The Inland Revenue Board of Malaysia ("IRBM")
introduced the Special Program for Voluntary Disclosure
("SPVD") to encourage taxpayers to voluntary disclose
underdeclared income, overclaimed expenses, reliefs, deductions and
rebates.
Due to an overwhelming response of voluntary disclosure from
taxpayers, the IRBM has extended the SPVD period by three months
with the following corresponding penalty rates:
- For disclosures made between November
1, 2018 to June 30, 2019: 10% (former rate of 15% from March 1,
2019 onwards)
- For disclosures made between July 1,
2019 to September 30, 2019: 15%
- After the SPVD period ends: between
45% to 100% (former rates between 80% to 300%)
It is important to note that taxpayers who have made voluntary
disclosures through the SPVD for the year of assessment 2017
(accounting period ending in 2017) and prior year of assessment,
IRBM will accept the information received in good faith and will
not be subjected to audit or
