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Businesses of all sizes must pay the right amount of tax. Being aware of the current legislation and rules around corporate tax in the country in which you operate is a crucial step towards ensuring you are paying the correct amount.
Before you begin the tax return process, therefore, it is important that you understand how to ensure your company is compliant.
Here in Malaysia, corporate tax compliance has changed in recent years. Under the self-assessment regime, the Malaysian Inland Revenue Board has passed the responsibility of computing tax to taxpayers, so it is important that the correct amount of tax is calculated. Failure to do so will result in additional tax and heavy penalties being imposed.
It is important to note that all companies and businesses which derive Malaysian income are required to submit an annual tax return. But continuous changes in the tax legislation are putting increasing pressure and burden on taxpayers to ensure that their tax returns have been correctly prepared. With field audit being conducted by the Malaysian Inland Revenue Board, the prospect of additional tax and penalties are high.
RSM in Malaysia is well equipped with the necessary resources to meet taxpayers’ tax compliance needs.
To help provide reassurance for businesses that tax compliance obligations are being met, we offer corporate tax compliance services that are designed to support companies as they navigate the tax return process.
These services include:
- Preparation and submission of tax return
- Applying for refund of withholding tax
- Applying / claiming tax incentives under the Promotion of Investment Act, 1986
- Claiming double tax deductions and tax incentives under the Income Tax Act, 1967
We recognise that every business is unique and a standard approach in completing a tax return is no longer appropriate. Therefore, we have adopted a versatile technique that looks beyond the task of “processing” a tax return and each of the services we provide can be tailored to suit your individual needs.
Our team of corporate tax advisors is committed towards service excellence. With continuous training both internally and externally, each specialist is constantly updated and well equipped to deliver high quality work on a timely basis.
Besides the routine preparation of tax returns and computations, clients can expect our staff to identify and highlight tax risk areas and provide them with the right solutions.
We work with RSM International’s worldwide team to offer local knowledge on a worldwide scale. This means that you can benefit from access to locally accessible senior team members, who will add value to your compliance processes.
Get in touch to find out how our corporate tax compliance service can help you to manage your tax return and ensure you are meeting the criteria set by the Malaysian Inland Revenue Board.
