1. Which year of assesment can voluntary disclosure be made?
Voluntary disclosure can be made for income and gains from disposal of asset for the year of assessment 2017 and preceding years of assessment as well as instruments not stamped after six (6) months from the stamping period.
2. I have reported my income in the ITRF for year of assessment 2018. Can i make voluntary disclosure on income not reported for the year of assessment 2018?
Voluntary disclosure for the year of assessment 2018 can be submitted. However, the penalty rates that may be imposed are not those prescribed under this Special Program for Voluntary Disclosure but are subject to the current order in force.
3. Is time bar applicable for voluntary disclosure cases?
Yes, any income reported under voluntary disclosure will be assessed based on the year of assessment the income is received / receivable.
4. Will unreported income from prior years be taxed in the year of assessment the income is received?
All voluntary disclosures of income for year of assessment 2017 and preceding years of assessment will be assessed based on the year in which the income is received / receivable.
However, where the year to which the income relates cannot be verified, the reporting of the income in the year of assessment 2017 may be allowed.
5. If I choose to report all income from preceding years of assessment in the year of assessment 2017, am I required to submit the return form for the preceding years of assessment too?
If you elect to report all income from preceding years in the year of assessment 2017, you must:
(1) Submit the return form for year of
assessment 2017 by reporting all income for preceding years of assessment concerned; and
(2) Submit the return forms for all the preceding years of assessment by entering the amount zero (0) in the income column.