,Businesses may be particularly interested in the proposal to implement a Special Voluntary Disclosure Programme (SVDP) for indirect taxes.The indirect tax SVDP will be administered by the Royal Malaysian Customs Department (RMCD).
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KUALA LUMPUR: The Finance Ministry’s (MoF) inaugural pre-budget statement, which provided a preliminary view on the direction of Budget 2022, will help enhance transparency and boost public and investor confidence.
Ernst & Young Consulting Sdn Bhd, in a note yesterday, said the pre-budget statement included various tax-related announcements, including potential avenues to enhance tax compliance and increase tax revenues.
“Businesses may be particularly interested in the proposal to implement a Special Voluntary Disclosure Programme (SVDP) for indirect taxes.
“The indirect tax SVDP will be administered by the Royal Malaysian Customs Department (RMCD).
“This proposal follows an earlier SVDP administered by the Inland Revenue Board (IRB) in late 2018 to 2019 with respect to income tax, petroleum income tax, real property gains tax and stamp duty.”LHDN logo
Under the indirect tax SVDP, Ernst & Young said taxpayers will be encouraged to voluntarily disclose any unpaid indirect taxes, underpaid indirect taxes or erroneous indirect tax filings or submissions, to the RMCD.
“Similar to the SVDP administered by the IRB previously, it is expected that reduced penalties will be imposed on taxpayers participating in the indirect tax SVDP.”
Once the indirect tax SVDP period expires, it is possible that the RMCD will enhance enforcement actions and increase penalties, according to Ernst & Young.
“The period within which the voluntary disclosures can be made and the conditions to the indirect tax SVDP have yet to be announced. Taxpayers will eagerly await further information.”
Ernst & Young said the indirect tax SVDP would allow taxpayers to conduct a self-review, rectify errors and omissions, make good underpaid indirect taxes with reduced penalties and move forward with a clean slate.
“The RMCD on the other hand would be able to increase its indirect tax revenue, reduce time spent on taxpayer audits and can look forward to enhanced compliance moving forward.”
The pre-budget statement, the first in the nation’s history, was announced on Tuesday.
TA Securities, in analysing the pre-budget statement, said Budget 2022 would be drafted with an inclusive approach in the “Malaysian Family” spirit and would work to ensure that no one is left behind in receiving government aid.
“It gives an impression that those impacted by the extended movement control orders restrictions imposed to curb Covid-19 will continue receiving government support.”