KUALA LUMPUR, Feb 27 (Bernama) — Following from the announcement made by the Minister of Finance through his Media Statement dated 10 February 2019, the Inland Revenue Board of Malaysia (IRBM) is in the midst of sending letters and e-mails to more than seven million registered taxpayers to provide explanation on the Special Voluntary Disclosure Programme (SVDP) offered by the government.
These letters and e-mails explain in detail the reasoning behind the issuance of the previous letters and e-mails by IRBM which is to encourage voluntary declaration by taxpayers who have yet to report their income received in Malaysia and kept in foreign bank accounts. Taxpayers need not worry if the income received has been reported or taxed and then channeled into overseas bank accounts, then everything is in order based on income tax laws in place.
