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Tax Advisory Services

Sales and Services Tax Advisory

Many confusions can occur when businesses encounter SST. Not knowing the SST amount payable, being confused about whether the goods are taxable goods or not, provided services are taxable service or not, and many more questions an owner will be unclear of. Here is when SST advisory comes in to resolve all the confusion. Moreover, receiving tax advices allow taxpayers to avoid paying extra, or outlaw the tax regulation.

Our services include:

– Provide advisory services, perform SST initial studies, assist in SST registration and dealing with Customs on SST issues

– Assist in reviewing SST returns bimonthly

– Perform health checks to identify areas of non-compliance

– Managing customs ruling applications

Tax Planning Advisory

Giving tax is something that every person or organization will face when they start earning. Therefore, tax planning becomes relatively essential for an individual or business to obtain clarity, certainty and financial security to any party. It helps to provide guidance that helps an individual or company to avoid violating tax compliance, or waste unnecessary money on tax perspective. 

Herewith a list of details of our Tax Planning Advisory consists of: 

  • Advising on the tax efficiency of Merger and Acquisitions, takeovers, and restricting of companies
  • Expatriate remuneration package
  • Advising individual and company on Real Property Gains Tax, SST and Tax incentive
  • Cross border and International Tax planning

Tax Audit and Investigation Advisory

Tax audit is a Self Assessment System that carries out by the tax authority to ensure and enhance the tax compliance of an individual or company. Despite the objective of increasing the voluntary tax compliance of taxpayers, tax audit also aims to educate and generate awareness of taxpayers towards their rights and responsibilities.

On the other hand, tax investigation is way more complicated than tax audit. Tax investigation is a process to find out the illegal acts like fraud, tax evasion, negligence in reporting income of suspected taxpayers. Taxpayers who fail to pass the investigation will need to pay penalties (minimum RM 1,000 to maximum RM 10,000) and shall pay the special penalty of double (2 times) the amount of undercharged tax. 

 

To avoid unfavourable acts, every taxpayer should assure that they compliant with tax compliance. To do so, taxpayers can approach Cheng & Co for tax compliance service as a self-assessment before putting themselves into the danger of tax investigation.

However, for people who have faced related issues, can also approach us for professional services.

Our tax audit and investigation advisory service consist of: 

  • Preparation of required workings, computations, reconciliation and supporting documents
  • Reply inquiries proposed by the tax authorities
  • Analyze and engage on proposals given by the tax authorities
  • Submit alternative resolution for issues in dispute
  • Attend meetings and discussion with tax authorities for follow up the case

Transfer Pricing Documentation Advisory

With the introduction of The Malaysian Transfer Pricing Guidelines explains the provision of Section 140A in the Income Tax Act 1967 and the Transfer Pricing Rules 2012. It governs the standard and rules based on the arm’s length principle to be applied to transactions between associated persons.

Generally, in the event of a transfer pricing audit by the tax authorities, they would require transfer pricing documentation detailing the transfer pricing methodologies adopted and the documentary proof to support the transfer pricing policies to be made available to them for review.

Preparing documents for Transfer Pricing purposes will help to mitigate the risks of pricing adjustments, double taxation and penalties.

Our transfer pricing documentation advisory consists of:

  • Preparation of TP documentation
  • Business Description of the company
  • The group and organizational structure of the company
  • Benchmarking exercise
  • Pricing basis and methodology adopted by the company
  • Related company transactions
  • Business strategy
  • Functional and risks analysis
  • Transfer pricing methodologies assessment:

▫ Comparable uncontrolled price method (CUP)

▫ Resale price method (RPM)

▫ Cost-plus method (CPM)

▫ The transactional net margin method (TNMM)

▫ Profit split method (PSM)

2-in-1 Tax Advisory Solution

2 in 1 Tax Advisory Solution = Tax Risks Management + Technical Supports + Documentation Review + Professional Advice

In the current rapidly changing business atmosphere, the tax legislations like income tax and SST always is one of the main concerns which should not be ignorable by the businesses.
In view of the aggressiveness and tight enforcement of Malaysian Inland Revenue Board of Malaysia and Royal Malaysian Customs Department of Malaysia,
2 in 1 Tax Advisory solution is providing the supports and assisting the accountants and accounting personnel in income tax and SST compliances
to enable them to cope with the challenges encountered in the dynamic ever-changing tax compliances environments.

Why you should subscribe to this service?

  • Online and on-site supports for the income tax and SST queries, uncertainty and sufficiency of documentation keeping advisory
  • A team of professionals who are well versed in the latest Income Tax and SST that they are capable to advise the business owners and accounts on both taxes
  • Timely updates on the income tax and SST legislation, rulings or guidelines changes
  • The solutions always covering the income tax and SST implications
  • Regular effective training
  • In keeping pace with the ever-demanding market and to satisfy the needs of our clients, we have established “One-Stop Professional Centre” with innovative solutions for excellence at all our branches by providing a full range of professional business services to our clients

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