Tax implications will exist in most business or investment decision whether in our daily business transactions or our investments in securities and properties.
At JTA, our tax experts can help our clients to better plan and address the issues of tax complexities. We offer the following category of tax services:-
JTA has vast experience in various industries such as trading, manufacturing, service, plantation, property development, construction and investment holding.
JTA assist our in clients in :-
- Preparing tax returns and computations for submission to the tax authorities
- Preparing and advising on submission of return of original/revised estimated tax payable and compliance requirements in relation to the amount of the estimated tax.
- Liaising with the tax authorities with regards to tax appeals, enquiries and refunds.
Tax Planning & Advisory
Tax planning is an important strategy in helping our clients better manage their cash flow position and reduce their tax liability by incorporating the latest tax exemptions or benefits and structuring their financial plans.
Our tax experts will assess and understand your business environment and then recommend best tax practice i.e. review your business structure and tax position, propose tax savings and tax incentives opportunities which will reduce tax position and better improve cash flow position.
At JTA, we also help many foreign corporation and expatriates in tax planning. JTA can assist in recommending suitable mode of vehicle in investment in Malaysia, applying for tax incentives, best practices in adopting to the investment rules and regulations.
We also assist in applying for pioneer tax status, applicable tax incentives and in dealing with various government agencies which includes Inland Revenue Board, Ministry of Finance, Bank Negara Malaysia, Ministry of Industry Trade & Industry, Malaysian Industrial Development Authority.
Tax Audit & Investigation
Under the Self Assessment Systems, tax audit is a primary activity of the tax authorities in enhancing and encouraging voluntary compliance with the tax laws and regulations. Taxpayers can be selected for audit at any time to ascertain that the amount of tax reported and paid are in accordance with tax laws and regulations.
Whereas for tax investigation, it is a more severe enforcement measure taken by the tax authorities to ensure compliance with the tax legislations by taxpayers.
Tax investigation are generally carried out based on suspicion or tip-off whereby there are reasons to believe that the taxpayers are avoiding tax payments or are committing the act of wilful evasion under the tax laws.
As a result of the findings identified during either the tax audit or tax investigation, the IRB may impose additional tax and penalties due to under-statement or omission of income or even wrong deductibility of expenses.
In our regular professional dealings and good rapport with the tax authorities, we at JTA are able to resolve tax audit and investigation in most amicable and efficient manner thus reducing the stress level and may also result in lower tax and penalty. JTA offers the following tax audit and investigation services:-
- Replying to queries and assisting in reconciliation, computations, workings and supporting schedules required by the tax authorities.
- Help to review and appeal on a valid grounds to reduce the tax and penalties.
- To improve communication channel by attending meetings and discussion in order to reach an amicable settlement with the tax authorities.
- Conduct preliminary tax audits to ensure that the Client is prepared for actual Tax Audit taking place thus mitigating risk.
Transfer pricing issues exist when the tax authorities have reason to believe that the pricing of goods or services may have contravene the transfer pricing guidelines whereby pricing is not within an arm’s length transaction or price. Under the general anti-avoidance provision of the tax legislation, the tax authorities are empowered to disregard transactions, which are not at arm’s length, and to make necessary adjustments, which will result in additional tax liability. Therefore, the taxpayers are responsible to demonstrate that reasonable care has been exercised to ensure that related party transactions are conducted in arm’s length transactions.
At JTA, we can:-
- conduct a transfer pricing study to determine whether the transfer prices in the related party transactions meet the definition of the arm’s length standard under the Malaysian transfer pricing guidelines
- provide bench marking services
Indirect taxes includes sales tax, service tax and customs duties will affects the profitability and cash flow of businesses. It is important for businesses to manage their exposure and risks in respect to indirect tax and also prevent unnecessary penalties and fines for improper submission and declaration of such taxes.
At JTA, we can assist in application for indirect taxes with the authorities, help in compliance and planning, assist in any indirect tax refunds or exemption applications and assist in queries and replies with the authorities.
At JTA, we cater to our Client’s requirements by offering half day to full day seminars on many relevant tax topics. We also provide courses or workshops on the updates and changes on Tax Budgets, existing tax legislations and the latest tax developments in Public Rulings.