Managing Sustainability Reporting

In 2015, Bursa Malaysia launched its Sustainability Framework, making it mandatory for all public-listed companies (PLCs) to prepare sustainability reporting. Companies listed on the Main Market and ACE Market were required comply, depending on their market capitalisation, with the framework requirements in 2017, 2018 or 2019, where the sustainability reports are to be published alongside the annual reports.

Listed companies		Annual reports issued for financial year ending on or after	Reports
Main Market with market capitalisation	RM2b or more	31 December 2016	General and Detailed Sustainability Statement
	RM1b to RM2b	31 December 2017	General and Detailed Sustainability Statement
	Others	31 December 2017	General and Detailed Sustainability Statement
ACE Market		31 December 2018	General Sustainability Statement

Bursa Malaysia’s Sustainability Framework was developed in response to the United Nation’s 2030 Agenda for Sustainable Development. Under the 2030 Agenda, 17 goals consisting of 169 targets were set. They cover social and economic development issues such as poverty, hunger, health, education, global warming, gender equality, water, sanitation, energy, urbanisation, environment and social justice.

Prior to the issuance of the Sustainability Framework, both Main and ACE Market listed companies are required to disclose their CSR activities in their annual report. However, this tended to skew towards social/philanthropic activities which has minimal impact on a company’s business operations or value creation process. As such, the Sustainability Framework aims to, among others, encourage companies to integrate sustainability into their business models by taking into consideration the economic, environmental and social (EES) risks and opportunities alongside financial implications as well as report such non-financial information.

Evolution of Tax and Investment Incentives in Malaysia

The granting of tax incentives is one of the methods used to develop a particular economic activity. If designed and implemented properly, it attracts businesses (local or foreign) to invest in a country. Apart from that, it should also lead to increased employment, knowledge transfer, technology development and development to rural areas. Thus, this should lead to increased economic growth and tax revenue (after the expiration of the tax incentive period).

In Malaysia, tax incentives are granted in several ways:

• Exemption of statutory income
• Additional relief for qualifying capital expenditure
• Double deduction

The three major tax incentives in Malaysia are as follows:

Tax incentive	Description
Pioneer Status	Companies in the manufacturing, agricultural, hotel, and tourism sectors, or any other industrial or commercial sector that participate in a promoted activity or produce a promoted product may be eligible for the pioneer status incentive. It involves the granting of a partial exemption (of up to 70% of a company’s statutory income), or in limited cases, full exemption from income tax for a period of five years or 10 years.
Investment Tax Allowance	Companies in the manufacturing, agricultural, hotel, and tourism sectors, or any other industrial or commercial sector that participate in a promoted activity or produce a promoted product may be eligible for investment tax allowance. It involves the granting of an allowance of 60% or 100% of qualifying capital expenditure incurred which can be deducted against 70% or 100% of statutory income.
Reinvestment Allowance	A resident company in operation for not less than 36 months that incurs capital expenditure to expand, modernise, automate, or diversify its existing manufacturing business or approved agricultural project may be eligible for reinvestment allowance. It involves the granting of an allowance of 60% of qualifying capital expenditure incurred which can be deducted against 70% of statutory income.

The abovementioned investments serves to strengthen Malaysia’s key economic activities and encourage inflow of foreign capital. However, there were no targeted incentives provided for labour-based companies, especially, the manufacturing sector) to embrace digital transformation. Only the reinvestment allowance provides some incentive for companies to be more technologically-inclined. With digitalisation transforming the business landscapes, creating both new opportunities and challenges, it was important for the manufacturing sector to transform, considering that it contributed 23% to Malaysia’s GDP (Q3 2018).

The Three Standards: Revenue, Financial Instruments and Leases

Recently, we saw a trio of standards come into effect – MFRS 15 Revenue from Contracts with Customers and MFRS 9 Financial Instruments on 1 January 2018, and MFRS 16 Leases on 1 January 2019. Companies have undoubtedly gone through a tremendous amount of work and change to implement those three standards – changes to the business and reporting models, processes and systems, pricing strategies, compensation, etc.

MFRS 15 Revenue from Contracts with Customers

The new MFRS 15 set out a new model of revenue accounting. The core principle is that an entity recognises revenue to reflect the transfer of goods or services in an amount that reflects the consideration the entity expects to be entitled in exchange for those goods or services.

