The Inland Revenue Board (LHDN) has announced that taxpayers can now submit requests for instalment payments for income tax arrears and real property gain tax without facing increased tax penalties.
According to LHDN’s statement released on Wednesday (July 26), applications can be made throughout the Special Voluntary Disclosure Programme (SVDP) 2.0, which runs from June 6 to May 31, 2024.
SVDP 2.0 is an initiative by LHDN to support sustainability in national tax administration and provide taxpayers with the opportunity to voluntarily disclose their incomes and tax calculations accurately and in an organized manner.
For those interested in applying, they can do so in writing and submit their applications at IRB offices or online through the MyTax platform at https://www.hasil.gov.my/.
According to the IRB, supporting documents do not need to be submitted with the application if the settlement is made within the duration of the SVDP 2.0.
Taxpayers who consistently make their tax arrears instalment payments in accordance with the payment schedule will also be granted a temporary exemption from travel bans under Section 104 of the Income Tax Act 1967.
However, LHDN has emphasized that failure to comply with the payment terms will result in increased taxes.
– Bernama
Credit: The Star : News Feed
