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How to know if your e-Filing Tax Profit pass T'Audit?
6 Wrong Concepts on Tax e-Filing
The key takeaway is after Tax e-Filing there is a pending 7 years Tax Audit. Here are some facts to note.
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With our multi disciplined services contact us to learn the following:
Sdn Bhd has a added problem of auditing.
Most auditors can be petty, bookish & impractical making finalization of accounts difficult!
How can our Ac Service protect poor boss .read AcService
A TOTAL Comprehensive guided Ac System (fromstart to finish): Ultimate purpose of Ac to ensure SAFE LHDN Tax Audit.
Possible Bad Outcome in Tax Audit
If Bad, Whose fault?
*AcService Integrated Internal Tax Audit ensures safe LHDN's tax audit (7 years once)
M Note: Tax Agent doing tax computation normally have NO an overall comprehensive defensive plan against LHDN Tax Audit.
Our Unfriendly Business Environment
Reasons why most bureucrats in democratic economy have no empathy for the small business people.
The truth is these small people live from hand to mouth. They constantly rely on Ah Long / loan shark to finance the money shortfall unlike the rich corporations where banks support.
Reason for this type of mindset
Read about the LHDN's modus operandi
Most bosses of small business, with day to day pressing headaches, face two main hurdles: Daily Cash Flow and unforeseen Heavy Tax, Fines and Legislative Dues.
Tax Department, on the other hand, new main job is Tax Audit. They are doing a good job because they have a System to support their work ... but who will support the small company?
The sad story: Owners the target have to answer all tax queries, no one can really help you .. so know your business to face the pressure!
Officials with power to punish, lives in the clouds are out of touch with the hardship of small people toiling from dawn to dusk in their hand to mouth small business. Moreover with conflict of KP1 interest, these Tuan Besar tends to be easy with Punishment & Fines. This stance keep the Rakyat on their toes; the detrimental effect is the essential SME economy comes to a halt.
Walk through a Tax Audit process
It start off innocently with LHDN asking for a long list of documents for 3 years or more from the last 7 years of your company's operation. This audit will surely happen if you are doing business. Your filing of yearly tax return or with paying tax, big or small does not matter; you will still be audited and with a fine comb
Your Auditors Statement carries no weight. Boss have to personally fight it out yourself.
The list itself is already quite threatening especially for small companies with
An Account should provide all the necessary soft copies of record. But you still have send to LHDN boxes of documents that tracks to the entries in your records. Here the problem starts if you have not been tracking to the record or tracking documents are missing.
One favorite request is a List of Purchases from all your suppliers. The guys want to see if purchases are genuine; do your App provide this list?
Finally at end of Walk, one way or another there will be some ADD-BACK of expenses. The sad part is Add-Back comes with hefty penalty too. They will however sweeten the pill by "gracefully" allowing settling by INSTALMENTS.
Conflict of Interest from their KP1
Be aware:Awas List
So what can the poor boss do 官字两个口 ?
Sep 2020: This is exactly 3 years since this website is first launched. We rebuild this to reflect our new experiences, knowledge and outlook. As always, let us know if there are mistakes.
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