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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:

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

For your information, the penalty rates will range between 80% to 300% effective from 1 July 2019 under the existing law.

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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