Issues arising from internal group restructuring

Issues arising from internal group restructuring

IT IS very common for groups of companies to undertake restructuring for various reasons: reduction of operating costs, avoiding duplication of resources, reducing financing costs, reducing bureaucratic compliance and im-proving tax efficiency. Merging businesses...
How to deal with audits and investigations

How to deal with audits and investigations

LATELY, there has been increased activity in the areas of tax audits and investigations. The key difference between a tax audit and an investigation is the element of surprise in the case of tax investigation, while a tax audit is made known beforehand to the taxpayer...
Relevance of accounting in taxation

Relevance of accounting in taxation

THERE is a basic misconception that taxation is based on financial accounts because tax computations are prepared based on the underlying figures provided. Let’s make it clear that the computation of income tax is based entirely on the Income Tax Act 1967 (ITA). Many...
Four more days to seize SVDP opportunity

Four more days to seize SVDP opportunity

THE Self Voluntary Declaration Programme (SVDP) by the Inland Revenue Board (IRB) and the Royal Malaysian Customs Department (RMCD) is an amnesty programme that allows taxpayers to come clean and declare either undeclared or underdeclared income without any additional...