There were practical issues to consider during the implementation. For example, for a contract to exist under MFRS 15, it must fulfill five criteria as follows:

• Parties to the contract have approved the contract.
• Each party's rights can be identified.
• Payment terms can be identified.
• The contract has commercial substance.
• It is probable that the entity will collect consideration it is entitled to in exchange for the goods and services.

Contracts would have needed to be reviewed to ensure important information such as payment terms are included and that they are clearly worded to make the identification of the contract’s commercial substance and each parties’ rights easier.

MFRS 9 Financial Instruments

The new MFRS 9 replaced earlier versions of MFRS 9 and introduced a host of improvements which includes a classification and measurement model, a single forward-looking “expected loss” impairment model and a substantially-reformed approach to hedge accounting.

Service Tax and Management Services

A person that provides management services and exceeds the registration threshold is liable to charge service tax, pursuant to the Sales Tax Regulations 2018. The Regulations (prior to Budget 2019) provide the following:

Taxable Person

Taxable Services

Any person who provides management services, excluding the management services provided by—  (a) any developer, joint management body or management corporation to the owners of a building held under a strata title;  (b)any person who is licensed or registered with the Securities Commission Malaysia for carrying out the regulated activity of fund management under the Capital Markets and Services Act 2007; or  (c) any person, Government agency, local authority or statutory body for the purposes of religious, welfare, bereavement, health or public transport services.

Provision of all types of management services including project management or project coordination, excluding provision of such services in connection with: (i) goods or land situated outside Malaysia; or (ii) other than matters relating to matters specified in (i) outside Malaysia.

The Regulations seems broadly worded, with little specifics regarding the definition of management services and the type of management services that are subject to service tax.

RMCD guidance on management services

The Royal Malaysian Customs Department (RMCD), in its Guide on Management Services, provided its interpretation and clarification of the abovementioned legislation as follows:

Management services covers the organisation and coordination of activities of a business in order to provide services to the clients and these services are not categorised under any specific taxable services (i.e. prescribed services). These activities consist of organising, supervising, monitoring, planning, controlling and directing business’s resources in terms of human, financial, technology, physical and other resources. 

The written contractual agreement between the person and client will be used to determine whether the services provided can be classified as management services. In a situation where no contractual agreement exists, the services may be treated as management services if such services meet the abovementioned definition.

Technically….

Withholding tax: Special classes of income

Section 4A(ii) has been subject to much debate as to whether a service that is subject to withholding tax under s 109B of the Income Tax Act (ITA) 1967 needs to be in technical in nature or not. What made a service “technical” was also the subject of much dispute.

Section 4A(ii) of the ITA 1967 provides the following:

“… the income of a person not resident in Malaysia for the basis year for a year of assessment in respect of …

(ii) amounts paid in consideration of technical advice, assistance or services rendered in connection with technical management or administration of any scientific, industrial or commercial undertaking, venture, project or scheme …

which is derived from Malaysia is chargeable to tax under this Act.”

The Finance Bill 2018 proposed that s 4A(ii) be amended to state as follows:

“… the income of a person not resident in Malaysia for the basis year for a year of assessment in respect of …

(ii) amounts paid in consideration of any advice given, or assistance or services rendered in connection with any scientific, industrial or commercial undertaking, venture, project or scheme…

which is derived from Malaysia is chargeable to tax under this Act.”

This widens the scope of withholding tax under s 109B by:

• including non-technical services, and
• not limiting the scope to technical management or administration of any scientific, industrial or commercial undertaking, venture, project or scheme.

The proposed change aims to reflect case law decisions that have widened the definition of services under s 4A to include both technical and non-technical services.

Malaysian Business Reporting System

In 2018, the Companies Commission of Malaysia (SSM) introduced the Malaysian Business Reporting System (MBRS). It allows for the submission of:

• Annual Return (AR)

• Financial Statements and Report (FS), and

• Exemption Applications (EA) related to the FS and AR.

The MBRS is a digital submission platform based on the eXtensible Business Reporting Language (XBRL) format. XBRL is by definition, an open international standard for digital business reporting. Foreign regulators, SEC (in USA), HMRC (in UK), ACRA (in Singapore) and CIPC (in South Africa), have mandated registered or publicly listed companies to report their financial information in XBRL. SSM is one of the latest adopters.

