The following are excerpts from a Press Release of the Inland Revenue Board of Malaysia on the 30th of January 2019
Taxpayers who have received letters or e-mails from the Inland Revenue Board of Malaysia (IRBM) on the Special Voluntary Disclosure Programme (SVDP) have nothing to worry about, instead they should contact IRBM for further explanation.
Around 8.3 million letters and e-mails have been issued by IRBM to registered taxpayers informing on the SVDP which started on 03 November 2018 and will end on 30 June 2019 as announced by Yang Berhormat Tuan Lim Guan Eng, Finance Minister of Malaysia during the tabling of the 2019 Budget.
Through this programme, the following category of taxpayers are offered low penalty rates of 10% and 15% on the additional tax raised:
- Registered taxpayer who failed to submit the Income Tax Return Form (ITRF)/Petroleum Return Form (PRF)/Real Property Gains Tax Return Form (RPGTRF) in an orderly manner;
- Taxpayers who have submitted the ITRF/PRF/RPGTRF but did not declare the right income declaration (under-declared income) or claim the right expenses and tax reliefs (over-claimed deductions);
- iii. Duty payers who failed to execute instruments in the stipulated time.
Taxpayers who have declared income, expenses and tax reliefs in an orderly manner to IRBM and have executed instruments in the stipulated time may ignore the letters and e-mails received.... more
FClick here for the press release at LHDN Website
OPERATIONAL GUIDELINES NO. 1/2018 (AMENDMENT) INLAND REVENUE BOARD OF MALAYSIA
The inland revenue board has issued guidelines for the implementation of the special Program for Voluntary Disclosure (Special Program) for eligible taxpayers following the 2019 Budget announcement by The Honorable Minister of Finance Malaysia on 02 November 2018.
The establishment of the Tax Reform Committee is part of the government’s effort in reforming the tax system to address tax leakages, reduce the existing tax gap and explore new sources of revenue to increase tax collection
For more information please visit the LHDN website at http://lampiran1.hasil.gov.my/pdf/pdfam/GO_012018_02_amd_27112018.pdf
Notice: All information in this post are gathered from Inland Revenue Board of Malaysia circular as per link above.. Please note that ICIA is not responsible for any error or omission therein.
The Companies Commission of Malaysia (SSM) has introduced a new registration systems for business entities registered with them starting Jan 2019. See lampiran A extracted from SSM's notice dated 22 November 2018 below. The new convention will use a single numbering convention for all entities and is expected to harmonize with the number system of entities under other registration bodies. For details please refer to the SSM link below.
Click the link below for more information.
SSM circular_new format of registration no._22Nov2018
Notice: All information in this post are gathered from SSM circular as per link above.. Please note that ICIA is not responsible for any error or omission therein.