Tax Amnesty

Credit to Mr. Chong Kwai Fatt.

Tax Amnesty 

With our new Harapan Government, it is expected to collect an addition of RM 6b – RM20b from the tax amnesty period. It is a great opportunity for many who have misreported, either intentionally or unintentionally but has no window to resubmit the error made. In this short period of grace, our government has promised no further inquiry on income disclosed, i.e. final and conclusive.

There is a precedent successful story of Indonesia during 2016 where they have successfully declared an income of USD 330b. Not only so, but those funds that repatriated back has also been given ways to host/funnel such monies into reliable gateways. Would this be the main consideration to consider the same?

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The Sun Daily: –

“PETALING JAYA: The Inland Revenue Board of Malaysia (IRB) aims to attract at least one million taxpayers with an estimated RM10 billion in tax collection via the Special Voluntary Disclosure Programme (SVDP).

“This is a golden opportunity for taxpayers to come forward voluntarily as the disclosures made will be taken in good faith by the IRB. Access to various sources of information on taxpayers and the use of big data enables the IRB to track delinquent taxpayers,” said IRB CEO Datuk Seri Sabin Samitah (pix).

“As the saying goes ‘you can run but you cannot hide’ and hence, taxpayers are encouraged to take advantage of the SVDP, a one-off initiative offered by the government,” he said in his keynote address at the SVDP Seminar organised by Deloitte Malaysia.

According to Deloitte, taxpayers who may have misreported their tax filings or did not declare their income to the IRB are expected to take full advantage of the SVDP, which closes in six months’ time.”

Call us at 012-7747299 or whstapp for inquiry how you can make up for the under report / misreported taxes.

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