SPECIAL VOLUNTARY DISCLOSURE PROGRAM (SVDP)

TAX-FREE RENTAL INCOME
March 18, 2019
FORM CP22 & CP22A
March 18, 2019
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The special Voluntary disclosure program under the Budget 2019 is the last opportunity for non-compliant taxpayers to come forward voluntarily disclose tax omissions & errors in previous dealings with IRB. IRB will accept in good faith for all voluntary disclosures made during the Special Program period. Further review will not be made on the reported information.This Special Program covers voluntary disclosure and payment within the stipulated period on:

  • Income not previously declared
  • Expenses over claimed
  • Expenses not allowable
  • Reliefs / deductions/ rebates over claimed
  • Unreported gains on disposal of properties or RPC shares
  • Stamping of instruments not previously stamped

The penalties for not disclosing unreported income will increase to 80% – 300% effective July 2019 .