Continuation from Income Tax Deadlines for Companies (Part 1) 4. Revision of estimates A revised estimate of tax payable may be furnished to the IRB in the sixth month of the basis period of a year of assessment (but not any earlier). An additional revision in the ninth month of the basis period is allowed from YA 2003. The revision must be made by submitting the Form CP204A. When there is a change in the company’s accounting period, Form CP204A Continue reading
On 25 October 2013, our Prime Minister cum Finance Minister, Datuk Seri Najib Tun Razak, tabled the much-anticipated Budget 2014 proposals. Much-anticipated by many due to the expected changes to the Real Property Gains Tax (RPGT) laws to curb property speculation and the announcement of the introduction of Goods and Services Tax (GST) in Malaysia.
Malaysia’s self-assessment system (SAS) began in 2001 for companies, and in 2004 for individuals. It is based on the concept of ‛self-assess, file and pay’. Under the SAS, taxpayers have the responsibility to calculate and then pay any taxes which are due to the government. It is an act that should be carried out voluntarily by everyone who is liable for tax. Nevertheless, to ensure compliance, the Inland Revenue Board (IRB) carries out tax audits on a selective basis to Continue reading
Overhead being said during a recent book sale: ‘Tax laws change every year. Why buy books on taxation when they’re soon outdated?’ Thank you sir, for your question. It just shows how ignorant you are of the importance of continuous learning and development. I wish you in advance, success in whatever future you may have.
Recently a client approached me and sought my advice about buying and selling a business. He is in the midst of buying a company and the financial due diligence was conducted by a consultant he had hired. When it came to the target company’s tax position, the consultant advised him to ask his tax agent (namely, me) to ‘review the past 2 years tax computations of the target company to reconfirm that the computations are done correctly’. On the contrary, Continue reading