Declare Your Income Tax Now & Get a Lower Penalty Rate!!!

Good news for those who haven’t declared their income! You can enjoy a lower penalty rate if you declare your income during the Special Voluntary Disclosure Programme (PKPS).

Lower penalty rate (1)

 

What is PKPS?

PKPS is a program where taxpayers who have yet to declare their income to enjoy very low penalty rates.

 

If you declare unreported income from July 1, 2019 onwards, you’ll get subjected to a higher penalty rate from 80% to 300%. Ouch!!

 

How long is the program?

The program ends 30 June 2019.

 

Voluntary Disclosure Period Penalty Rate:

April 1, 2019 – June 30, 2019: 15%

 

 

Yeap…15%!! That’s really low. Imagine having to pay 300% penalty, might as well save yourself the headache now and just take part in the program kan? Plus it’s not that hard, just got to submit the usual form(s): ITRF, PRF and/or RPGTRF at any of their IRBM offices.

 

Besides saving A LOT of money, PKPS covers the following:

 
  • Undeclared income
  • Overclaimed expenses
  • Not-allowed expenses & reliefs
  • Rebates over claimed
  • Stamping of unstamped documents
  • Reporting of gains on asset disposal (real property, shares in a real property company)
 
How do I know if I’m eligible?

No worries, we’ve the eligibility requirements righhtt here.

 
Source: Official Portal of Inland Revenue Board of Malaysia
 

So declare your income today!~ Save your $$$$ and not pay that 300% penalty rate. Imagine how much money you’d lose…*cringe*

 

Have a good day!

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