Malaysia Publishes Guidelines for Voluntary Disclosure Program

The Inland Revenue Board of Malaysia (IRBM) has issued Operational Guidelines No. 1/2018 on the implementation of the Special Program for Voluntary Disclosure that was announced as part of the Budget for 2019 and provides for reduced penalties. The program covers voluntary disclosure and payment within the stipulated period on:

• Income not previously declared / under declared, expenses over claimed / not allowed, and reliefs / deductions / rebates over claimed;
• Gains on disposal of assets …