The Inland Revenue Board of Malaysia (IRBM) has announced the implementation of the Special Voluntary Disclosure Programme (SVDP) 2.0 from 6 June 2023 until 31 May 2024. The SVDP provides a 0% penalty/surcharge rate for voluntary disclosures made during the implementation period. The SVDP is available for both resident and non-resident taxpayers, including:

• New taxpayers that have never declared income to the IRBM but have commenced a business or have received income;
• Taxpayers that have previously declared income to IRBM and still have income/additional income not declared;
• Taxpayers that have not declared the disposal of assets for real property gains tax purposes; and
• Stamp duty payers that submit any document/agreement that has been executed (signed) on or before 1 May 2023 for stamping from 6 June 2023 to 31 May 2024.

Aside from stamp duty, the years of assessment covered by the SVDP are as follows:

• For new taxpayers, the year of assessment 2022 and preceding years;
• For existing taxpayers who have previously declared income to IRBM, the year of assessment 2021 and preceding years; and
• For real property gains tax, the year of assessment 2022 and preceding years.

Click the following link for the IRBM's Special Voluntary Disclosure Programme (SVDP) 2.0 webpage for additional information and forms, including Operational Guidelines and Frequently Asked Questions for the SVDP.