Introduction
The Ministry of Finance's announcement on 2 June 2023 has paved the way for the
reimplementation of SVDP 2.0. Commencing on 6th June 2023 and continuing until 31 May 2024, the Special Voluntary Disclosure Programme will provide an opportunity for taxpayers to voluntarily disclose any unreported or under-reported income from the previous year of assessment (YA) while benefiting from a zero penalty rate.
Implementation Period
SVDP 2.0 will be effective from
06 June 2023 to 31 May 2024.
Benefits of the voluntary disclosure
No penalties will be imposed
No further audit or investigation will be conducted in the future for the YAs in which a voluntary disclosure has been made. (Only applicable when the tax payment on the voluntary disclosure has been made within the stipulated time period)
| Year of Assessment (YA) involved | Documents to be submitted | |
who have never reported income to IRBM but have started a business or have income / disposed asset. | > YA 2022 and preceding YAs Declaration of Asset disposal > YA 2022 and preceding YAs | Check the Tax Identification Number (TIN) via MyTax Portal If do not have TIN, register via e-Daftar or at any of the nearest IRBM service counter. Submit the Income Tax Return Form (ITRF) / Real Form of Real Property Gains Tax (RPGTRF) either by e-Filing / e-CKHT or manual ITRF/ RPGTRF. | |
have previously declared income to IRBM but have not submitted ITRF/ RPGTRF for any other year of assessment | > YA 2021 and preceding YAs Declaration of Asset disposal > YA 2022 and preceding YAs | Submit the Income Tax Return Form (ITRF) / Real Form of Real Property Gains Tax (RPGTRF) either by e-Filing / e-CKHT or manual ITRF/ RPGTRF. | |
have previously declared income to IRBM but still have unreported additional income | YA 2021 and preceding YAs | The tax computations are only required to be submitted by taxpayers under the companies, businesses and partnerships file category. | |
who failed to stamp documents / agreements within the stipulated stamping period.
| Documents / agreements that have been executed (signed)
on or before 01 May 2023 for stamping from 06 June 2023 to 31 May 2024 | Upon receiving the Notice of Assessment, appeal applications for penalty must be submitted online via STAMPS to be qualified for penalty offer under SVDP 2.0. | |
IRBM will accept information voluntarily disclosed made during the SVDP 2.0 period in good faith. Nevertheless, a thorough review of the
tax computation will be conducted to ensure the accuracy of the submitted voluntary disclosures, including an examination for any mathematical or calculation errors.
