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).
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.
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!