KUALA LUMPUR (Sept 17): Taxpayers with compliance issues are urged to immediately register for the Inland Revenue Board’s (IRB) Special Programme for Voluntary Disclosure (PKPS) which ends on Sept 30 to avoid paying high penalties.
In a statement issued here yesterday, IRB said PKPS, which was announced during the tabling of the 2019 Budget, is aimed at giving taxpayers with tax compliance problems a second chance to rectify their tax reporting by offering a low penalty of only 15% for the second phase of the programme.
“The programme enables taxpayers with tax compliance issues to avoid penalties of between 45% and 300%, beginning Oct 1 as announced by Finance Minister Lim Guan Eng when opening the Countdown to the PKPS programme in Petaling Jaya Revenue today," it said.
It said Lim also confirmed that only information on donors who contributed RM10,000 and above should be submitted to IRB for approval by the IRB Director-General under Subsection 44 (6) of the Income Tax Act 1967, from RM5,000 and above previously.
Meanwhile, IRB chief executive officer Datuk Seri Sabin Samitah gave the assurance that the board would not make further reviews of the assessment year for which the voluntary disclosure was made by the taxpayers.
The Countdown to PKPS programme, organised by IRB, involved the participation of 300 participants, comprising entrepreneurs from various industries attending a dialogue session with Lim and Sabin.
The event was supported by the Chartered Tax Institute of Malaysia (CTIM) and the National Chamber of Commerce and Industry of Malaysia (NCCIM).
For more information on PKPS, the public can visit the nearest IRB office or contact IRB Care Line at 1-800-88-5436 or 603-8911 1100 (Overseas) or email your inquiry to [email protected].
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