It’s widely known, paying taxes
is the responsibility of citizens. If you, as a taxpayer, underreported taxes, reported incorrect taxes, or failed to report taxes in the past, you will be subject to penalties and hefty fines by the tax authority.
According to the latest regulations in 2023, the ministry of Finance has paved way for the reimplementation of the Special Voluntary Disclosure Program 2.0" (SVDP 2.0), giving taxpayers the chance to correct their past mistakes. In order to encourage people to rectify their tax errors, official authorities even came up with
“zero-penalty” policy.
What is the Special Voluntary Disclosure Program (SVDP) 2.0?
SVDP 2.0 is a "zero-penalty" policy, which means that anyone voluntarily disclose the underreported taxes previously will not be fined. With SVDP 2.0, you're not just embracing proactive tax planning - you're also enjoying the assurance of a penalty-free experience. If you have made tax related mistakes in the past, it's
important to seize this opportunity and participate yourself in the Special Voluntary Disclosure Program.
The implementation period of
SVDP 2.0 is from 06 June 2023 until 31 May 2024.
Important points to note about the Voluntary Disclosure Program (SVDP) 2.0:
HOWEVER, not every taxpayer is eligible to participate in this program! The "zero-penalty" policy only applies to individuals or companies that are currently NOT being reviewed or audited by the tax authority.
If you or your company has already been selected for:
❌ Tax Investigation
Then you are not eligible to be part of this program as not every mistake has a chance for remedy!
If you happen to be lucky enough to have the opportunity to participate in this program despite making tax errors, do not maintain a fortunate mindset. There might still be many tax pitfalls that you are unaware of!
Filing taxes is like a mandatory course in life, tax knowledge needs to be updated continually to avoid stepping into tax pitfalls and getting the attention of tax bureau. You would not want to see all your hard –earned money going all into taxes, right?
Join us now on our upcoming physical tax sharing session for FREE!! It is time
to reclaim what is rightfully yours and maximize your business's profitability!
Sign up now for the tax entity FREE sharing session "Don't Let Taxes Ruin Your Business" organized by YYC TaxPOD
