Special Voluntary Disclosure Program (SVDP)

By May 22, 2019News

The Inland Revenue Board (IRB) has released the Guidelines on SVDP (No. 1/2019) 26 April 2019. The program covers voluntary disclosure and payment within the stipulated period on:

  • income not previously declared / under-declared, expenses over claimed / not allowed and reliefs / deductions / rebates over claimed;
  • gains on disposal of assets (real properties and shares in real property companies); and
  • stamping of instruments not previously stamped.

The Guidelines have been updated pursuant to the Ministry of Finance’s press release on 7 April 2019, as follows:

  • Extension of the SVDP period from 30 June 2019 to 30 September 2019 with the following penalty rate:

 

Period of Voluntary Disclosure Payment to be made on or before Penalty Rate
03/11/2018 – 30/06/2019 01/07/2019 10%
01/07/2019 – 30/09/2019 01/10/2019 15%
  • Encourage taxpayers to make full disclosure of income/gains on disposal of assets
  • This Special Program does not apply to voluntary disclosures made involving:
    • non-taxable cases reduced assessment or repayment; or
    • cases where a criminal investigation has commenced or prosecution proceedings as a result of criminal investigation has been instituted in courts pursuant to the provisions of the ITA 1967, PITA 1967, RPGTA 1976, SA 1949 or Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
  • Caveat that the IRB will check tax computation submitted to ensure accuracy of voluntary disclosure, and
  • Audit or investigation will not be carried out on the years of assessment where voluntary disclosure has been made,

Kindly visit the IRB website for more information.

Source: IRB website, 22 April 2019

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