According to a recent study, Malaysia ranks 54th out of 190 countries in tax compliance. This means that there is room for improvement when it comes to paying taxes in Malaysia. One of the main reasons for tax compliance issues is the lack of knowledge about the tax system. Many taxpayers are unaware of their rights and responsibilities, which can lead to them not paying their taxes on time or in full.

 

Tax Compliance Services

It is estimated that there are more than 2 million small and medium enterprises (SMEs) in Malaysia. Many of these businesses are unaware of their tax obligations and the importance of filing their tax returns correctly and on time. This can lead to significant penalties and interest charges from the Inland Revenue Board (IRB). To ensure tax compliance in Malaysia, it is important for a business to engage the services of a tax compliance specialist. These professionals can help you to understand your tax obligations and ensure that your tax returns are filed correctly and on time. The following are the tax compliance services:

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Payroll Tax Services for Entities

 

Payroll tax compliance is critical for businesses of all sizes. The IRS estimates that payroll taxes comprise about 70% of their total tax revenue collections. Businesses that don’t comply with payroll taxes can face serious penalties, including hefty fines and interest charges.

 

There are many different payroll tax services available to businesses. These services can help businesses with tax planning, preparing and filing payroll tax returns, and managing payroll tax payments.

 

Payroll tax services can be a great way to ensure that your business complies with all payroll tax laws and regulations. These services can help you save time and money and avoid penalties and interest charges.

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Withholding Tax Compliance Services

 

If you are a business owner, you are undoubtedly aware of the importance of compliance with tax laws and regulations. Withholding tax is one area of compliance that is often overlooked but can have significant consequences if not properly managed. Withholding tax compliance services can help ensure that your business complies with withholding tax requirements. These services can help you save time and money and avoid penalties and interest charges.

Value Added Tax Compliance Services

 

VAT compliance services help businesses ensure that they are correctly calculating and paying VAT on their sales and purchases. This includes ensuring that the correct VAT rate is applied to each transaction and that any VAT due is paid to the relevant tax authority on time.

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Corporate Income Tax Compliance Services

 

There are a number of tax compliance services that businesses can take advantage of to help ensure they are meeting their tax obligations. One of these services is corporate income tax compliance. This service can help businesses to ensure they are correctly calculating and paying their corporate income tax. This can help to avoid penalties and interest charges from the IRS.

 

Tax compliance is very important for any business in Malaysia that deals with international trading or importing. Malaysian business trading with other countries should be aware of the submission of GST reports, Tax Clearance certificates, Right of Way certificates, and Import permits.

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