Special Voluntary Disclosure Program (SVDP)

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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

ACCA Approved Employer – Trainee Development, Platinum

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On 8 January 2018, IMRAN has received the award of ACCA Approved Employer – Trainee Development, Platinum in recognition of the support provided to ACCA trainees working towards the ACCA Qualification.

ACCA students, affiliates and members of our organisation get the support they need to qualify or stay qualified with simplified processes for demonstrating practical experience and meeting CPD requirements. This means that students and affiliates’ route to membership is as easy and fast as possible, and members can maintain their status with minimal effort.

Partners at IMRAN looks forward to working with Student and graduate of the ACCA.

Malaysia Signed BEPS Multilateral Convention

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On 24 January, Malaysia has joined the 78 Countries in the network of bilateral tax treaties and reduce opportunities for tax avoidance by multinational enterprise. The Multilateral Convention is to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“Multilateral Instrument” or “MLI”).

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