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Audit approach
Designing a tailored audit programme customised for your business, we will combine the collective skill and experience of assurance professionals around the world to deliver an audit that is efficient and provides assurance to your key stakeholders.
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We have adopted Grant Thornton International's Horizon audit approach and Voyager software, a revolutionary paperless audit designed to achieve a consistent standard of audit service.
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MFRS
At Grant Thornton, our MFRS advisers can help you navigate the complexity of financial reporting.
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Our local experts
Our local experts
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Tax advisory & compliance
Our teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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Our teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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International tax & Global mobility services
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Indirect tax
Our indirect tax specialists help clients in effective planning; assist to bring clarity to the legislation; assist and advise in audits or investigations. It is important for all entities, whether or not required to register for Sales Tax or Service Tax to analyse the impact of the taxes on their business operations, their revenues and expenses, and their customers and suppliers.
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Tax audit & investigation
Tax audit and investigation
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Transfer pricing
Transfer pricing
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M&A, Restructuring & Forensics
Forensic
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Corporate finance
Whether you are raising capital, disposing of a business or seeking a wider market for your company's shares on a stock market, we are ready to help make it a successful and stress-free experience for you.
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Business risk services
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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Recovery and reorganisation
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
Tax Alert 2017
02 Jun 2017Clarification regarding the Imposition of 100% Penalty for Failure to Declare Income and Correct Information
Section 2(1) - Interpretation
The Inland Revenue Board of Malaysia has issued a Media Release to provide clarification regarding the imposition of penalty at a rate of 100% which will be implemented with effect from 1 January 2018.
Under the Income Tax Act, 1967, the Director General of Inland Revenue is given the power to impose a penalty for the offence of default in declaring income or in declaring correct income which is subject to tax.
The following are examples of cases which will be subjected to this 100% penalty rate :
1. Repeated offences of undeclared or incorrectly declared income received by way of a return form;
2. Refusal to give full co-operation during an audit or investigation process;
3. Failure to give information or documents requested to assist in an audit or investigation process;
4. Carrying out an organised tax evasion scheme; or
5. Failure to comply with the tax law even though the taxpayer has been audited or investigated before.
According to the Inland Revenue Board of Malaysia, the proposal to increase the rate of penalty to 100% of the tax payable on the undeclared or under declared income beginning 1 January 2018 is a step towards elevating the level of voluntary compliance among taxpayers by dealing with taxpayers who are hardcore tax law defaulters.
To view the full press release from IRB, kindly click below.
http://lampiran.hasil.gov.my/pdf/pdfam/KenyataanMediaLHDNM_17042017_2.pdf