The Inland Revenue Board of Malaysia (IRBM) urges taxpayers to seize the opportunity to improve their tax compliance status through the Special Voluntary Disclosure Program (SVDP) 2.0, which will end in less than four (4) months, on May 31, 2024.
The SVDP 2.0 offers taxpayers the opportunity to voluntarily report their income and tax calculations accurately and in accordance with the prevailing regulations of the Inland Revenue Board of Malaysia (IRBM), while also encouraging taxpayers to settle their taxes within the specified period.
Eligible taxpayers for the SVDP 2.0 include (i) new taxpayers, (ii) existing taxpayers who have previously reported income to IRBM but have not submitted BNCP / BNCKHT for any other assessment years, (iii) existing taxpayers who have previously reported income to IRBM but have additional unreported income, and (iv) duty payers who have not stamped documents / agreements within the allowed stamping period.
The SVDP 2.0 provides taxpayers with a valuable opportunity to rectify any past tax non-compliance issues and ensure their tax affairs are in order, thus contributing to a fairer and more transparent tax system in Malaysia.
