The
Of Taxation In Malaysia Has Created Challenges For Companies In The Area Of Tax Compliance.
Under SAS, the burden of responsibility has shifted from Malaysian Inland Revenue Board (“MIRB”) to the taxpayer.
This responsibility brings with it:
- Increased risks of tax penalties
- The need to estimate the taxable position of companies in advance, the need to monitor the tax position during the financial year with the view to making the appropriate revisions to avoid penalties for underestimation
- The need to ascertain whether the accounting systems within companies are able to meet the higher demands of the SAS.