Malaysia
Launch of the Special Voluntary Disclosure Program 2.0
Malaysia's Inland Revenue Board (IRBM) has announced a Special Voluntary Disclosure Program 2.0 (SVDP 2.0) effective from June 6th, 2023, to May 31, 2024. SVDP 2.0 eliminates penalties/fines for certain voluntary disclosures, such as disclosing undeclared income and paying any tax due within the specified timeframe. The detailed FAQs published by IRBM can help taxpayers understand the categories of accepted disclosures and the assessment years covered by this program.
As a result of this initiative, the government encourages taxpayers to come forward voluntarily to declare their income without imposing any penalties or fines. Through this program, taxpayers will be able to increase their level of tax compliance through the AES (Awareness, Education, Services) concept practiced at the Inland Revenue Board of Malaysia (IRBM).
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