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Don’t abuse special voluntary declaration scheme, expert tells taxpayers

The revised Budget 2023 tabled last Friday proposes to revive the Special Voluntary Declaration Programmes (SVDP) with full penalty waiver beginning June this year until end-2024. The Inland Revenue Board (IRB) and the Royal Malaysian Customs Department have been...

Foreign-sourced income – what is remaining

IN BUDGET 2022, the government announced that it intended to tax foreign-sourced income received in Malaysia from Jan 1, 2022 by all Malaysian tax residents. Non-residents were excluded. Through a media release on Dec 31, 2021, the Ministry of Finance announced...

Is it fair to impose surcharge?

SURCHARGE is a new concept to the Malaysian tax regime and we do not know the rationale behind it – where additional taxes can be collected by the Inland Revenue Board (IRB) through existing legislation by imposing such additional taxes and penalties when taxpayers...