November 2021

Highlights on Budget 2022 Proposals (Part 1) - Special Revision of Tax Estimate in 11th Month of the Basis Periods for YA 2021 and YA 2022

As you are aware, every company, limited liability partnership, trust body or co-operative society may furnish a revised estimate of tax payable for a year of assessment in the 6th month and/or 9th month of the basis period for that year of assessment to the Inland Revenue Board via submission of Form e-CP204A.

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Updates on Special Voluntary Disclosure Program for Indirect Taxes

In line with the Government's strategies to broaden its revenue base while promoting tax compliance amongst taxpayers as mentioned in the Pre-Budget 2022 Statement published on 31st August 2021, the Finance Minister has unveiled the Budget 2022 on 29th October 2021 and announced that a Special Voluntary Disclosure Program ["SVDP"] be introduced by the Director General of Royal Malaysian Customs ["DGRMC"] in phases with the following proposed remissions:-

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