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