Govt to launch Special Voluntary Disclosure Programme for taxpayers

KUALA LUMPUR: The government will launch the Special Voluntary Disclosure Programme to allow taxpayers to voluntarily disclose any supplementary income which has not been declared for tax purposes, including offshore accounts, said Finance Minister Lim Guan Eng.
"If the income declaration is made beginning tomorrow up to March 31, 2019, taxpayers will only be subjected to a 10% penalty on taxes which needs to be paid," he said when tabling the 2019 Budget in Parliament today.
Lim said declarations made between April 1 and June 30, 2019, would be subject to a 15% penalty.
Income declarations which are made after the programme ends on June 30, 2019, would be subject to penalties ranging between 80% and 300% in accordance with existing laws, he said.
"With a clean and transparent government, the people will be willing to pay their taxes because they know that the leaders and the government will not cheat and rob them," he added. — Bernama