- Tax compliance
- Tax planning
- Tax audit
- Real property gains tax
Tax Compliance and Tax Planning Advisory
In order to help business owners and SMEs deal with the complexities and intricacies of ever changing tax law and legislation, we offer a wide range of tax services to corporate and individual taxpayers.
- Submission of income tax estimation and revision (CP 204/ 204A).
- Submission of various income tax forms and returns.
- Tax planning and advisory for Companies and individuals
e.g: Restructuring, Group Reliefs and Group Credit Set-Off.
- Application for tax refund and tax incentives/allowances
e.g: Pioneer Status, Investment Tax Allowance, Reinvestment Allowance and Industrial Building Allowance.
- Real Property Gains Tax.
- Representation to deal with the tax authorities during tax audit and investigation.
1. What Is A Tax Audit?
A tax audit is an examination of a taxpayer’s business accounts and financial affairs to ascertain that tax reported and paid are correct and are in compliance with tax laws and regulations. IRB carries out 2 types of audit, namely desk audit and field audit.
– Desk Audit
A desk audit is held at IRB office. Desk audits are normally concerned with straight forward issues or tax adjustments, which are easily dealt with via correspondence. A taxpayer may be called for an interview at IRB office if further information is required.
– Field Audit
A field audit is one that takes place at a taxpayer’s premise. It involves the checking of the taxpayer’s business as well as non-business records. Normally, a taxpayer will be given prior notice of a field audit.
Real Property Gains Tax (RPGT)
1. Real Property Gains Tax (RPGT) is administered by Inland Revenue Board of Malaysia under the Real Property Gains Tax Act 1976 (RPGTA 1976). RPGTA was introduced on 7.11.1975 to replace the Land Speculation Tax Act 1974. Both Acts were introduced to restrict the speculative activity of real estate.
2. RPGT is charged on chargeable gain from disposal of chargeable asset such as houses, commercial buildings, farms and vacant land. With effect from 21.10.1988, RPGT is extended to gain from disposal of shares in real property company (RPC)
“ASSET” includes any land situated in Malaysia, and any interest, option or other right in or over such land.
“GAIN” means gain other than gain or profits chargeable with or exempted from income tax under Income Tax Act 1967 (ITA 1967) or in the case of unit trust, gain not treated as income under the ITA 1967.
3. RPGT is imposed on disposers in the year of assessment where the disposal transaction takes place. The year of assessment shall be the calendar year.
4. Disposer, whether resident in Malaysia or not, is taxable on gain accrued on the disposal of chargeable assets situated in Malaysia. Disposer includes individual, company, partnership, organisation, trustees and other chargeable persons.
5. For detail of information on RPGT, reference can be made to the RPGT Guidelines dated 13.06.2018 or 18.06.2013 (whichever is applicable).