{"id":63451,"date":"2024-05-16T16:23:20","date_gmt":"2024-05-16T08:23:20","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=63451"},"modified":"2024-05-16T18:22:37","modified_gmt":"2024-05-16T10:22:37","slug":"lhdn-svdp-ending","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/lhdn-svdp-ending","title":{"rendered":"LHDN\u2019s Voluntary Disclosure Programme To End Soon, Tax Evaders Should Come Clean"},"content":{"rendered":"

Lembaga Hasil Dalam Negeri\u2019s (LHDN) Special Voluntary Disclosure Programme (SVDP) is ending at the end of this month (31 May). <\/span><\/p>\n

The programme started in June last year, so tax evaders who are looking to come clean should get to it soon.<\/span><\/p>\n

<\/span>Special Voluntary Disclosure Programme (SVDP)<\/span><\/h2>\n

The SVDP is a programme that allows taxpayers to voluntarily report their income and tax responsibilities. At the same time, it also encourages taxpayers to pay taxes within the stipulated time.<\/span><\/p>\n

This means that under the SVDP, tax evaders who have been avoiding paying taxes have the opportunity to come clean. If they come forward and pay their taxes before the deadline, they can avoid the penalties and fines that would\u2019ve been imposed on them.<\/span><\/p>\n

<\/span>Utilize SVDP to avoid hefty fines<\/strong><\/span><\/h2>\n

According to LHDN\u2019s CEO Datuk Abu Tariq Jamaluddin, taxpayers can still declare voluntarily after SVDP\u2019s deadline, but they might face a hefty penalty.<\/span><\/p>\n

In a report from <\/span>The Star<\/span><\/a>, the LHDN CEO stated that after SVDP ends, taxpayers who declare voluntarily will be slapped with a 15% penalty, while those who were caught by LHDN\u2019s audit will be handed a 45% penalty.<\/span><\/p>\n

Due to this reason, it is much better for taxpayers to voluntarily declare their income while the SVDP is still in effect.<\/span><\/p>\n

<\/span>Payment methods for high amount of taxes<\/strong><\/span><\/h2>\n

In a Facebook post, LHDN also shared some updates on their ongoing effort to improve the methods for a taxpayer to pay high amounts of taxes.<\/span><\/p>\n

In the post, LHDN stated that for high amounts of taxes, there are two methods that taxpayers can use;<\/span><\/p>\n