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Notified taxpayers with over RM4k monthly income need to register – IRB

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KUALA LUMPUR, Feb 3 2019 : Taxpayers who have received letters or e-mails regarding the Special Voluntary Disclosure Programme (SVDP) from the Inland Revenue Board (IRB) need to register as taxpayers and declare their income if they have a monthly employment income of RM4,000 and above.

IRB in a statement today said businesses other than private limited companies with annual income of RM48,000 (or RM4,000 a month) after deducting approved operational expenses and capital allowances are still required to register as taxpayers and declare that income to IRB.

Registration can be made at any IRB branch or through the e-Daftar system accessible through IRBM’s official portal.

IRBM said taxpayers can ignore the letters and e-mails received from IRB if the income received is less than the amount mentioned.

Chief executive officer Datuk Seri Sabin Samitah said under the Automatic Exchange of Information (AEOI) initiative by the Organisation for Economic Cooperation and Development (OECD), Malaysia has started receiving financial information specifically with regard to offshore banking accounts beginning September 2018.

Therefore, taxpayers are requested to contact IRB to declare the income if they have offshore bank accounts connected to the income derived or accrued from Malaysia, and is liable to tax but has yet to be declared to IRB.

IRB has also taken action on complaints received regarding a few of its officers who have acted in an unprofessional manner, threatening taxpayers and not following procedures in place.

It said it is committed to carrying out its duties as entrusted, and continuously works towards becoming a customer-focused organisation.

Meanwhile, registered taxpayers who have previously declared their income need not worry about the e-mails and letters received, as they were general notifications informing of the SVDP which ends on June 30, 2019. – Bernama

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News sourced from Bernama, Reuters, AFP and other accredited news agencies, including credible blogsites and news portals.