IRB’s SVDP collected RM7 billion, says finance minister

IRB is currently finalising the amount, but the initial report showed that it has collected some RM7 billion through SVDP

KUALA LUMPUR: The Inland Revenue Board’s (IRB) Special Voluntary Disclosure Programme (SVDP), which ended in September, collected about RM7 billion, the Dewan Rakyat was told today.

The programme was part of the government’s tax reforms to encourage those who had not declared their taxable income to do so, with a penalty rate of 15 per cent.

Finance Minister Lim Guan Eng said the programme had allowed taxpayers not only to do the “right thing”, but also to contribute to the country.

“IRB is currently finalising the amount, but the initial report showed that it has collected some RM7 billion through SVDP,” he said in his winding speech on the 2020 Budget.

Earlier, Lim told the house that the country recorded losses of about RM30 billion a year to the shadow economy.

“The issue now (contributing factor) is the illegal activities, not only gambling and smuggling, but also corruption; not a matter of SST (Sales and Services Tax) replacing GST (Goods and Services Tax),” he said in addressing Datuk Seri Ahmad Maslan (BN-Pontian) who interjected and said the losses due to shadow economy could be reduced if GST was reintroduced.

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