How to Choose the Right Tax Advisory Services for Your Business?

Malaysia is known as an ideal business location for many Multinational Companies (MNCs) as well as local people who want to set up their business in Malaysia. The kind of facilities given by the Government of Malaysia attracts a large number of businesses which includes allowance incentives, tax exemption, grant discounts, cheap business licenses, special bank schemes, and rebates while purchasing land or property for your business.

But the companies often face a problem coping up with the tax laws and regulations and also compliance. These kinds of legal problems are especially faced by foreign companies coming to Malaysia to set up their business and there is where they need tax advisory services to cope up with all such problems and also run a hassle-free smooth business operation and keep their own earned profit money with themselves.

Small business tax advisors are those who are certified and authorized tax professionals hired to help you and your business all year long with compliance with tax laws and regulations by preparing and filing business taxes, also he or she will be offering your company with tax and other financial advice. Other responsibilities of the tax advisors include planning for the tax purposes for your business and maximize your business tax returns. The person should not only have qualifications and expertise in taxation but also must have deep knowledge and experience of the intricacies of business taxes.

You can hire a Tax Agent for your companies' tax advisory services.

So, who is a Tax Agent?

A Tax Agent is any professional learned and qualified accountant approved by the minister or any person who has been approved by the minister on the recommendation of the Director-General of the Inland Revenue Board of Malaysia (IRBM).

This type of Tax Agent can represent your company with any kind of proceedings in front of the Inland Revenue Board of Malaysia (IRBM). Other responsibilities of the Tax Agent include: -

• Helping your company with filing your tax returns;
• Reminding his or her client to pay their dues as required to pay under the law;
• Monitoring the field audit process at client's premises by attending the process physically;
• Being present at any kind of legal interview, meetings, negotiations, and proceedings on behalf of your company;
• Assisting you to file appeals for further negotiation hearings etc.

So, what are the clients' expectations from their tax advisor or tax agent?

• Timely submission of tax estimates.
• Timely payment of taxes.
• Return submission on time.
• Help your company by reducing tax exposure.
• Understanding tax regimes and offering suitable tax planning strategies for your company.
• Help your company cope up with constantly changing and complex tax laws and regulations.

Technically, anyone can be a small business tax advisor it's just that he or she must have enough expertise to represent your company in front of The Inland Revenue Board of Malaysia (IRBM) and provide you with timely tax advisory services and help your company with compliance of all tax regulations.

Bispoint Group gives complete business and financial resolutions for small & medium-sized enterprises in Malaysia. The Author is a Chartered Accountants of this company to share her knowledge.