KUALA LUMPUR, July 16 — The Inland Revenue Board (LHDN) has collected RM512.6 million out of the total assessment of RM1.29 billion during the duration of the Special Voluntary Disclosure Programme (SVDP) 2.0, from June 6, 2023, to May 31, 2024.
Finance Minister II Datuk Seri Amir Hamzah Azizan said the assessment surpassed the initial target of RM1 billion.
“During the period, the LHDN approved 141,406 voluntary disclosure applications, including 102,572 individual taxpayer cases, 27,707 company cases, and other categories such as organisations.
“This amount involves reported tax assessments totalling RM1.29 billion,” he said during Ministers’ Question Time in the Dewan Rakyat today.
He said this in reply to a question from Datuk Mohd Isam Mohd Isa (BN-Tampin) about the effectiveness of SVDP 2.0, the number of participants, and the amount collected that could be used for the people’s benefit.
Meanwhile, the Customs Department received 1,542 voluntary disclosure applications from individual and corporate taxpayers, with the declared amount at RM229 million.
This amount exceeded the target of 500 applications with a tax collection value of RM200 million, said Amir Hamzah.
SVDP 2.0 is a programme implemented by the LHDN and the Customs Department, offering a 0 per cent penalty for voluntary disclosures made by individuals and companies within the specified period.
“The one-year period for SVDP 2.0 is sufficient to give taxpayers the opportunity to report income or tax liabilities for past sales or service transactions.
“At this point, the government does not plan to extend this programme. Even though SVDP 2.0 will not be continued, both the LHDN and the Customs Department have devised strategies to boost tax compliance,” he said.
The minister said the Customs Department has prepared a new audit strategy for 2024-2026 to prevent and detect revenue leakage.
This strategy will enhance business entities’ compliance with indirect tax laws through a comprehensive and customer-friendly audit approach, namely, the Compliance Verification Audit.
In his reply to a supplementary question from Datuk Mohd Suhaimi Abdullah (PN-Langkawi) about the reintroduction of the goods and services tax (GST), Amir Hamzah said there have been no GST reimplementation proposals.
“The government is not planning to reimplement the GST as it is a broad-based consumption tax, and it is not the right time to reintroduce it as some people, especially those with low incomes, are facing cost of living challenges.
“The government will continue to prioritise improving the existing tax system and introducing taxation that does not affect the vulnerable groups before evaluating the need to introduce a new consumption tax like the GST,” he said
— Bernama
