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Income Tax for Individuals and Business Owners in partnership with KPMG

DATE
Saturday, 3 April 2021
Title Protect your TAX interest
Webinar Details Malaysia’s 2021 income tax filing season is now in motion.

 

With the expected rise in Malaysia’s 2021 tax target collection forecasted by the administration, the Inland Revenue Board (“IRB”) has become increasingly active in conducting tax audit and investigation activity, focusing on High-Net-Worth Individuals and Companies.

 

High-Net-Worth individuals have been directed by the IRB to prepare Net-Worth-Analysis while Companies are generally required to furnish additional financial documents to the IRB. Any mishandling in dealing with the IRB may have dire financial consequences to an individual or a Company.

  

Interested to find out how you can protect your tax interest? Come join us and

  

KPMG Tax Specialist in the live webinar to discover:

· What is the IRB’s Net-Worth-Analysis?

· Area of focus by the IRB on Companies tax audit and investigation exercise

· Tips on how to manage an individual tax audit and investigation exercise

Moderator Danny Chang


Executive Director
Head of Managed Investment & Advisory

Standard Chartered Bank Malaysia

Speaker(s) Soh Lian Seng


Executive Director
Head of Tax Dispute Resolution
KPMG Tax Services Sdn Bhd

Key Takeaways The Inland Revenue Board (IRB) has increased its focus on auditing/investigating high-net worth individual to verify whether the taxpayer’s has rightfully declared his or her income. Here are how we can be more prepared for possible review:

 

1. Mindset: Taxpayer must have the right mindset when submitting tax return or when prepare for any tax matter. This mean one should declare the right amount of income, claim the right amount of expenses and pay the right amount of tax.
2. Approach: Receiving letter or query from IRB doesn’t mean one is in trouble. The right approach in tackling this issue includes equipping oneself better to defend/ justify the position.
3. Document: Keeping proper documentation is crucial in substantiating and supporting ones adopted position.

 

You can watch the webinar playback below and discover the written responses from KPMG Tax Services for the popular questions posted during the event HERE.

Protect your TAX interest

Find out how tax audits and investigations are being conducted to ensure full compliance while protecting one’s tax interest.