The SVDP was first announced in the 2019 Budget and is a tax amnesty initiative by the Inland Revenue Board (IRB). SVDP is focused mainly on taxpayers who have overseas bank accounts as well as taxable income in Malaysia but not yet declared to the IRB.
More than half a million taxpayers have declared their income through SVDP to take advantage of the reduced penalty rate of 10%. It is a frequent question whether taxpayers should take this opportunity and participate in the SVD (extended to 30 June 2019).
Have you considered the benefits, risks and potential tax implications of participating in SVDP
If you have any doubts and need clarification, please contact our Executive Tax Director, Mr A.B. Ng (03- 2610 2827) for a complimentary initial meeting.