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LHDN Special Voluntary Disclosure Programme (SVDP) 2.0: What You Need to Know Before 31st May 2024

Introduction

The Special Voluntary Disclosure Programme (SVDP) 2.0, introduced by the Lembaga Hasil Dalam Negeri Malaysia (LHDN), provides a unique opportunity for taxpayers to rectify their tax positions and report any inaccuracies voluntarily. Whether you’re an individual or a business entity, SVDP 2.0 allows you to come forward without facing penalties. Let’s dive into the details.



Key Features of SVDP 2.0

  1. Eligibility Criteria:

  • New taxpayers (Year of Assessment 2022 and preceding years) can participate by registering their Tax Identification Number (TIN) and submitting the Income Tax Return Form (ITRF) or Real Form of Real Property Gains Tax (RPGTRF).

  • Existing taxpayers who previously declared income but missed submitting ITRF/RPGTRF for any assessment year can also participate.

  • Taxpayers with unreported additional income can disclose it via the SVDP 2.0 link on the official IRBM portal.

  1. Implementation Period:

  • SVDP 2.0 runs from 6 June 2023 to 31 May 2024.

  1. Penalty Waiver:

  • Participants enjoy a 0% penalty and 0% surcharge during the disclosure process.

  1. Submission Methods:

  • Submit ITRF/RPGTRF via e-Filing, e-CKHT, or manually.

  • For additional income disclosure, use the SVDP 2.0 link and provide tax computations (applicable to companies, businesses, and partnerships).

  1. Stamp Duty Relief:

  • Duty payers who failed to stamp documents/agreements within the stipulated period (executed on or before 1 May 2023) can submit them via the Stamp Assessment And Payment System (STAMPS).

  • Appeal applications for penalties can be submitted online via STAMPS to qualify for the penalty offer under SVDP 2.0.


Why Participate in SVDP 2.0?

  • Correct Past Errors: Rectify any past errors or omissions related to your tax filings.

  • Boost Compliance: Demonstrate your commitment to tax compliance and transparency.

  • Avoid Penalties: Enjoy penalty waivers while regularizing your tax affairs.

  • Drive Traffic to Your Website: Blogging about SVDP 2.0 can attract readers interested in tax matters.


Conclusion

Malaysia’s SVDP 2.0 is a win-win for taxpayers and the LHDN. Take advantage of this opportunity to set your tax records straight, enhance your financial standing, and contribute to a more transparent tax system.

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