381,979 taxpayers had voluntarily disclosed their previously undeclared income to the Inland Revenue Board (IRB) under the Special Programme for Voluntary Disclosure (SPVD). In response to such an encouraging response from the taxpayers, the IRB has extended the deadline from 31 March 2019 to 30 June 2019 for the 10% special penalty rate, and the deadline for the programe was extended to 30 September 2019.
SPVD is a tax amnesty programme introduced last year to allow taxpayers to voluntarily disclose their under-declared income. Taxpayers in return would get a discounted penalty rate instead of the normal rates.
Voluntary disclosures that are filed between 3/11/2018 to 30/6/2019 would be subject to only 10% rate of penalty. And any arising tax shall be paid before 30/6/2019. After that, the rate of penalty will be increased to 15%. Please refer to the table below.
Instalment plans available
Taxpayers are encouraged to grab this opportunity to come clean. And for those who cannot settle the tax before the deadline, they may request for an instalment plan.
This is important – we are here to help
We have helped many taxpayers in filing voluntary disclosures to the IRB. You are welcome to speak to us. All discussions are private and will be treated with strict confidentiality.
If your accounts and documents are incomplete, please get in touch us. As tax agents and accountants, we are familiar with tax rules and we could assist you in ascertaining the income to be declared. And we will help you approach the IRB safely.
Let’s talk: Our management team consists of Licensed Tax Agents and Chartered Accountants, please contact us if you need assistance with the topic above.
Every effort has been made to provide accurate information. However, the information
and regulations contained in this article are subject to changes and amendments by the
relevant authority at any time. As such, the information in this article may not be current.
And the information provided in this article is general commentary only and shall not be considered as advice or recommendation. As all tax situations are specific to their facts and will differ from the situations in this article - if you have specific tax questions you should consult a licensed tax agent.