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Malaysia Publishes Amended Guidelines on Voluntary Disclosure Program

On 29 March 2019, the Inland Revenue Board of Malaysia (IRBM) published an amended version of Operational Guidelines No. 1/2018 on the implementation of the Special Program for Voluntary Disclosure (previous coverage). The program itself is generally unchanged, although the penalty rates imposed after the program ends are increased.

This includes that taxpayers who fail to submit the Income Tax Return Form / Petroleum Return Form / Real Property Gains Tax Return Form or fail to report the correct income may be liable to penalties at a minimum rate of 45%. Under the original guidelines, the penalties were a minimum rate of 80% and up to 300% for failing to submit and a minimum rate of 80% and up to 100% for reporting incorrect income.

Although not included in the revised guidelines, the IRBM has also announced that the special program is extended to certain companies in respect of the year of assessment 2018 (program generally applies for years of assessment 2017 and prior years). This extension is available for companies whose accounting period ended 31 January 2018, 28 February 2018, and 31 March 2018, and who submitted their income tax return before the special program was announced as part of the Budget for 2019 (Budget delivered 2 November 2018).

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