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May 31, 2023 · Special Voluntary Disclosure Programme (SVDP) 2.0 provides an opportunity for taxpayers to come forward voluntarily to report their income and tax computations that are accurate and orderly in line with the IRBM rulings that are in force as well as encouraging taxpayers to pay taxes within the stipulated period.
Voluntary Disclosure Programme (SVDP) 2.0 for eligible taxpayers following the 2023 Budget Announcement by the Minister of Finance Malaysia on 24 February 2023.
In Budget 2023, it was announced that the Inland Revenue Board (IRB) and Royal Malaysian Customs Department (RMCD) would be launching new SVDPs. The SVDPs will grant taxpayers full penalty relief for voluntary disclosures (VDs) made within a stipulated time period.
application via SVDP 2.0 link at the IRBM/ MyTax official portal by downloading and completing the SVDP 2.0 Additional Income Reporting Form. 2. Submit the completed SVDP 2.0 Additional Income Reporting Form together with the tax computation (if applicable) by: i. upload the SVDP 2.0 Additional Income
SVDP 2.0 aims to encourage taxpayers to improve their tax compliance based on the Awareness, Education and Services (AES) concept practised by the IRB. The programme allows taxpayers to voluntarily declare their unreported or under-reported income in previous years without incurring any penalties.
Guideline and FAQ on SVDP 2.0 – Direct Taxes . In an effort to support the tax administration of the country in line with the concept of Malaysia Madani, the IRB has reintroduced SVDP 2.0 to increase tax compliance amongst taxpayers. The long awaited SVDP 2.0 Guideline and FAQ which were announced during the 2023 Budget
Following this, the IRB published the Operational Guidelines No. 2/2023 – SVDP 2.0 and the FAQs to outline the details for SVDP 2.0 (see Tax Alert No. 9/2023 and Take 5: Reintroduction of Voluntary Disclosure Programmes, Malaysia). The Programme is effective from 6 June 2023 to 31 May 2024.
Special Voluntary Disclosure Program 2.0. As announced during the re-tabling of the Malaysia Budget 2023, the Inland Revenue Board (“IRB”) and the Royal Malaysian Customs Department (“RMCD”) will re-implement the Special Voluntary Disclosure Program 2.0 (“SVDP 2.0” or “Program”) and the Voluntary Disclosure Program (“VDP” or ...
Initially reintroduced to increase the level of tax compliance and the nation’s tax base, Malaysia’s Special Voluntary Disclosure Program (SVDP) 2.0 provides the golden opportunity for taxpayers to start afresh on a clean slate.
Jun 14, 2023 · Following the announcement on the reimplementation of the Special Voluntary Disclosure Programme (“SVDP 2.0”) in the revised Budget 2023, guidelines and Frequently Asked Questions (“FAQ”) on SVDP 2.0 were issued by the Inland Revenue Board of Malaysia (“IRB”) on 2 June 2023.
