On 10 February 2016, the Inland Revenue Board of Malaysia announced the availability of a tax amnesty program for taxpayers with outstanding tax returns and tax debts. The program is similar to the program made available in 2015. Under the 2016 program, taxpayers will be eligible for reduced penalties if they voluntarily disclose a failure to file a past return, the filing of an incorrect return, or a failure to meet certain other filing requirements. In addition, taxpayers that settle outstanding tax liabilities will not be subject to increased assessment. The amount of reduction in penalties will be determined by...