Its primary aim is to improve financial and business reporting and simplify ways for stakeholders to use, share, analyse and add value to data. SSM, in its FAQs, states that its reasons for XBRL adoption includes making the collection of financial and non-financial information more efficient, facilitating the analysis of financial reports for decision making and providing  SSM and other regulators with detailed data which can be aggregated, as well as aiding investigative efforts and other compliance.

MBRS is made of three main components:

• SSM Taxonomy - dictionary of financial and non-financial reporting element of AR, FS and EA embedded in the MBRS Preparation Tool. The taxonomy for FS and AR has been established based on the disclosure requirements for MFRS, MPERS and Companies Act 2016.

• MBRS Preparation Tool - preparation tools based on Microsoft Excel that allow companies to prepare documents online and offline and generated AR, FS and EA in XBRL.

• MBRS Portal - submission platform to lodge FS, AR and EA to SSM.

All companies which follow MFRS and MPERS, except for companies that are regulated by the Bank Negara Malaysia, can file their financial statements via MBRS.

The key measures include ensuring that the XBRL tagging is done correctly during the implementation stage and ironing out any compatibility issues as early as possible.

Wolters Kluwer’s An Overview of the Malaysian Business Reporting System (MBRS) and eXtensible Business Reporting Language (XBRL) workshop aims to provide participants with an understanding of the following:

• The scope and requirements under the MBRS

• How to use the platform to file and submit the FS, AR and EA, and

• How to effectively use XBRL.

Budget 2019 Highlights (Tax)

The new government’s first budget was announced on 2 November 2018. The theme of the Budget speech was “A Resurgent Malaysia, A Dynamic Economy, A Prosperous Society” and focused on three areas:

• To implement institutional reforms
• To ensure the socio-economic well-being of Malaysians, and
• To foster and entrepreneurial economy.

Below are the tax proposals which are based on the content of the Budget speech and its appendices.

Corporate income tax

Tax rate for SMEs

The preferential tax rate for SMEs in respect of the first RM500,000 of chargeable income is to be reduced from 18% to 17%.

(Effective YA 2019)

Review of group relief

The rules for group relief claims are to be amended as follows:

• Companies surrendering losses must be in operation for at least 12 months
• Surrendering of losses is restricted to three consecutive YAs, and
• A company with unutilised investment tax allowance or unabsorbed pioneer losses will not be eligible to claim group relief.

(Effective YA 2019)

Time limit for carry forward of unabsorbed losses and allowances

A time limit of seven consecutive YAs is placed on the carrying forward of unabsorbed losses, unutilised capital allowances, unutilised reinvestment allowance and investment allowance, and unabsorbed pioneer losses and investment tax allowance.

(Effective YA 2019)

Personal income tax

EPF and life insurance premium relief

• The combined relief of RM6,000 for EPF and takaful/life insurance premiums has been split - RM4,000 for EPF and RM3,000 for takaful/life insurance premiums.
• For public servants under the pension scheme, the income tax relief on takaful/ life insurance premiums is given up to RM7,000.

(Effective YA 2019)

National Education Savings Scheme (SSPN) relief

The relief on the net annual savings in SSPN is to be increased from RM6,000 to RM8,000. 

(Effective YA 2019)

Investigation of unexplained extraordinary wealth

The Inland Revenue Board (IRB) will scrutinise and investigate unexplained extraordinary wealth, and use necessary measures to recover such monies, in the form of additional taxes, penalties or fines.

(Unknown effective date)

Indirect tax

Sales tax and service tax

• Service tax exemption on specific B2B transactions between service tax registrants.
  (Effective 1 January 2019)
• Imposition of service tax on imported services as follows:
• Services imported by businesses
  (Effective 1 January 2019)
• Services imported (e.g. downloaded software, music, video and digital advertising) by consumers)
  (Effective 1 January 2020)
• Introduction of a credit system against sales tax payable for small manufacturers who do not purchase from registered manufacturers.
  (Effective 1 January 2019)

Import duty on bicycles

Reduction of import duty on bicycles under the tariff code of 8712.00.30.00, i.e. bicycles other than racing bicycles and children bicycles) from 25% to 15%.

(Effective 1 January 2019)

Sugar tax

Imposition of excise duty of RM0.40 per litre on sugary drinks as follows:

• Fruit juices and vegetable juices under tariff heading of 20.09, which contains sugar exceeding 12 grams per 100 millilitres, and
• Beverages under tariff heading of 22.02, which contains sugar exceeding 5 grams per 100 millilitres)

(Effective 1 April 2019)

Malaysian Tax Budget Conference 2019

The new government’s maiden budget announced last Friday indicates that they are trying to balance between being a socialist government and being pro-business to boost economic growth. They announced a creative host of subsidies, grants  and allocation of funds, and utilised tax measures to promote economic growth and well-being. 

