KUALA LUMPUR: The Inland Revenue Board (LHDN) has received a total of 64,748 voluntary disclosure cases, with estimated taxes totaling RM573.476 million, as part of its Special Voluntary Disclosure Program (PKPS) 2.0.
The cases involve both new and existing taxpayers.
PKPS provides an opportunity for new and existing taxpayers to come forward voluntarily to report their income and tax computations with no penalties imposed and a promise of no further checks for the years in which the voluntary income is reported.
The programme, announced during Budget 2023 by Prime Minister Datuk Seri Anwar Ibrahim, has been running since June 1, 2023.It ends on May 31, 2024.
LHDN chief executive officer Datuk Abu Tariq Jamaluddin at an engagement session with the media encouraged more individuals to avail themselves of its benefits.
Meanwhile, for taxpayers demonstrating outstanding performance in tax reporting and payment, Abu Tariq said the focus will be on the 'cooperative compliance' approach, emphasising cooperation and mutual understanding between LHDN and taxpayers.
In mid-2024, the implementation of the Tax Corporate Governance (TCG) programme will enter a new phase, namely full implementation, where it is opened up companies that meet their criteria.
The first phase running from June 2022 to June 2024, was only for selected companies.
This initiative, under 'cooperative compliance,' aims to foster better relations between taxpayers and tax administrators.
"This relationship is built on cooperation towards voluntary compliance through three key principles: transparency, accountability, and trust," said Abu Tariq.