KUALA LUMPUR (March 27): Companies which have submitted their income tax return forms for the 2018 year of assessment (YA 2018) prior to the announcement of the Special Voluntary Disclosure Programme (SVDP) may still take part in the programme for YA 2018 and the preceding assessment years.
In a statement today, the Inland Revenue Board (IRB) said companies with financial year ending Jan 31, Feb 28 and March 31 last year and those which had applied to take part in the SVDP but were rejected could re-apply to take part in the programme.
“These companies are still eligible for the reduction in penalties from 300 percent to 10 or 15 percent on the additional tax depending on the programme phase when they make the declaration.
“According to records, the IRB received almost 140,000 income tax return forms for YA 2018 from companies, and once the SVDP ends, a 45 percent penalty will be imposed according to the existing audit framework,” it said in a statement today.
IRB’s service counters at 36 branches, 44 revenue service centres and 12 urban transformation centres (UTC) nationwide will be operating on Saturday and Sunday (March 30-31) this week for taxpayers wishing to take part in the SVDP's first phase that ends on March 31.
The statement also said that the stamp duty counters which would also be operating over the weekend would be to issue the Electronic Stamp Duty Assessment and Payment System (STAMP) notices for individuals paying stamp duties only.
“It does not include representatives or agents for documents which were received after seven months from the date of the signing of the document, and no stamp duty payment will be accepted at the counters on those days,” the IRB said.
IRB payment counters in Kuala Lumpur, Kuching and Kota Kinabalu will not be open this weekend. Instead, payments can be made either by cheque at the service counter or via online by clicking on https://byrhasil.hasil.gov.my/ and via Internet banking and IRB bank agents before April 1.
“Taxpayers who have tax compliance issues and have yet to take part in the SVDP should take advantage of it to avoid paying higher penalties once the programme ends,” it said.
For more information, members of the public may visit the nearest IRB branch, call the IRB Care Line at 1-800-88-5436/ 603-7713 6666 (overseas calls) or email to [email protected].