100 Ways to Save Tax in Malaysia for SMEs

100 Ways to Save Tax in Malaysia for SMEs is designed specifically to help owners of small and medium companies to learn and understand some of the important aspects of tax that bear directly on their situation. Regardless of the size of the business, there is a common need for basic tax information to help owners minimise the tax burden falling on the business. Many companies and organisations rely upon professional advisers to look after their tax affairs but informed business owners can often help the tax adviser to give better service by bringing to their attention opportunities that would not have been obvious in the ordinary course of tax and financial reporting. In addition they will be able to make the most of opportunities to factor tax saving ideas into their business plan – ideas that this book introduces.

Every company has the right to plan its affairs and business transactions in the most tax efficient way within the confines of what the law allows. This gives considerable scope to those who know the law well to take advantage of genuine opportunities – it would be wasteful not to. However, rights must be balanced by responsibilities. The self-assessment tax regime puts considerable emphasis on the responsibility of taxpayers and those responsible for business tax returns to do the job right and to do it on time if they are to stay away from trouble. This book aims to address both of these issues by providing useful ideas to help mitigate taxes as well as practical guidance on how the taxpayer should deal with the compliance requirements so as to avoid running into penalties and the unpleasant realm of tax audits and investigations. 

This book highlights the tax breaks available to SMEs. It identifies and explains all important tax deductions such as entertainment expenses and bad debts; describes and illustrates the use of the reduced tax rate for SMEs; charts the way through the complexities of starting a new business and identifies the pitfalls to avoid; clarifies the tax incentives available to SMEs such as pioneer status and reinvestment allowance; pinpoints the special one-year write-offs for expenditure on fixed assets which are available to SMEs; as well as describes and compares the export-based tax exemptions that can be claimed by SMEs. It also provides helpful tips to stay clear of penalties due to ignorance of the law and procedures.

In addition to the detailed coverage on income tax, this book contains valuable discussion on sales tax, service tax and the pending goods and services tax as they affect SMEs. It also considers the tax implications of major business initiatives from the point of view of promoters and investors.

This book contains a wealth of ideas to help you keep your business on the right track tax-wise. The easy-reading style, clear examples and a comprehensive index make it convenient for you to search for the ideas that specifically interest you.

Business Owners, Tax Practitioner, Consultants and the General Public

Readership
Business Owners, Tax Practitioner, Consultants and the General Public