This is the time where businesses will be looking for effective tax planning strategies to help them to document their operations accordingly. The season has finally arrived where businesses, entrepreneurs and companies will be filing in their annual tax plans in June for all registered Malaysia based businesses.
Evading tax or failure to do proper tax planning would incur cost for the business, especially when the Inland Revenue Agency reserves the rights to check your accounting records dating back to at least 5 to 8 years of the financial year, and have all the rights to scrutinize how you have been keeping up with your business’ checks and balances.
Knowing what resources can you invest your money in, to expand your business or to engage more staffs or help to grow can determine the failure or the success of your ventures.
Knowing where you can claim from your taxes through effective tax planning may be the solution that you are looking for to give your business that extra cash that it needs to expand.
Furthermore, you would also be able to sleep better at night being an entrepreneur or a businessman, knowing that you are investing your money for the growth of your business, while recognizing which areas that you will not be taxed or your taxes can be reduced.
Courtesy to the team from financial assistance and tips website, iMoney.my the team has prepared a comprehensive and useful infographics guide to help Malaysian businesses and entrepreneurs navigate their way through their expenditures and make the best from their tax filing practices in 2013.
Also, credits go to the Inland Revenue Agency for providing us with information to assist Malaysians to do better tax planning.
Tax Planning when done effectively can help many businesses, including Malaysians plan out their expenditures better.
They would also be more convinced to pay their dues with funds channeled for national growth and infrastructures once they are certain on how planning their tax can be a simple step after all.
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The Author of InfoGraph: Ching is the CEO and co-founder of iMoney, a leading price comparison website in Malaysia. Prior to iMoney, he was an investment consultant, advising clients ranging from $5 million to $500 million on investment related matters. He is also a CFA & CAIA Charterholder, two prestigious professional qualifications in the finance field.
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