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Field Audit

FIELD AUDIT IS INTEGRAL IN SELF ASSESSMENT OF TAX RETURN?

Client’s challenge

  • The client may be encountered by the field audit unexpectedly.
  • The process would be time-consuming which exert tremendous pressure to handle IRBB officer while managing the business activities.
  • Difficulties to negotiate with officers
  • Substantial penalties will be imposed if the IRB officer does not satisfy with the explanation.

KTP Insight…

Prevention is better than cure, KTP is willing to educate the client for their better understanding of tax compliance as well as appropriate record and documentation.

What KTP can do?

Pre-audit: Be prepared! We will assist the client to identify potential tax risk and propose a precaution strategy. Keeping record is an essential part of the preparation of tax return and we used to educate the client to keep sufficient documentation in order to avoid unnecessary cost and burden. Be prepared before IRB come to you.

During field audit: Once received the letter from IRB, KTP will take immediate action to assist client for the tax audit preparation. KTP is committed to assessing the IRB findings, liaise with an officer with the most appropriate response.

After-audit: KTP will review the record and do the critical reflection to provide proactive advice to the client. Besides, KTP will assist the client to prepare an appeal letter to request for the least tax exposure and penalties.

Impact

After submission of the appeal letter and further explanation, the Company had saved about RM 36k.

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