PETALING JAYA: Taxpayers can benefit from low-rate penalty if they disclose any undeclared income by Sept 30.
The second phase of the Special Voluntary Disclosure Programme (SVDP) is from July 1 to Sept 30. The penalty on undeclared income is 15% of payable taxes. In the third phase from Oct 1, the penalty will rise to 45% and above.
The Inland Revenue Board (IRB)said stiffer penalties of between 45% and 300% will be imposed starting from Oct 1.
“In this regard, taxpayers with tax compliance issues are urged to immediately join the SVDP to avoid higher penalties,“ it said in a statement today.