The government proposed measures to increase tax revenue such as introducing new taxes (levy on international departures, soda tax) or increasing existing ones (taxes on gaming industry, RPGT for sixth year and beyond disposals, stamp duty on property transactions over RM1 million). They modified existing tax rules to curb income set-off – imposition of a 7-year time limit for businesses to utilise losses and allowances from tax reliefs. They also proposed to impose service tax on foreign services providers that provide online services (downloaded software or music) as well as on imported services acquired by Malaysian businesses, which should level the playing fields between local and foreign players. Apart from that, the government proposed a special voluntary disclosure programme where taxpayers who voluntarily disclosed unreported income are entitled to reduced penalty rates.

The government also proposed tax measures to improve social welfare. They widened the scope of donations – Donations to social enterprises are now qualified for deduction. They focused on employee welfare – a 100% deduction for PTPTN payments made by an employer on behalf of its employees and a 200% deduction on remuneration of full-time employees who are either senior citizens or ex-convicts. These deductions, however, are subject to conditions. They government also proposed a stamp duty exemption for first time home-buyers in respect of property valued between RM300,000 and RM1 million, subject to conditions, consistent with their promise of affordable housing.

The government also proposed tax measures to encourage green businesses. Companies producing environmentally-friendly plastics will be granted Pioneer Status (70% exemption of statutory income) or Investment Allowance (60% of qualifying capital expenditure) for five years. It also proposed to expand the list of green assets that qualify for green technology investment allowance from 9 to 40.

While many agree that the measures implemented are targeted at selective business industries, it is still important for the government to continue with the tax reform reviews with the aim of making the tax system more efficient, neutral and progressive while promoting the long-term productivity of the economy.

Find out more about these taxes, key trends, challenges and opportunities that may impact your business and influence your strategy in 2019, at our Malaysian Tax Budget Conference 2019.

The Sun Sets on GST

GST and the transition to SST

Goods and Services Tax (GST) came into effect in Malaysia on 1 April 2015, replacing the Sales Tax and Services Tax (SST) regime. Touted as an all-encompassing tool that has a wider tax base as well as being transparent and efficient, GST brought in RM44b to the government coffers in 2017. This enabled the narrowing of the fiscal deficit.

The introduction of GST coupled with external factors brought about increased prices of goods and services, even the essential ones. Compliance cost and disproportionate price increases contributed to the negative perception of GST.

Top 3 Reasons to attend the Wolters Kluwer Malaysian Budget Conference 2018

Let’s face it, budgets come and budgets go. Before a Budget, experts will speculate on what’s going to be announced. On the day itself, there’ll be running commentary on each item announced, whether through traditional media or social media. Post-Budget, the in-depth analysis starts streaming in.

However, at the end of the day, companies have to go beyond just finding out what’s been announced. They have to consider current trends, existing laws and how everything interrelates. Whatever’s announced in Budget 2018 must be put into context.

And that’s where the Wolters Kluwer Malaysian Budget Conference 2018 comes in. Just like the Budget itself, our conference is an annual affair, yet it’s anything but routine. There are plenty of other conferences going on out there, but let me tell you the Top 3 Reasons why you should come to OURS:

1. Extensive coverage: Our conference contains sessions that cover every important topic currently hotly discussed amongst tax professionals. From the broader perspective view of the current economic outlook and Budget 2018 highlights, right down to in-depth discussion of tax and GST audit processes. We look at the latest tax audit trends as well as the ongoing developments of international tax compliance matters.

2. All-inclusive: We get together the best minds from professional practice, the corporate industry AND the academic profession industry to discuss the topics mentioned above. Our priority is to ensure you get quality, substantive discussions from a variety of perspectives and expert viewpoints.

3. Practical and forward-looking: Our conference is focused on practical knowledge, whether it’s finding opportunities, learning how to minimise risk and making every Ringgit count. Look out for tips and tricks as our speakers impart useful guidance on handling the various critical issues that pop up in the tax world.

