Tax compliance remains a challenge for businesses due to the complexities out of tax affairs and the ever-changing business landscape. The Inland Revenue Board of Malaysia often conducts tax audit and investigation exercises following submission of tax returns, leading tax authorities to discover oversight or errors made by taxpayers, more often, unintentionally.
Hence it is crucial for businesses to take a proactive approach to ensure compliance with tax legislations by way of conducting best practices, such as maintaining sufficient records and supporting documents, and keeping informed of tax-related risks revolving the business.
