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17 review for Tax Audit and Investigation - Case Study Approach - Tax 067S

  1. 5 out of 5

    Ktp

    Good points for tax audit & investigation by MIA by Mr Chow 1. Field audit procedure (see slide #16) Taxpayer show presentation slides on • Background of company • Business and global operations • Management structure • Accounting and record keeping system especially on related party transaction. • Key personnel during tax audit • Location – records, manufacturing, related party 2. Exit interview • What IRB has done • What IRB will do 3. Retention of documents : 5(6) years. Keep agreement/contract after 5( Good points for tax audit & investigation by MIA by Mr Chow 1. Field audit procedure (see slide #16) Taxpayer show presentation slides on • Background of company • Business and global operations • Management structure • Accounting and record keeping system especially on related party transaction. • Key personnel during tax audit • Location – records, manufacturing, related party 2. Exit interview • What IRB has done • What IRB will do 3. Retention of documents : 5(6) years. Keep agreement/contract after 5(6) years 4. Tax investigation • New tax investigation framework is out wef 1/10/2013. No more penalty table • Freeze bank account – discuss with officer on cash requirement on daily operation and produce cash flow statement 5. Practical issue for tax investigation is good 6. Capital statement • Steps : • Pin down the year involved. • Start with current year net assets. • Begin with b/f • Watch out timing difference on capital gain or loss on unit trust/share/golf membership • IRB Trigger factor YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 TOTAL Declared income Tax adjustment Tax payable Tax rate = sum of declared income/sum of tax payable. • Technique o Minimize net assets o Maximise net liabilities o Loan vs gift (IRB may dispute it is gift instead of loan) o Specific omission (dividend/loan/director advance) o Under table money (which is added back) in s/b tax. So exempted in personal level? o Nominee o Advance to director • Mean test o Sum of increase in net assets (b/f to YEAR 6) o MINUS sum of reported income (b/f to YEAR 6) o 7. Amended return form (see slide #53) • Addition tax – s77b + 15.5% penalty Reduce tax – s131 no penalty no interest 8. Trend in IRB • Transfer pricing • PCB • Withholding tax • Criminal tax 9. Form error (see slide #73) • Form C – withholding tax and related party • Form MNE • Form withholding tax • CP58 10. Voluntary disclosure (VD) checklist (see slide #86) 11. Others • Tax calendar (see slide #49) • Attend to tax enquiry – cooperative, act in good faith, documents • Tax risk management

  2. 5 out of 5

    Maisarah Rahizam

  3. 5 out of 5

    Clleong

  4. 5 out of 5

    Sri Teik

  5. 4 out of 5

    Stephy

  6. 5 out of 5

    Yusuke Ozeki

  7. 5 out of 5

    Imran

  8. 4 out of 5

    Chow

  9. 4 out of 5

    Joke

  10. 4 out of 5

    Kirito Hiew

  11. 4 out of 5

    Tyc

  12. 5 out of 5

    Wong Yien

  13. 5 out of 5

    Low Gee

  14. 5 out of 5

    Angelia Liew

  15. 4 out of 5

    Joanne Yeo

  16. 5 out of 5

    You Mun

  17. 4 out of 5

    Yee Hwa

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