Corporate tax compliance is an essential aspect to consider for a business that falls under the tax net. This is so, as failure to comply with the corporate tax regulation can trigger financial penalties. Moreover, IRB may impose increased tax charges on a company that fails to ensure corporate tax compliance.
To avoid such risks, it is therefore recommended to maintain a high level of corporate tax compliance. For this purpose, businesses rely on corporate tax compliance services in Malaysia to stay compliant with the tax requirement. This is the area where you can trust the expertise of YH Tan & Associates.
What is Corporate Tax Compliance?
Through the self-assessment system, it is the liability of a taxpayer to compute the tax liability. The computing process should be based on the tax rules, guidelines, and laws issued by IRB. There are certain tax obligations, which are collectively referred to as corporate tax compliance.
Corporate Compliance Requirements
Discussed below are the corporate tax compliance requirements.
1. Obligations under Companies Act 2016
- Publication of the Business Name and Registration No
- The company needs to appoint a “First Secretary”
- Must keep the required documents at the Registered Office
- Maintain the accounting record
- Should prepare the financial statement and circulate its copies to the stakeholders
- Submit financial statement and reports to the Registrar
- Circulate the audited financial statements to auditors and shareholders
2. Duties and prohibitions of a Director
- Disclosure of interests regarding property, assets, offices, and contracts
- Prohibition of loans to directors and persons associated with the director
- Must disclose changes about the particulars of manager, director, and secretary
- Notify about the changes to the nature of business and/or the company’s address
- Should meet all the responsibilities as an employer
3. Obligations under Income Tax Act
- Obtain a “Company Tax Registration Number” by notifying IRB
- Furnish the estimate of payable tax
- Submit the revised estimate of payable tax
- File the income tax returns
Corporate Compliance and Reporting Services
YH Tan & Associates is a trusted name in the industry. Our qualified team is experienced enough to offer a variety of corporate tax compliance services in Malaysia. These include:
- Preparing the corporate tax returns by following the computing process
- Taking care of tax reconciliations
- Preparing accounting journals
- Group reporting/Deferred tax reporting (Quarterly or Year-end reporting)
- Resolving disputes with HMRC
- Liaising with the Senior Accounting Officer
- Consolidation modeling and suggestion to improve tax reporting improvement
- Creation of appendices and working sheets to be represented as supporting documents
- Based on the submitted tax returns, advising businesses to pay the balance of tax payable
- Send timely notifications about the deadlines
- Perform tax position revision and claim applicable tax incentives
- Inform businesses regarding the tax updates and their implications
Benefits of Hiring Corporate Tax Compliance Services Malaysia
In fact, you can avoid financial risk by meeting the corporate tax obligations. This allows smooth running for your business. Besides, here are some other benefits of hiring these services.
- Allows improving and streamlining the corporate tax compliance process
- Makes it possible for businesses to utilize their in-house resources for other value-added activities
- Helps you to deal with multi-jurisdictional and difficult compliance requirement
- Assists you to lower regulatory burden
- Offers authentic and tailored advice on corporate tax matters
- Represents you in front of the regulatory bodies
- Informing and advising you on the concerns that relate to business transactions
- Take advantage of specialized tax solutions that meet your business needs
- Helps you to manage the corporate taxes efficiently
If you are looking for trusted and professional corporate tax compliance services in Malaysia, just feel free to contact us.