LHDN Approves Over 72,000 Voluntary Tax Declarations

LHDN Approves Over 72,000 Voluntary Tax Declarations

The Inland Revenue Board (LHDN) has approved a total of 72,534 cases of voluntary tax declarations with assessments worth RM652.5 million reported. As of 29 February 2024, the LHDN has successfully collected RM284 million.

These voluntary tax declarations fall under the PKPS 2.0 voluntary disclosure programme, and it is one of the initiatives introduced by the government to expand the number of taxpayers and encourage tax compliance to increase the country’s revenue.

According to Deputy Finance Minister Lim Hui Yin, the PKPS 2.0 was implemented by the LHDN with a zero percent penalty offer for voluntary disclosures made between 6 June, 2023 and 31 May, 2024. If taxpayers fail to clear the tax balance at the end of the PKPS 2.0 period, legal action can be taken and the taxpayer can be audited or investigated in the future.

She also noted that the LHDN conducts continuous audit and investigation activities to recover taxes and revenues that failed to be collected by focusing on taxpayers considered high risk.

Lim also states that the total amount of additional taxes and penalties that resulted from audits throughout the years of 2022 and 2023 were RM8.2 billion and RM6.2 billion respectively. She also said that the Inland Revenue Board has also taken civil legal action to reclaim tax revenue that failed to be collected.

Additionally, it was also revealed that the amount of tax successfully collected, including compounds and fines for 2022 and 2023, were RM709.7 million and RM465 million, respectively.

Get even more financial clarity with an iMoney account for FREE

We’ve tailored insightful tidbits just for you.

Continue with email

By signing up, I agree to iMoney’s
Terms & Conditions and Privacy Policy

Get free weekly money tips!

*Free of charge. Unsubscribe anytime.
newsletter image