Malaysia: Study of special voluntary disclosure program for indirect tax
The government recommends to study a proposed implementation of a special voluntary disclosure program for indirect tax.
Study of special voluntary disclosure program for indirect tax
The Ministry of Finance issued a pre-budget statement for budget 2022 [PDF 248 KB], which is scheduled to be tabled on 29 October 2021.
The pre-budget statement provides a preliminary overview on the direction, approach and expected benefits of budget 2022.
The government recommends to study a proposed implementation of a special voluntary disclosure program for indirect tax to increase tax revenue through increased tax compliance. Through this program, taxpayers would be encouraged to voluntarily come forward to declare any tax that either has not been paid, or has been underestimated or erroneously reported to the Royal Malaysian Customs Department.
Read a September 2021 report prepared by the KPMG member firm in Malaysia
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.