Malaysians Reminded To Disclose Their Income By May 31
The Inland Revenue Board (LHDN) has issued a reminder for all Malaysians to disclose their income through their special voluntary programme, which allows Malaysians to disclose their income voluntarily without any penalty.
The special voluntary programme, dubbed the Special Voluntary Disclosure Programme (SVDP) 2.0 will end on the 31st of May 2024.
According to a report from The Star, LHDN has already recorded 64,748 voluntary disclosures from Malaysian taxpayers as of the 31st of January.
The SVDP programme started on June 6 last year, and was designed to allow Malaysian taxpayers to voluntarily disclose accurate and systematic income and tax calculations in accordance with regulations set by the board, with the aim of improving Malaysians’ tax compliance across the board.
With the programme, LHDN has also given their word that the disclosure will be done in good faith, meaning that no further audits or investigations will be carried out on anyone who disclosed their income through the SVDP.
After the SVDP programme ends, tax compliance activities will be carried out as per the existing tax audit framework, said LHDN.
If you’re interested in taking part in the SVDP programme, you can contact the board at 03-8911 1000/ 603-8911 1100 (for those overseas), via live chat, or the feedback form at its portal at https://maklumbalaspelanggan.hasil.gov.my/Public/.
