onMAY 6 — Last November, the Malaysian government introduced the Special Voluntary Disclosure Programme alongside its 2019 Budget.
This includes non-resident companies who have had income derived from the country as well as taxable persons yet to be registered with the IRB. On top of that, according to the IRB, all voluntary disclosures and declarations during the SVDP will be accepted in good faith, without further review of the reported information.This is notably different from prior years, where taxpayers may still be audited on reported issues upon voluntary disclosure.Firstly, an issue that is brimming with uncertainty is the concept of “good faith” as promised by the SVDP.
Taxpayers are further justified in their concern that participating in SVDP could later be construed as the admission of their own wrongdoings.Suppose, for instance, the IRB is made aware of additional undeclared income and the taxpayer’s complicity for this omission, the penalties imposed will no longer be based on the programme.
In spite of the taxpayer complying with its request, the IRB went on to raise a notice of additional assessment for income tax in respect of the said land, which amounted to more than RM90 million. In general, there are two ways in which the amount of taxes payable could be finalised i.e. through composite assessment and consent judgement.
Thus, businesses would benefit from the programme provided that they take careful and correct measures to ensure that their interests are well protected. Beyond such measures, a taxpayer may still choose to take legal actions where there are doubts in relation to any decisions made by the IRB.
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