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 

 

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