Defaulting companies eligible for IRB's voluntary declaration programme

-A +A

PUTRAJAYA (March 21): Taxpayers in the category of companies, whose accounting period ended Jan 31, Jan 28 and March 31, 2018, but failed to submit their Income Tax Return Form for Year of Assessment 2018 are still eligible for the Special Voluntary Declaration Programme.

The Inland Revenue Board (IRB), in a statement today, said this would to enable them to enjoy a penalty reduction from 300 percent to 10 percent or 15 percent depending on the phase of their participation.

“The deadline for them to submit the Income Tax Return Form for Year of Assessment 2018 is seven months from the date their accounting period ended.

"This means that the deadline for submission of the form to the IRB for companies with the above accounting period has ended," it said.

However, the IRB said the companies are still eligible to participate in the voluntary disclosure programme, thus enjoying the penalty rate offered if the form is submitted within the period stipulated, while the balance of their tax payments should be made before the campaign ends.

The first phase of the Special Voluntary Declaration Programme ends on March 31, 2019, while the second phase ends on June 30, 2019.

"Hence, the IRB calls on taxpayers, especially owners of overseas bank accounts that have never declared their income to the IRB to immediately participate in the programme," he said.

For more information, the public can visit IRB's nearby offices; contact the IRB Care Line at 1-800-88-5436 or 603-7713 6666 (Overseas); or send an inquiry to email: [email protected]