(update) Special Voluntary Disclosure Programme 2.0 - Postponed

Introduction

With SVDP2.0 expected to commence from 1 June 2023, IRB issued the detailed guidelines and mechanism on 31/5/2023.

But ...

IRB has on their website, and RMC Department on their official social media site, announced that the SVDP 2.0 is now postponed to a date which is to be determined.

My thought on SVDP 2.0 to taxpayers:

1. Understand the Program Guidelines

Thoroughly familiarize yourself with the specific guidelines and requirements of the SVDP you are considering. Each program may have different eligibility criteria, disclosure formats, deadlines, and potential benefits.

Being well-informed will help you make informed decisions and avoid any misunderstandings.

2. Assess Potential Risks and Benefits:

Before proceeding with a voluntary disclosure, carefully evaluate the potential risks and benefits involved. Understand the extent of the relief or benefits offered by the program and weigh them against the risks of potential penalties, interest, or other consequences if the disclosure is not accepted.

Professional advice can help you assess this effectively.

3. Gather Accurate and Complete Information

When preparing your voluntary disclosure, ensure that you provide accurate and comprehensive information. Incomplete or misleading disclosures may be rejected, leading to further complications.

It is crucial to gather all relevant documentation and financial records to support your disclosure.

4. Seek Professional Advice

Engaging a qualified tax professional, such as a tax consultant or lawyer, is highly recommended when participating in an SVDP. They can provide expert guidance, help you understand the implications of the program, assist in preparing the disclosure, and advocate on your behalf during discussions with tax authorities.

5. Comply with Program Deadlines

SVDPs have specific deadlines for making disclosures. Adhere to these deadlines to ensure your disclosure is considered and processed in a timely manner.

Any amount of tax payable must be paid in full by the prescribed due date upon any disclosure. In other words, taxpayers should avoid making declarations at the very last minute.

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