Taxpayers’ ‘second chance’ PKPS to end Sept 30
Published on: Tuesday, September 17, 2019
PETALING JAYA: The Special Programme for Voluntary Disclosure (PKPS) which was announced by the government in the 2019 Budget will end on Sept 30.The PKPS aims to provide a “second chance” to taxpayers with tax compliance problems to make their tax reporting correction at a low penalty rate of only 15 per cent for this second phase.
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In this regard, taxpayers with tax compliance issues are urged to immediately join the PKPS to avoid higher penalties of between 45 per cent and 300 per cent from Oct 1.
This was stated by Finance Minister, Lim Guan Eng, when opening the Countdown To Special Voluntary Disclosure Programme ceremony at the Menara Hasil Petaling Jaya, here, Monday.
In addition, Lim also confirmed that only donor information donating RM10,000 and above should be provided to the Inland Revenue Board under the guidelines for approval of the Director General of Internal Revenue under subsection 44 (6) of the Income Tax Act 1967, compared to donor information donating RM5,000 and above.
Meanwhile, Inland Revenue Board Chief Executive Officer, Dato’ Sri Sabin Samitah assured the ceremony attendees that the Inland Revenue Board would not review the assessment year in which voluntary recognition was made in good faith by taxpayers under the programme.
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The ceremony was organised by the Inland Revenue Board and supported by the Chartered Tax Institute of Malaysia (CTIM) and the National Chamber of Commerce and Industry of Malaysia (NCCIM) bringing together over 300 participants from across the industry and from various industry backgrounds.
The event also featured a dialogue session with the Minister of Finance and the IRB Chief Executive Officer who responded to questions raised by the participants.
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Also present were CTIM President, Farah Rosley, and NCCIM President Tan Sri Ter Leong Yap.Stay up-to-date by following Daily Express’s Telegram channel.
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