Voluntary disclosure is a way the taxpayer can correct their filed tax returns. The main benefit of making a voluntary disclosure is to reduce the shortfall penalty charged before the IRD audit your financial affairs. The taxpayer must carefully consider whether to make a voluntary disclosure as it is likely to be verified by the IRD and an IRD audit can be followed.
If you want or think of disclose anything to IRD, we can help you. We will give you advice on whether to continue with it. Moreover, we also assist you prepare your reports for voluntary disclosure and negotiate settlements with the IRD. Click here for more information.
Disclaimer: The following answer necessarily sets out general principles only. The facts of particular cases always need to be considered carefully, and it may be necessary to obtain advice from a tax expert.
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