The voluntary disclosure programme has been one of the recommendations of the Organisation for Economic Co-operation and Development (OECD) as an international best practice, as such programme enables taxpayers to manage and regularise their tax affairs and declare income that were omitted in the past.
From the government's perspective, it is an approach to enhance revenue collection using relatively limited resources, avoiding costly and contentious audits, litigations, and even criminal proceedings.
Dany Oon, Executive Director, Indirect Tax at KPMG in Malaysia further commented, given that it was announced by the Finance Minister in the Pre-Budget Statement, this has certainly created a hype among taxpayers and businesses and many anticipate that a clear framework will be announced in the Budget 2022.
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– The Star Online: When indirect tax meets special voluntary disclosure