Many of you would have heard of the Special Voluntary Disclosure Program (SVDP). It is a special program to incentivize taxpayers who have under-reported tax, to voluntarily disclose their income now. Under this program, the penalty rates are significantly reduced compared to those applicable to tax audits and investigations.
The SVDP Penalty Rate of 10% has been extended to 30 June 2019 due to overwhelming response from taxpayers. Any declaration made in phase 2 of the program between 1 July and 30 September will see a penalty rate raised to 15%, followed by 45% thereafter.
What has transpired since then and how successful has the program been? We are glad to bring you some highlights of this program and our experience in dealing with the Inland Revenue Board (IRB) on this matter.
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