SVDP 2.0 - How To Tell If You Need To Pay (More) Taxes?

Earlier this month, the government’s Special Voluntary Disclosure Programme (SVDP) 2.0 kicked off. Starting from June 6th 2023 all the way to 31st May 2024, the aim is to encourage non-compliant taxpayers to report any incorrect or undisclosed taxes over the years, covering both direct and indirect taxes. This includes a 100% waiver on tax penalty and seems to be targeted at the informal sector, including areas such as social media creators and e-commerce businesses.

Today on BizBytes we speak to Soh Lian Seng, Head of Tax, KPMG about who should be taking up the SVDP 2.0, common mistakes that compliant and non-compliant taxpayers may not realise they’re making, and whether this initiative is unfair to all the folks that have been paying their taxes.