special Programme for Voluntary Disclosure and a set of frequently asked questions will be available in the official portal of IRBM at www.hasil.gov.my for reference.
For more information regarding this voluntary disclosure programme, taxpayers may contact Hasil Careline at 1-800-88-5436 or 603-7713 6666 (Overseas) or via e-mail email@example.com.