Just to give you one example, we all know that the Inland Revenue Board of Malaysia (IRB) are constantly looking for ways to boost the government coffers. Naturally, a key approach is to clamp down on non-compliance. As such, tax audits are expected to gain momentum even as we speak.
Fortunately, we’ve made the effort to get the authorities on our side to help us out. Joining us from the IRB in an exclusive session will be Pn Koh Sai Tian, the head of the Large Taxpayers Branch. Together with Soh Lian Seng of KPMG, we expect her to give us valuable insights into how the IRB will go about their audits and their direction. This is one session you cannot afford to miss!

We could go on and on, but if you have never attended this annual event before, you should start now. Get in touch with us now, our Annual Wolters Kluwer Malaysian Budget Conference is an event we are always proud to bring to you, as it is an experience to remember. We hope to catch up with you at this year’s edition!

See you there!

Hong Kong's Public Consultation on BEPS Implementation

A public consultation on the implementation of base erosion and profit shifting (BEPS) measures proposed by the OECD was launched by the Hong Kong government on 26 October 2016. 

The top priority in the package put forward by the OECD is to monitor the implementation of four minimum standards: countering harmful tax practices, preventing treaty abuse, imposing country-by-country (CbC) reporting requirements, and improving the cross-border dispute resolution regime.

BEPS: Multinationals must be ready

Transfer pricing has always been an avenue used by many multinationals to reduce their tax liabilities, albeit in a legal manner. Different jurisdictions have differing tax regimes and frameworks. Large companies can do a massive amount of business throughout the world, but, thanks to some smart profit-shifting arrangements, end up booking most of the profits in jurisdictions with minimal tax.

The speedy growth of e-commerce and the digital economy has made it easier for companies to grow beyond their traditional boundaries, and the need for governments to clamp down on loopholes in the international tax system has never been more apparent.

It is pretty much an accepted fact that most of the existing tax rules were designed in an era where there was very little economic integration between countries, and with a high reliance on physical property, plant and equipment. To keep in pace with the current era, tax rules must change and jurisdictions across the world must collaborate and work together,

The Wolters Kluwer Budget Conference... an experience in itself!

The Budget 2017 announcement is less than one month away, and Wolters Kluwer is on the ball. This year, we're pulling out all the stops to ensure you get the most out of our annual Budget Conference.

Wolters Kluwer has gathered together prominent figures from all the major international professional firms, key government officials and representatives from the corporate world. They'll cover everything from the Budget 2017 highlights, the latest developments on BEPS and transfer pricing, tax issues and strategies, GST insights and developments, as well as planning and takeaways for businesses as we look to 2017 and beyond.

Make sure you reserve your spot quickly!

What else do we have in store? Well, once the Budget has been announced, we're opening the floor for all of you to ask us related questions through our Facebook page. If there's anything you would like us to discuss, anything that you feel needs to be given more emphasis, let us know and we'll let our expert panelists address them. We're not going to presume to know what you consider important. if there's any Budget-related issue that's critical for you, tell us!

Aside from what you'll hear at the conference, we also plan to compile electronically a collection of Thought-Leadership articles on Budget 2017, articles written by our respected speakers and authors for you to digest and think about.

Last year's edition of the ever popular Budget Booklet. Get a
complimentary copy of the 2017 edition at our Budget Conference!

Finally, to round it all up, those of us who join us for the conference will also receive a free entry to an exclusive half-day Tax Forum on tax saving tips for 2017! Yes, this is a complimentary seminar which acts as a follow up to the Budget Conference, leaning towards the practical aspects of tax planning.

Value enough for you? I'll just say this: if there's one Budget Conference you plan to be going to this year, it should be this one.

Our excellent team will be around to help you with everything you might need.

The Wolters Kluwer Budget Conference 2017. An experience in itself.

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Sign up here or through our regular and enjoy a 10% off if you register by 31 October 2016! From there, you'll also be able to download the brochure to find out all you need to know.

See you there!

Meeting your CPE requirements in Singapore

As we approach the last quarter of the year, most of you professionals out there will be checking to make sure you are on track to satisfy all your professional requirements for the year or three-year period. We hope that you haven't waited too long though to start tracking your CPE hours. If you suddenly find you are still a long way towards fulfilling those requirements, the end of the year could start looking very near indeed!

