LHDN offers instalment plan with no additional tax for arrears

LHDN offers instalment plan with no additional tax for arrears

The Inland Revenue Board wants taxpayers to voluntarily disclose their incomes and tax calculations accurately and in an organised manner.

The Inland Revenue Board is giving temporary exemption to travel bans under Section 104 of the Income Tax Act 1967 for consistent instalment payments.
PUTRAJAYA:
Taxpayers can now submit requests to make instalment payments for income tax arrears and real property gains tax for previous years without additional tax imposed, the Inland Revenue Board (LHDN) said.

LHDN said in a statement today that applications could be made throughout the duration of the Special Voluntary Disclosure Programme (SVDP) 2.0, from June 6 till May 31, 2024.

SVDP 2.0 is LHDN’s initiative to support sustainability in the national tax administration and offers a chance for taxpayers to voluntarily disclose their incomes and tax calculations accurately and in an organised manner.

The applications can be made in writing and submitted at LHDN offices or online through the MyTax platform at: https://www.hasil.gov.my/.

“Supporting documents do not need to be submitted as part of the application if the amount is settled within the period of the SVDP 2.0,” LHDN said.

Taxpayers will also be given temporary exemption to travel bans under Section 104 of the Income Tax Act 1967 for consistent instalment payments in accordance with the payment schedule.

LHDN added that failure to comply with the terms of the payments would result in an increase in taxes imposed.

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