Thursday, 28 March 2019

SST Voluntary Disclosure

Special Voluntary Disclosure Program

Special Voluntary Disclosure Program (SVDP) is part of the government's efforts to encourage voluntary disclosure of their under-reported taxes until year of assessment 2017. Taxpayers who come forward voluntarily by 31 March 2019 to disclosed their under declared income will have their penalty reduced to 10%. Penalty will increase to 15% if submitted by 30 June 2019. Initially, this program was meant for taxpayers who have under-declared their income until year of assessment 2017. However, the Inland Revenue Board announced  (announcement in Bahasa Malaysia) that companies with year ended until 31 March 2018 are eligible for this program.


Operation Guidelines: