The Inland Revenue Board (IRB) has received 486,360 cases of voluntarily tax declaration under the SPVD programme.
The deadline for this programme is ending on 30 September 2019. To avoid future scrutiny, taxpayers are urged to take this opportunity to declare under their unreported taxes. Under the programme, the penalty rate is 15% before the deadline of 30 September. After that, the penalty rate would revert to 45%-300%.
Background: SPVD is a tax amnesty programme that allows taxpayers to voluntarily disclose their unreported income and be entitled to low discounted penalty rates.
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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.