Tax Compliance | KPMG | MY

Tax Compliance

Tax Compliance

Under the Self Assessment System (“SAS”), the burden of responsibility has shifted from the Inland Revenue Board to the taxpayer.

Under the Self Assessment System (“SAS”), the burden of responsibility has shifted...

This responsibility brings with it:

  • The increased risk of tax penalties;
  • The need to estimate the taxable position during the financial year with the review to making the appropriate revisions to avoid tax penalties for underestimation; and
  • The need to ascertain whether accounting systems within companies are able to meet the higher demands of SAS.

The onus is on the company to compute its tax liability correctly and pay the correct amount of tax on time. In this respect, the company has to keep abreast of tax developments.

With the shift of the Inland Revenue Board’s role under the SAS, the Inland Revenue Board is placing more emphasis on auditing carried out by its officers to ensure voluntary tax compliance by taxpayers.

How we add value

We offer a range of services designed to assist our clients in complying with their tax obligations. Our services include the following:

  • Tax compliance services
  • Preparation and filing of Malaysian tax returns
  • Submission of tax estimates and revision of estimated tax payable
  • Review of past tax submissions to establish that computations are properly prepared and that the taxpayer does not pay any more tax than that due
  • Review the current tax position of companies with a view to making recommendations, wherever possible to reduce or defer tax
  • Specialized advice on relevant Malaysian tax legislation affecting businesses
  • Review of tax positions to enhance claims of tax incentives
  • Tax audit support
  • Tax ruling applications
  • Tax refund applications
  • Capital allowance studies review

Why KPMG

We are well placed to assist clients in meeting the challenges.  We have, through the years, acquired formidable knowledge and experience. Our clients come from varied sectors and industries and are international as well as local.

Our reputation and working relationship with the tax authorities have enabled us in numerous cases to resolve tax disputes on a timely basis thus minimizing the expense to the taxpayer.

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