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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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Audit methodology
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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Corporate & individual tax
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.
92% of Malaysian businesses want more tax guidance from tax authorities
Ms Seah Siew Yun, Senior Tax Executive Director of Grant Thornton Malaysia said, “Reducing liabilities across borders can offer significant tax savings so it is interesting to see how open business leaders are to improving guidance and global co-operation. In the UK, recent high-profile cases involving Amazon, Google and Starbucks have certainly sharpened public opinion as to what is acceptable tax planning”.
Kuala Lumpur, 6 June 2013- The vast majority of businesses would welcome more guidance from tax authorities on what is acceptable and unacceptable tax planning, even if this provides less opportunity to reduce tax liabilities across borders, according to the latest research from the Grant Thornton International Business Report (IBR), a quarterly survey of more than 3,000 businesses in 44 countries.
The IBR reveals that 68% of businesses globally would like more tax guidance. Business owners in Malaysia (92%) rank high in the survey of this category. Neighbouring countries like Singapore (88%) and Thailand (74%) expressed their need to welcome more global co-operation and tax guidance from the tax authorities.
Ms Seah Siew Yun, Senior Tax Executive Director of Grant Thornton Malaysia said, “Reducing liabilities across borders can offer significant tax savings so it is interesting to see how open business leaders are to improving guidance and global co-operation. In the UK, recent high-profile cases involving Amazon, Google and Starbucks have certainly sharpened public opinion as to what is acceptable tax planning”.
In the survey, it is also revealed that many businesses in the ASEAN region are now considering greater transparency and making its tax affairs more open to investors.
According to the results from the IBR, businesses are planning to make their tax affairs more transparent to investors, stakeholders and the general public. Countries from ASEAN region are in higher agreement for more transparency with Vietnam (94%), Malaysia (92%), Philippines (86%), Singapore (84%) and Thailand (80%). Those in least agreement are Japan (7.7%), Estonia (10%), United Kingdom (12.8%), Australia (13.3%) and Norway (14%).
When asked about what should be the main source of tax revenue for the government, most business owners in Malaysia expressed that at the present time it should be company tax (64%), followed by GST (14%), Sales Tax (10%), personal income tax (8%), and other excise duty or non-tax (4%). On global basis, the most answered source would be company tax (25.2%) and GST (27.4%).
Business leaders are also concerned of what the tax regimes in their economies are set up to achieve. Just 31% globally said their local tax laws and policies were geared to stimulate economic growth.
Tax is a cost to businesses in its simplest form. It is unsurprising to see few associate it with economic growth. In fact, many mature economies around the world are undergoing severe fiscal retrenchment and business leaders are seeing taxes rise even as growth remains flat. The IBR also reveals that globally, 41% of businesses do not believe their tax regimes are sufficiently redistributive.
For more information please contact:
Sharon Sung, Technical and Corporate Affairs Partner, T +60 3 2692 4022,
Charmane Koh, Corporate Affairs Assistant Manager, T +60 3 2692 4022,