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Tax Amnesty Programme 2.0: Resetting Tax Records in Malaysia

Introduction of the Special Voluntary Disclosure Programme 2.0 – Tax Amnesty Programme

Tax Amnesty ProgrammeThe Inland Revenue Board (LHDN) in Malaysia is introducing a new tax amnesty initiative / tax amnesty programme, the Special Voluntary Disclosure Programme 2.0 (SVDP), starting from June 1, 2023.

A Fresh Start for Tax Evaders and Incorrect Filings

The SVDP is designed to offer those who have evaded taxes or filed incorrect tax returns an opportunity to rectify their past discrepancies and start anew.

Encouraging Tax Compliance

The main aim of the SVDP is to encourage tax compliance among individuals and companies. It allows them to disclose past discrepancies without facing penalties.

Expectations from the SVDP 2.0

The previous SVDP generated about RM7.8 billion in additional taxes. The new program is expected to collect more than RM10 billion.

Voluntary Participation and Continued Auditing

Participation in the SVDP must be voluntary, as LHDN will continue auditing and investigating high-risk cases. The guidelines and workings of SVDP 2.0 will be announced before its launch on June 1, 2023.

Source: TheStar

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How to Avoid Accounting Mistakes in Malaysia

Webnacc Business Solution can help businesses in Malaysia avoid accounting mistakes. We offer a variety of services, including bookkeeping, accounting, tax preparation, auditing, and financial consulting. We are easy to work with, reliable, and affordable. Visit our website or contact us today to learn more.

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