INTRODUCTION -TAX AGENT
Who can be a tax agent : NOT EVERY ONE CAN BE A TAX AGENT!!
Section 153(3), of the Income Tax Act , spell out “tax agent” means-
(a) a professional accountant authorized by or under any written law to be an auditor of companies;
(b) any other professional accountant approved by the Minister; or
(c) any other person approved by the Minister on the recommendation of the Director General.
We are tax agent under category (a) above.
An INCOMPETENCE BOGUS TAX AGENT will NOT RESPONSIBLE for your tax affairs and might disappear when you need them. Adding that they are prohibited to act as tax agent under Section 153(1).
As tax agent, we will sign on your tax return form (All Form B/BE ,C REQUIRE to be signed by yours tax agent) and will therefore responsible on your tax affairs.
BENEFIT OF HAVING YOUR OWN TAX AGENT
Why need for tax agent? Well, under the current self-assessment regime the burden of proof that the tax figure that submitted by your self is true and correct laid solely on the taxpayer.-THE ONUS OF PROOF NOW IS ON THE TAXPAYER!!
Moreover, the tax payer are now required to estimate their own tax liability and tax are now paid in advance.(FOR DETAILS ON ESTIMATE TAX REFER TO SECTION ON EITHER INDIVIDUAL TAX AND CORPORATE TAX RESPECTIVELY)
As under the new self assessment system (SAS) the return form (be it Form B/BE for individual tax payer or Form C for corporate case) that submitted is deemed correct and treated as deemed notice of assessment, in which case the tax payer is require to remit the final balance of the tax pay to the Inland Revenue Board at the same time. Thus, it is essential now for the taxpayer to know their right under the tax law under current new system.
Other changes under the new tax regime that effect tax payer:-
-Changes on the tax return form (Form B/BE, C) which is more complicated than previous one, extra caution needed when filling up the tax return form;
-All tax payer (individual or corporate) are requires to keep a sufficient records;
-Should actual tax payable exceeding the estimated figure by an amount of 30%, the difference exceeding the 30% will be subject to a penalty of 10%;
-Failure to remit the balance of tax payable by will result a penalty of 10% on the balance of tax payable and another 5% should the tax remain not pay for after 60 days;
-Taxpayer should comply with the Public Ruling that issue by the IRB when preparing their tax return and computation;
-Taxpayer are require to keep the working paper (helaian kerja) for the purpose of verification during tax audit;
-Possibility of being subjected to tax audit and even tax investigation.
While compliance of tax law is our competences, you will benefit as we are here to help you not only on the above COMPLIANCE WORK, but would help you to TO IMPROVE YOUR CASH FLOW for your business through proper tax planning.
With only a YEARLY minimum tax retainer fee you will enjoy the following benefits:-
- Ensure proper filling up of your tax return form;
- A comprehensive tax computation with all tax sensitive supporting notes to enable the explanation of final tax liability;
- Working paper (relevant pages) are properly filled up for tax audit verification;
- Advise on various tax incentive and deduction that can be claimed to minimize tax in legal why;
- Taxpayer are ensure of tax law compliance;
- Use of our address as correspondence with IRB, taxpayer can ensure of all important information be safe with us;
- All original copy of letter from IRB will be forwarded to tax-payer FREE;
- Yearly complimentary budget commentary and tax information;
- Free advise on the various aspect of Malaysian tax.
APPOINT US AS YOUR TAX AGENT NOW.