For personal reasons, part of me wants the process to form a 501(c)(3) as simple as possible. I volunteer with the local high school’s parent-teacher organization (PTO), and by this time next year the organization must secure its tax-exempt status as a nonprofit public charity advancing education.That’s because our school district will no longer manage the financial assets of … Read more
The Self Voluntary Declaration Programme (SVDP) by the Inland Revenue Board (IRB) and the Royal Malaysian Customs Department (RMCD) is an amnesty programme that allows taxpayers to declare undeclared or underdeclared income without penalties. The programme ends on May 31. Taxpayers can participate for income tax, real property gains tax, stamp duty, sales and service tax, and goods and services tax purposes. All taxpayers, including individuals and corporate taxpayers, are encouraged to review their past declarations and declare any understatements to avoid future audits. The declaration must be complete and supported with proper documentation. If fraudulent, the IRB or RMCD may open a case for investigation.