Why Do You Need A Tax Consultant For Your Business?

There is no denying the prominence of small and medium-sized enterprises (SMEs) in Malaysia. The Organisation for Economic Co-operation and Development (OECD) in its 2022 report stated that with SMEs making up 97.2% of all business entities, 38.2% of gross domestic product (GDP), and 7.3 million jobs, they form the cornerstone of the nation’s economy. Hence, small business tax planning is fundamental as it contributes to sustainable growth and financial stability.

What is Tax Planning?

In simpler terms, tax planning requires business owners to review their financial position or plan to ensure all components function seamlessly. Usually occurring once every six months, it aims to reduce as many tax obligations as possible. Under normal circumstances, a small business tax consultant is hired to offer professional advice on tax-related issues. Numerous specialized firms in Malaysia focus solely on different sectors of taxation including corporate, international, or personal tax, and indirect taxes such as the goods and services tax (GST) and value-added tax (VAT). Besides, many local accounting firms provide tax discussion services alongside accounting and auditing solutions as well.

The Role of Tax Consultants

Since small business tax advisory services cover more than comprehensive financial advice, it is common to see tax consultants take on multiple responsibilities. They possess the expertise to ensure businesses abide by all applicable tax rules and regulations via timely and accurate submission of taxes to avoid fines and legal problems. Tax consultants also provide strategic tax planning in addition to compliance through financial data analysis and legal tax liability minimization recommendations. This may include determining whether the business is eligible for credits, deductions, and incentives. When the authorities conduct an audit, they serve vital support by representing the company, answering questions, and ensuring the process runs impartially.

Hiring Tips

Before employing a small business tax consultant, determine the exact tax-related services you wish for – do you need assistance with tax preparation, filing your yearly taxes, or something else? Finding the correct personnel will be much easier if you know what your enterprise requires. Verify their qualifications and registration status with the appropriate Malaysian authorities, such as the Chartered Tax Institute of Malaysia (CTIM) or the Malaysian Institute of Accountants (MIA). Clarify the consultant’s fee structure, including whether they charge hourly rates, fixed fees for specific services, or retainer fees for ongoing advisory; compare multiple quotations if necessary.

On a final note, small business tax advisory assistance is very much needed to enable SME owners to get through the complexities of today’s taxation matters with ease. Proact Advisory & Solutions is excellent at offering personalized tax guidance services that guarantee optimal savings and compliance for the long-term growth of your business. Put your trust in our brilliant officers to enjoy unmatched financial strategy optimization skills and support. Call us now for more info!

Keeper My

Proact Advisory & Solutions Sdn. Bhd.
202101020979 (1421279-K)

Unit A-3-3A, Block A, 8 Avenue Business Centre, Seksyen 8, Jalan Sungai Jernih 8/1, Seksyen 8 Petaling Jaya, 46050 Petaling Jaya, Selangor, Malaysia.

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Phone Number

James Tan
+6012 927 6765

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Whatsapp

+6012 927 6765

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Email

jtan@bmiproact.com.my

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