Tax Consultancy & Related Services
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Personal & Corporate Tax Submission Services
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Every individual or corporate tax payers are required to furnish the Income Tax Return Form (ITRF) with effect from Year of Assessment 2014. This included dormant companies, limited liabilities partnerships, trust bodies and co-operative associaties. |
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Our professional staff will assist our clients with: |
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the preparation and submission of all forms and returns on a timely basis;
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the computations of tax payable whilst ensuring all possible deductions have been utilized;
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correspondence with IRB in the event of tax appeals, disputes and reassessments;
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advise on the best and latest possible incentive/tax deduction available for the tax payer.
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Tax Incentives Application Services
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For both small and medium sized companies as well as large and multinational companies, there are many tax incentives offered in Malaysia. These vary according to the different industries and change with the annual Budgets announced by the Government. |
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We will assist to apply tax incentives approval such as reinvestment allowance, investment tax allowance, pioneer status, import duty exemption and common effective preferential tariffs. |
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We are advising our clients on: |
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which incentives are available and best suited for them;
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transactions which will affect their chargeable incomes;
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transfer pricing legislation which affect their inter-company transaction;
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tax incentive application procedures.
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Goods and Services Tax (GST)
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Goods and Services Tax (GST) which is also known as VAT or the value added tax in many countries is a multi-stage consumption tax on goods and services. Malaysia is implementing GST since 1st April 2015 and that will cause indirect impact on local business which includes inflation and new compliance requirement. |
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GST is a broad based consumption tax covering all sectors of the economy i.e all goods and services made in Malaysia including imports except specific goods and services which are categorized under zero rated supply and exempt supply orders as determined by the Minister of Finance and published in the Gazette. |
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GST can only be levied and charged if the business is registered under GST. A business is not liable to be registered if its annual turnover of taxable supplies does not reach the prescribed threshold (e.g. RM500,000 yearly). Therefore, such businesses cannot charge and collect GST on the supply of goods and services made to their customers. Nevertheless, businesses can apply to be registered voluntarily. |
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Our experienced staff will assist our clients with: |
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Registration of GST account with Royal Malaysian Customs Department (Jabatan Kastam Diraja Malaysia);
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The preparation and submission of all forms and returns on a timely basis;
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Solve technical issues faced by clients;
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Advise on rules and regulation related to client GST affairs.
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Tax Audits and Investigation
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Every company will subject to IRB's income tax audit in every 3 to 5 years. This audit is to exam and check tax payer's business records and financial affairs to ascertain that the right amount of income should be declared and the right amount of income tax should be calculated and paid in accordance with income tax law and regulations. |
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There are two types of income tax audit: |
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Desk Audit
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Tax payer will receive a formal letter from IRB. This letter will clearly state the documents to be examined and the grace period for tax payer to prepare and submit these documents to IRB branches. Tax payer may apply for extension of time if they feel that there is no sufficient time to prepare these documents. This audit will be conducted in IRB office, the IRB officer in charge will inform tax payer on their finding on documents, specific desk audit cases can be referred for field audit action. |
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Field Audit
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Tax payer will receive a formal letter from IRB. This letter will clearly state the time and date that the IRB officers will visit tax payer office/house and also the extent of audit (e.g. Year of assessment to be examined). Tax payer will be interviewed by the IRB officer during this audit. Tax payer need to prepare all necessary documents as requested by the IRB officer. |
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We will assist our client on: |
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Prepare and check the documents requested by IRB
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Accompany client during the Field audit interview with IRB officer
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Discuss the results of desk and field audit with IRB officer
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Explain the consequences and results of the audit to client
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We would like to emphasis that we will not help our client in tax evasion, this is prohibited by Law. We believe that as a good citizen, every tax payer shall pay their income tax based on their chargeable income as indicated by Income Tax Act 1967. |
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