Each of you would belong to a different association, and each association would have different requirements. It could get quite tricky, so here's a summary (click to enlarge):

Costly GST Mistakes that Businesses should Avoid - Part 4 - Services Invoiced to Foreign Customers

This is the final instalment of a 4 part series on GST written by Thenesh Kannaa, Partner of TraTax Malaysia
(Speaker for the upcoming Wolters Kluwer workshop, GST Health Check: Ensure Compliance - Avoid Costly Mistakes held in Kuala Lumpur on the 21st of July 2016)

The previous three instalments can be viewed here:

• Part one: Contractual terms
• Part two: Price displays
• Part three: Property investors

Services invoiced to foreign customers

When a GST-registered business invoices a foreign customer for a service, the structure of the GST Act 2014 suggests that the fee would be subject to GST at the standard rate of 6% unless the criteria to apply the rate of zero is met. There are 27 different provisions pursuant to which a service fee may be zero-rated. One such provision is paragraph 12, Second Schedule, GST (Zero-Rated Supply) Order 2014. Para 12 allows a service fee to be zero-rated where all of the following criteria are met:

New Website. Not Just a Makeover.

Our newly redesigned website has a clean uncluttered design, enhanced content and improved search functionality to allow you connect better with us online.
 

Key features of the website include:

• Interactive & Mobile-Friendly – We want to encourage more use of the online platform to deliver efficient, friendly and responsive service to you. With our interactive website you can reach us and access information and services easily and quickly on any mobile device.
• Integrated – From software solutions to online subscription services to authoritative and accurate content, you will find it a breeze to browse through our offerings and what you need.
• User-Friendly eStore – We present a new online store so that you can purchase books, ebooks and make bookings for our popular seminars and workshops easily.

Visit us at:
Malaysia l  www.wolterskluwer.com.my    
Singapore  l  www.wolterskluwer.com.sg

Spotlight on - Tan Liong Tong

Those of you in the Malaysian accounting world no doubt know of Professor Tan Liong Tong. Whether it's his reference books or his technical seminars, Professor Tan has dedicated a significant portion of his life to imparting accounting knowledge to students and working professionals alike.

He has been involved in many of our recent accounting-related publications here in Malaysia, and his books are constantly in high demand. Not only does he covers standards as a whole, such as the Malaysian Financial Reporting Standards and the Malaysian Private Entities Reporting Standard, he also zeroes in on specific complex topics such as financial instruments and deferred taxation.


At the same time, he is one of our key speakers for accounting related events, covering many topics from implementing new standards and adapting to the latest changes in existing standards.

Companies Bill 2015 – Doing business will not be the same anymore

A comment by Dr Aiman Nariman Binti Mohd Sulaiman, Professor at the International Islamic University Malaysia and author of Malaysian Company Law: Principles and Practices:

(Speaker for the upcoming Wolters Kluwer (WK) seminar, “Companies Bill 2015 – Doing Business Will Not Be The Same Anymore” to be held at Concorde Hotel, Kuala Lumpur)

The Companies Bill 2015 contains wide ranging reforms including the introduction of several provisions that impact on shareholders’ right to participate in decision making and directors’ authority to manage the company’s business.There are also changes in relation to meeting rules and procedures. 

Corporate Tax Audits and Voluntary Disclosure Routes

An article by: Renganathan Kannan, Partner of TraTax Malaysia

(Speaker for the upcoming Wolters Kluwer workshop, Navigating through Corporate Tax Audits & Investigation – Taxpayers’ Fundamental Rights held in Kuala Lumpur and Penang)

The Prime Minister, YAB. Dato' Sri Mohd Najib Bin Tun Abdul Razak has announced plans to enhance revenue collection and reduce tax leakages as part of the recalibration exercise of the 2016 Federal Budget. In order to reduce tax leakages, the Inland Revenue Board of Malaysia (IRB) plans to double tax compliance and audit efforts on tax evaders as well as give special consideration on relaxation for penalties on taxpayers who come forward and declare their past years’ income and settle their arrears before 15th December 2016 vide voluntary disclosure routes. The IRB issued an Operational Guideline (GPHDN 1/2016) on 10-02-2016 in line with the Prime Minister’s announcement on 28-01-2016.

Tax audit is an essential element of any self-assessment system. During the audit process, with is carried out with the objective of increasing the rate of voluntary compliance, the IRB applies numerous techniques and tools to examine the taxpayers’ records, financial affairs, documentations, substance of documentations and business practices.

The importance of a tax diagnostic review

On the 11th of December 2015, we're launching a new workshop for our Singapore-based customers!

Mitigating Tax Risks Through Tax Diagnostic Review