A Simple Guide on Corporate Tax Planning and Tax Advisory Services in Malaysia
In Malaysia, the rules surrounding taxes changes from time to time, and to keep updated with the regulation isn’t all that simple. People are stuck on hours with the multitude array of taxes, much less if you own a business. That’s a whole other tax to calculate and pay! If you are searching for a way to ease the tax headache, we’ll let you on a secret: Corporate Tax Planning and Tax Advisory Services in Malaysia. Consulting a tax planning and advisory can do wonders for you. Find out more below.
What Are Corporate Tax Planning and Tax Advisory Services?
Corporate tax planning and tax advisory services are a group of professionals in accounting, bookkeeping and taxation who adhere to the client’s specific needs on solving their tax issues. Apart from clearing taxes, they also provide services on avoiding financial loss due to tax, brief clients on complex tax methods, minimise tax risks and more. Simply put, these experts are responsible for settling taxes on your behalf on time, every time and help offer you quality advice on navigating taxes.
Corporate Tax Planning and Tax Advisory Services
Tax planning and advisory firms offer a vast range of services, such as:
Tax Compliance Matters
Tax planning and advisory firms are trained to handle personal tax with business or employment income (Form B, Form BE), partnerships, (Form P) and personal taxes for non-residents (Form M) as well. If you are new to the country, its best to consult a firm who can clearly explain to you the taxation rules in Malaysia. Tax firms will register, prepare and file the necessary documents at the Inland Revenue Board of Malaysia or Lembaga Hasil Dalam Negeri (LHDN). Consequently, they will handle the income tax computation as well. If you run a company, Form C or the Company’s annual tax return will be filed by the tax advisory firm. Form CP204 will be filled by the firm on your company’s behalf to for tax estimation purposes, 30 days before the basis period. If there is any revision needed on Form CP204, the firm will take care of it.
Tax Investigation and Field Audit
It goes without saying that the bigger your business expands, the more complicated the tax process gets. Tax investigations are launched on suspected tax evaders; however, random samplings are conducted as well. This means that anyone subjected to pay tax can be investigated. During investigations, the authorities will usually audit your accounts, ask you various questions, and in some case, they will drop by your office or home. Therefore, bear in mind to always settle your taxes timely and accurately.
Tax planning and advisory do more than just settling taxes. They are capable of managing retirement scheme, tax incentive applications, company allowance, pre-tax auditing, Real Property Gain Tax (RPGT), and more.
Taxes are no laughing matter. If you are caught guilty for not settling your taxes without a reasonable excuse, you can face imprisonment, fined or both, depending on the severity of the case. Taxes help to build a nation, provide facilities for its people and keep it well maintained. Apart from that, taxes are needed to fund other common resources as well. That’s why taxes are of utmost importance, and the consequences that come with avoiding taxes result in heavy penalties. We understand that taxes are complicated and take much time to calculate and to pay them properly. That’s why we recommend corporate tax planning and tax advisory services in Malaysia to all the taxable residents.