Due to the projected recovering economy and business prospects in 2021, the government has projected a higher tax collection to contribute to government revenue, which is anticipated to increase by 13.8% to RM174.4 billion in 2021. The government will increase effort in reducing tax gap, enhancing tax compliance, and strengthening enforcement of the tax legislation. Hence, we expect that more companies will become the target of LHDN for tax investigation.
Who Should Join? Who is at risk of IRB scrutiny?
SMEs who runs extra risk of an audit if one or more of the following situations applies:
- Repeated low margins or losses
- Many high value transactions
- Large deviations in profit and loss histories
- Reporting a low EBIT compared to the industry’s average
- Reporting a low EBIT compared to comparable enterprises
- With controlled transactions or transaction between related parties
What You’ll Gain
TIPS #1 Tax-payers’ Rights and Remedies in Handling Tax Audit and Tax Investigation
- Learn how to avoid the common mistakes in tax filing
- Prepare yourself when you get your income tax audited
- Understand personal capital statement and how it helps in tax investigation
TIPS #2 What SMEs need to know about Transfer Pricing Documentation
- Learn about transfer pricing in Malaysia and penalty for failure to comply
- Identify whether you are at risk of transfer pricing scrutiny
- Know how to make sure your transfer pricing policy is compliant with regulations
Speaker
Lam Kwai Soon
Managing Director of Tax
Lam Kwai Soon is an expert in tax with over 20 years’ experience. As Cheng & Co Group’s Tax Managing Director, Mr. Lam leads the team to advise businesses on transfer pricing, tax planning for organization restructuring, tax incentives, and mergers and acquisitions. He is also actively involved in tax audit and tax investigation advisory cases.
Lam Kwai Soon started his career in Ipoh as an auditor. Later, he found passion in tax and joined a tax advisory company founded by a former tax investigation senior officer, the late Mr. Lee Yat Kong. Mr. Lam joined Cheng & Co Group in 2004.
Lam Kwai Soon is a member of ACCA, the Malaysian Institute of Accountants (MIA), the Chartered Tax Institute of Malaysia (CTIM), and Certified Financial Planner (CFP). He is also an approved GST agent by the Royal Malaysian Customs Department. He led the GST advisory team to assist businesses, especially SMEs, in implementing GST. He has conducted more than 200 internal and external GST training for businesses. You can learn more about Lam Kwai Soon at www.chengco.com.my
KNOW-HOW-TO-SELF-RESCUE from Cheng & Co Taxation Team by joining the webinar on:
Date
Time
Venue
Language
Speaker
23rd January 2021
10am – 12pm
Online Zoom
English
Lam Kwai Soon
23rd January 2021
3pm – 5pm
Online Zoom
Mandarin
Lam Kwai Soon
