When operating your business in Malaysia or anywhere in the world for that matter, tax compliance is one of the things you always need to be wary of. The reason being you can never know when your business will be audited for tax purposes, and when interruption to operations happens as a part of a tax investigation, the time wasted can be very costly.
To avert this situation your organization is much better off following the laid down guidelines to ensure that you never have to go through lengthy tax investigation or heavy tax penalty for evasion of tax or other tax related offences. For many, this can be a tedious process and it is for this reason our company has a department dedicated to tax compliance issues.
Our Services: Tax Compliance
Non-compliant companies may be caught by the Inland Revenue Board (IRB) when they make inaccurate self-assessment returns, and the back payment and penalties for the offence can be huge. These errors in the tax reports could have been from several years ago, and when the audit and investigation begins, the amount could have already become quite substantial.
Fortunately, if you choose to handle you tax compliance issues with a professional accounting firm like ours you can expect to gain a lot even amidst an investigation. Our experienced professionals has knowledge of the Income Tax Act 1967 and the legal system can thus help in negotiating for reduction in the amount of back payment and penalties.
It is important to keep in mind that, the fact that your books were not in order suggests you were unaware of the error. For this reason it is equally likely that you will be unable to determine the degree of accuracy of any such charges. Professional accounting organizations will be able to pick through the records and provide a more accurate picture that often helps during negotiations.
In addition to the above we also offer guidance on corporate income tax for private limited and public limited entities, sole proprietorship income tax, and partnership income tax. It is important to note that for different types of entities, each of the above-mentioned tax areas may vary and will affect tax compliance and tax returns in a different way. For this reason, we have special tax compliance services that are designed to help overcome compliance issues for companies and are aimed to ensure you operate your business on the best footing. This is important as it can determine the degree of tax compliance for your company as well as the tax incentives you can expect based on the nature of your business.
Besides that, we also provide advice on how to deal with indirect taxes such as withholding tax, stamp duties and import duties. We also specialize in advisory services and can walk you right through the steps. We provide the above services for corporations, registered bodies, organizations, joint ventures and as such have a wide knowledge of the subject and how it applies to your specific case. Contact us now to engage our services to be assured that your company is tax compliant.
