Special Voluntary Disclosure Programme - A Tax Solution for those with Overseas Bank Accounts but have yet to Declare Income to IRBM
Last update: 08/02/2019
KUALA LUMPUR, Feb 8 (Bernama) -- The Special Voluntary Disclosure Programme (SVDP) acts as an avenue for those who have income kept in overseas bank accounts, where that income is derived from sources in Malaysia which can be taxed but has yet to be declared to the Inland Revenue Board of Malaysia (IRBM).
Letters and e-mails issued by IRBM aims to address taxpayers with overseas bank accounts who have failed to rightfully declare their tax. It is these taxpayers as mentioned in the letters and e-mails who are required to contact IRBM and declare the income to IRBM. The government has agreed to reduce the penalty rate from 300% to 10% if declaration is made on or before 31 March 2019 and 15% if declaration is made on or before 30 June 2019.