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The IRB has implemented Special Program For Voluntary Disclosure commencing from 3 November 2018 until 30 June 2019. The Voluntary Disclosure covers the following:

  1. Income not previously declared, expenses overclaimed / expenses not allowed and reliefs / deductions / rebates over claimed;
  2. Reporting of gains on disposal of assets (real properties and shares in real property companies); and
  3. Stamping of unstamped instruments.

 Voluntary Disclosure can be made for income and gains from disposal of asset for year of assessment 2017 and preceding years of assessment as well as instruments not stamped after 6 months from the stamping period. 

This program is open to all categories of taxpayers:

i.                  

Taxpayers who are not registered with the IRB

•        New taxpayers have to firstly register for an income tax number. The Income Tax Return Form (ITRF) / Petroleum Return Form (PRF) / Real Property Gains Tax Return Form (RPGTRF) must be submitted either via e-Filing / e-Lodgement or manually.

ii.                

Taxpayers who are registered with IRB but have not submitted ITRF / PRF / RPGTRF for any year of assessment

•        The ITRF / PRF / RPGTRF must be submitted either via e-Filing / e-Lodgement or manually.

iii.               

 

Taxpayers who have submitted the ITRF / PRF / RPGTRF but have not reported the correct information of the income / gains on disposal of asset(s) for any year of assessment

•        Taxpayers are required to submit a written declaration either via letter or e-mail of the income / gains on disposal of assets not previously declared.

iv.               

 

Persons who fail to stamp executed instruments 

•        Instruments not stamped are to be submitted online or manually for stamping.

 The IRB will accept in good faith all voluntary disclosures made during the Special Program period. Further review may not be made on the reported information. Penalty rates applicable and due dates for the payment of tax are as follows: 

Period of Voluntary Disclosure

Rate of penalty

Payment to be made on or before

03/11/2018 - 31/03/2019

10%

01/04/2019

01/04/2019 - 30/06/2019

15%

01/07/2019

 Should you require any assistance or further clarification, please do not hesitate to contact K-Konsult Taxation at 03-2166 2303.

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