Solve your tax woes with voluntary settlement
SM Thanneermalai | 09 Feb 2018 00:30
Voluntarily coming forward to resolve your tax issues indicates your willingness to come clean and to become a good tax citizen in future

The Inland Revenue Board’s (IRB) emphasis on enforcing the tax laws and rules and collecting the taxes is now more visible and intense than in the past. The volume of tax audits and investigations has certainly increased many fold.

The “wait till you catch me” attitude of the past is highly risky as the IRB is exercising greater vigilance with the use of various techniques. Among them are: 1) use of big data analytics; 2) developing industry specialists; 3) sharing of information between the IRB and the Customs Department; and 4) sharing of information between Malaysia and other countries under the Automatic Exchange of Information (applicable from 2017).

There has been a concerted effort by the IRB to increase the level of knowledge of its officers through focused training. This is evident when IRB officers visit taxpayers during audits and you can see the greater level of preparedness, in-depth questions and the thoroughness of their scrutiny.