Finance Minister Lim Guan Eng announced that the Inland Revenue Board has to date received a total of 381,979 voluntary tax declarations as of March 31. — Picture by Shafwan Zaidon
“The Cabinet has decided to extend the first phase of the SVDP with the imposition of a low penalty rate of 10 per cent on the amount of tax payable until June 30. “From October 1, a penalty rate of 45 per cent on the amount of tax payable will be imposed on those who failed to submit their Income Tax Return Form and registered taxpayers who have failed to submit their BNCP in a regular manner,” it said.
“At the same time, the government welcomes any local taxpayers who do not possess an overseas account to make any form of declaration involving income generated domestically,” the statement reads.
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