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With the reintroduction of the voluntary disclosure programmes by the Inland Revenue Board of Malaysia (IRBM) and the Royal Malaysian Customs Department (RMCD), taxpayers (corporates and individuals) now have a window of opportunity to regularize their tax positions. Under these programmes, penalties will be fully waived for voluntary disclosures made between 6 June 2023 and 31 May 2024.
Taxpayers are encouraged to undertake a comprehensive review of their tax positions, review tax issues raised in past audits and positions adopted in tax returns which may no longer be sustainable and consider whether voluntary disclosures would be beneficial. Thereafter taxpayers should prepare to make such disclosures, whilst ensuring that sufficient funds are available for the relevant tax payments. Instalment payment plans are available.
Taxpayers should also take the opportunity to develop robust governance processes to ensure data integrity and tax compliance moving forward.
The Voluntary Disclosure Programmes serve as a window of opportunity for taxpayers to take stock of their tax positions, rectify errors, and settle additional taxes, without incurring any penalties. Participating in the programmes will allow taxpayers to enhance their levels of tax compliance and move forward on a clean slate, while contributing towards bolstering the nation’s tax revenue collections.