J Heng Tax

Tax Audit Risk Assessment

With the introduction of the self assessment system in Malaysia, taxpayers are required to assess and pay their own taxes. As taxpayers are responsible for the assessment of their own taxes the correct interpretation of the Malaysian tax statute is essential. Those who did not comply with the requirements of the law or under-declared their income will be heavily penalised. Tax Audit is a routine activity of the IRB under the self-assessment system. Taxpayers who are ignorance of the laws and procedures and unprepared for IRB’s Tax Audit visit are taking unnecessary risk.

What is a tax audit?
A tax audit is an examination of a taxpayer’s financial statements, tax computation and returns reported are correctly assessed according to the tax legislation and principles.

Non-compliance can result serious consequences. The minimum penalty for non-disclosure discovered during IRB’s Tax Audit is 45% of the under declared amount. However, the penalty voluntary disclosure within 6 months before a case is selected for Tax Audit is only 15.5%. Significant cost can be saved by an organisation if omissions are detected early.
Our services
Our experienced team can help you to conduct a Tax Audit Risk Assessment on:
Ø       Tax compliance
Ø       Contentious issues
Ø       Review of financial statements, returns and computation
Ø       Risk profile of taxpayer
Ø       Formulating strategies
Ø       Awareness and training program

At Fees You Can Afford
We can often save you more than the cost of our service alone. So why not call us today?
Call 04 227 9258