Insights

Malaysia implements Special Voluntary Disclosure Programme 2.0 for taxpayers

Editorial Team 22 Jun 2023

An overview by Tricor Taxand, Taxand Malaysia 

A programme to encourage taxpayers to report previously undeclared income has been implemented by The Ministry of Finance in Malaysia. The Special Voluntary Disclosure Programme (SVDP) 2.0 will run from June 6, 2023 to May 31, 2024 with eligible taxpayers potentially benefitting from a full waiver of penalties. The programme covers both direct and indirect taxes, including:

Direct Taxes:

• Income tax (covering YA2022 and preceding YAs for new taxpayers; and YA2021 and preceding YAs for existing taxpayers)
• Real Property Gains Tax (RPGT) covering YA2022 and preceding YAs
• Stamp Duty (for documents / agreements executed on or before May 1, 2023)

Indirect Taxes (covering all taxable periods up to February 28, 2023):

• Sales Tax
• Service Tax
• Goods and Services Tax (GST)
• Tourism Tax

Our Malaysian member firm, Tricor Taxand, provides an overview of SVDP 2.0 and how the firm can help. Find out more here.

Article tags

Income Tax | Malaysia | Real Estate Tax | Tax | Tax Policy