PUTRAJAYA: Taxpayers nationwide have been reminded to use the ongoing Special Voluntary Disclosure Programme (SVDP) 2.0 to improve their tax compliance status.
The Inland Revenue Board (LHDN) said they have less than four months to do so as SVDP 2.0 will end on May 31.
It said that as of Jan 31, it had received 64,748 voluntary disclosures from taxpayers.
“SVDP 2.0, which commenced on June 6, is an initiative to provide taxpayers with the opportunity to voluntarily disclose accurate and systematic income and tax calculations in accordance with regulations set by the board,” it said in a statement on Tuesday (Feb 13).
LHDN also gave an assurance that all disclosures received under the programme will be exempt from penalties, with no audits or investigations carried out on participating taxpayers in their future years of assessment.
The programme is open to all categories of taxpayers except employers with cases involving unreported or under-reported income; excessive or disallowed expenses or claims; overstated deductions or rebates; and excessive claims for capital allowances or incentives.
The programme is also open to those who wish to report asset disposals and submit documentation or agreements that were not previously stamped within the allowed period.
After the programme ends, tax compliance activities will be conducted in accordance with the existing tax audit framework, LHDN added.
For more details, taxpayers may contact LHDN at 03-8911 1000 / 603-8911 1100 (for those overseas), via live chat, or the feedback form at its official portal at https://maklumbalaspelanggan.hasil.gov.my/Public/.
Last year, the then deputy finance minister Datuk Seri Ahmad Maslan said some 50,000 new and existing taxpayers with a total assessment of RM1bil are expected to participate in the programme.
He had said that the programme, which was first implemented in 2019, was reintroduced to encourage taxpayers to voluntarily file their income statements without being penalised or at a 0% rate.