Tax Amnesty Annual Report

Through regulation No. PER-07/PJ/2018 (“PER-07”), the Director General of Tax (“DGT”) has amended several points of DGT Regulation No. PER-03/PJ/2017 (“PER-03”) concerning the Tax Amnesty Annual Reporting Mechanism.

The Annual Report of Tax Amnesty is mandatory for taxpayers that took part in the Tax Amnesty program to declare the following:

  • realisation of the repatriation and investment of offshore assets for three years following the repatriation; and/or
  • placement of the onshore assets that cannot be transferred abroad for three years.

The templates of this annual report still follow PER-03 and the taxpayers may submit it through post, courier services, or certain electronic channels established by the DGT.

Taxpayers should submit the annual report by the following deadlines:

  • for the first Annual Report, by the 2017 Annual Income Tax Return (AITR) submission deadline, i.e. 31 March 2018 for individual taxpayers and 30 April 2018 for corporate taxpayers with a January – December fiscal year; and
  • subsequent annual reports should be submitted similarly, by the subsequent AITR submission deadline.

PER-07 confirms that the above procedures are not applicable for taxpayers that did not declare domestic/repatriated assets and/or applied the rates for SME taxpayers.

Failure to meet these deadlines will trigger the tax office to issue a warning letter. The taxpayer should respond to the letter in a timely manner; otherwise, the tax office may perform a tax audit.

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