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Income Tax Audit

Introduction

Every company will subject to IRB's income tax audit in every 3 to 5 years. This audit is to exam and check tax payer's business records and financial affairs to ascertain that the right amount of income should be declared and the right amount of income tax should be calculated and paid in accordance with income tax law and regulations. 
 
There are two types of income tax audit:
 
Desk Audit
Tax payer will receive a formal letter from IRB. This letter will clearly state the documents to be examined and the grace period for tax payer to prepare and submit these documents to IRB branches. Tax payer may apply for extension of time if they feel that there is no sufficient time to prepare these documents. This audit will be conducted in IRB office, the IRB officer in charge will inform tax payer on their finding on documents, specific desk audit cases can be referred for field audit action.
 
Field Audit
Tax payer will receive a formal letter from IRB. This letter will clearly state the time and date that the IRB officers will visit tax payer office/house and also the extent of audit (e.g. Year of assessment to be examined). Tax payer will be interviewed by the IRB officer during this audit. Tax payer need to prepare all necessary documents as requested by the IRB officer. 
 
We would like to emphasis that Tax Evasion is prohibited in Malaysia. IRBM will imposed heavy penalties (or imprisonment or both) to tax payer if they found out there is any tax evasion activities. Thus, we will not help our client in tax evasion. We believe that as a good citizen, every tax payer shall pay their income tax based on their chargeable income as indicated by Income Tax Act 1967.
 
 
 
 

What We Can Help You?

We are licensed Tax Agent registered with Inland Revenue Board (IRB) under Section 153(3) of Income Tax Act 1967. As a professional tax consultant, we can advise and assist you in your company or individual income tax compliance and submission according to Income Tax Act 1967, IRB's public ruling, Tax audit & investigation frameworks, Tax technical guideline and etc. We can also advice you on income tax incentives which are available and best suited for you.
 
We are also GST agent registered with Royal Malaysian Customs Department. We can help you comply with and conform to the GST standards and requirements. Start from registration to preparation and submission of GST return, we can solve all GST technical issues faced by you. We will also advice you on rules and regulation related to your business or company GST affairs.
 
Our professional staff will assist our clients with:
  • the preparation and submission of all forms and returns on a timely basis;
  • the computations of tax payable whilst ensuring all possible deductions have been utilized;
  • correspondence with IRB in the event of tax appeals, disputes and reassessments;
  • advise on the best and latest possible incentive/tax deduction available for the tax payer.
 
 

L & Co

18A, Jalan Sasa 2, Taman Gaya,
81800 Ulu Tiram, Johor, Malaysia.
Tel +607-861 7402
Fax +607-863 1003
Email liew@liew.my
 
     

What Our Client Say

     
L & Co always carry their services in professional way – well planning, in time, precise, friendly and professional. While we are stuck with problems, they can always advice us with industrial best practices and their views.
 
YM Tan
ICT Automation (M) Sdn Bhd
www.ict.com.my
 
  External Audit   Income Tax Submission   GST Consultancy   Tax Incentive Application   Corporate Advisory   Income Tax Audit   GST Submission  
                             
  External
Audit
  Income Tax
Submission
  GST
Consultancy
  Tax Incentive
Application
  Corporate
Advisory
  Income Tax
Audit
  GST
Submission
 
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