Malaysia’s tax amnesty programme draws interest from Singapore companies

AN ONGOING tax amnesty scheme in Malaysia has drawn interest from Singapore-based companies with operations across the Causeway, amid a flurry of audit letters from Malaysia’s Inland Revenue Board (IRB).

The tax amnesty, known as the Special Voluntary Disclosure Programme 2.0 (SVDP 2.0), runs from Jun 6, 2023, to May 31, 2024. During this period, taxpayers – both individuals and companies – can voluntarily disclose any undeclared or under-declared income, or rectify over-claimed expenses in previous years of assessment (YAs).

They will not face any penalties after making up the shortfall, and the IRB will take the information in “good faith”, without conducting audits or investigations.