Taxation

0% Penalty！Special Voluntary Disclosure Programme (SVDP) 2.0

Posted LnCoadmin

Worrying about undeclared or under-declared tax? Don’t worry! Here comes the Special Voluntary Disclosure Programme (SVDP) 2.0! Take this chance to file your undeclared taxes without any penalty!

1. Declaration of which year of assessment is eligible for 0% penalty?

2021 or earlier taxes

*For new taxpayers who haven’t declared their tax before, they are eligible for YA 2022 or earlier taxes

2. Who can involve in SVDP 2.0?

  • Taxpayers who never filed taxes but have business income
  • Taxpayers who have file his taxes but have omitted
  • Who have their assets disposal but haven’t reported to LHDN

3. When does SVDP 2.0 start?

06.06.2023 – 31.05.2024

4. How to involve in SVDP 2.0?

Please refer to the images below.

5. What year of assessment is covered under SVDP 2.0?

2021 or earlier taxes

*For new taxpayers who haven’t declared their tax before, they are eligible for YA 2022 or earlier taxes

6. What are the benefits of SVDP 2.0?

You won’t be charged a penalty. (There is penalty in SVDP 1.0)

The government will receive all tax disclosure under SVDP 2.0 in good faith, hence they won’t conduct any tax audit or review of these declarations. (Friendly reminder, declare your taxes correctly if you wish to join SVDP 2.0, as LHDN will still conduct tax review if they have any suspicion)

8. If I am currently being tax audited/investigated by LHDN, can I avoid penalty by joining SVDP 2.0?

It will depends on the year of assessment (YA)：

Taxpayers are not eligible to participate in SVDP 2.0 for the YA that is being tax audited. I.e. If taxpayers are being reviewed for YA 2020, he is only eligible to file taxes for YA other than 2020 under SVDP 2.0. However, due to the taxes in 2020 are being reviewed, hence penalty can’t be avoided under SVDP 2.0

9. When should tax payments for voluntary disclosure be paid?

Taxpayers should pay the taxes in lump sum within 30 days from the date of notice, or based on the agreed installment period by LHDN. (It is recommended to get prepared for tax payment before you declare); You may also apply for installment through LHDN official website / MyTax website

10. I haven’t submit my tax filing forms, but I made declaration through email / letters. Have I successfully been involved in SVDP 2.0?

No, you must submit your tax filing form in order to be involved in SVDP 2.0 successfully.

Tax filing is a responsible for us to contribute and develop a better country. This SVDP 2.0 programme is a good chance for everyone to declare their undeclared taxes. So, don’t miss it!

 

During the tax filing process, it is important to understand the procedures and calculations in order to save your costs!