KUALA LUMPUR: Declare your income and pay your unpaid taxes before May 31, 2024 and avoid a penalty under the Special Voluntary Disclosure Programme (SVDP) 2.0.
SVDP 2.0, which has been running since June 6, 2023, are for:
New taxpayers who have never declared income to the LHDN but started a business or received income.
Taxpayers who have previously declared income to LHDN and still have undeclared income / or additional income to declare.
Taxpayers who have not declared disposal of assets.
Duty payer who submits any document / agreement that has been signed on or before May 1, 2023 for stamping from June 6, 2023 to May 31, 2024.
Declarations made before May 31, 2024 will not be subject to penalty fees.
The taxpayer needs to clear the tax balance before the end of the SVDP 2.0 period.
The programme is one of the initiatives introduced by the government to expand the number of taxpayers and encourage tax compliance to increase the country's revenue.
As at Feb 29, 2024, LHDN approved over 72,000 voluntary tax declarations for RM652.5 million worth of assessments.
