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Account, Audit, Tax, Advisory
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KTP & Company PLT

by KTP & Company PLT
1036 views @ 01-Nov-2017


Corporate Advisory Services We are committed to help clients perform better in todays dynamic business environment. - Corporate Advisory Services in Johor Bahru.

Auditing, consisting primarily of auditing and accounting services, is at the heart of our business. While the traditional audit approach focuses on numbers and accounting issues, we proactively create value by offering business solution. At the heart of our audit practice is our spirit of transparency, a culture of accountability and services delivered by people of integrity.

KTP & Company provides assurance on the financial performance and operations of your business. We can also help your business improve its external financial reporting and adapt to new regulatory requirements, such as the Financial Reporting Standards (FRS). Our audit clients include many emerging Malaysian companies. Our audit approach can also be tailored to meet the needs of your organisation no matter big or small.

In every case, the audit is underpinned by our industry knowledge and skilled professionals. As a firm, we are helping clients respond to the need for greater transparency, improved corporate governance, and business models based on the principles of sustainability.

Statutory audit provides assurance on the reality and fairness of an organisation’s financial information; advice on controls and processing system weaknesses; confirmation of accounting treatments on complex transactions.

We also help in identifying internal control weaknesses and make recommendation for better control.

Due Diligence

Due Diligence involve investigation work with a certain level of standard and due care toward a business or person prior to signing a contract. It can be a legal obligation, but the term will more commonly apply to voluntary investigations. A common example of due diligence in various industries is the process through which a potential acquirer evaluates a target company or its assets for acquisition.

Accounting services such as preparation of profit and loss accounts and balance sheets, schedules of cash receipts and payments, and debtors on an ageing basis. We also provide payroll services for executives to ensure confidentiality.

We combine the right people, processes and technologies to help you gain maximum efficiency and achieve competitive advantage through outsourcing. We provide support to our clients on accounting functions, internal control and processes for substantial foreseeable benefits.

Our proven methodology captures new efficiencies that frees your resources and helps you focus your strategies to improve or transform your business.

Our principal services include the following:
Financial Accounting
Payroll for Executives
Human Resource Advisory

Taxation systems and incentives in Malaysia are the most diverse in the world. The region has a broad range of rates of corporate and individual tax. Under today's self-assessment environment, tax affairs require even greater focus and accountability. Entrepreneurial are compelled to keep updating with latest tax information.

At KTP Tax Consultants Sdn Bhd, we are in a position to assist businesses, individuals and organisations optimise tax efficiencies and strategies, implement innovative tax planning and maintain compliance whilst delivering a broad range of tax advisory services. We not only provide compliance services, but also the solutions to businesses.

The Inland Revenue Board of Malaysia is one of the main revenue collecting agencies of the Ministry of Finance. Our main services are corporate and personal tax advisory. We also provide services in application of wide ranges of grants and incentives especially for SME.

In Malaysia, tax incentives no matter direct or indirect, are provided for in the Promotion of Investments Act 1986, Income Tax Act 1967, Customs Act 1967, Sales Tax Act 1972, Excise Act 1976 and Free Zones Act 1990. These Acts cover investments in the manufacturing, agriculture, tourism (including hotel) and approved services sectors as well as R&D, training and environmental protection activities. The direct tax incentives grant partial or total relief from income tax payment for a specified period, while indirect tax incentives were in the form of exemptions from import duty, sales tax and excise duty.

To provide greater financial accessibilities, the government through its agencies offers various grants and incentives to the SMEs. Partial grants are provided to finance product, process and quality improvements, market development, skills upgrading, factory audit and acquisition of strategic technology.

Field Audit

Tax audit is conducted by the Inland Revenue Board (IRB) and its’ may be done randomly, or may be undertaken because the tax authority believes that there is a problem with the taxpayer’s return. If an audit finds an error or a misstatement on the tax return, the 21 taxpayer may have to pay the additional taxes as well as penalties.

Tax Appeal to Special Commissioner

Content a person has the right to appeal to the Special Commissioners of Income Tax (SCIT) only if he is dissatisfied with an assessment that has been made or deemed to have been made by the Director General of Inland Revenue Malaysia (DGIRM).

Tax Investigation

A tax investigation is carried out by IRB officers paying a surprise visit, is an examination by the tax authorities of the taxpayers’ business, records and documents to verify and assess that the correct of taxable income has been reported and the correct amount of tax had been paid by the tax payers in accordance with tax laws and regulations.

A visit, is an examination by the tax authorities of the taxpayers’ business, records and documents to verify and assess that the correct of taxable income has been reported and the correct amount of tax had been paid by the tax payers in accordance with tax laws and regulations.

The aim of tax investigations is to investigate taxpayers who are suspected to be involved in fraud, willful defraud or negligence in reporting their income. This including:-

Deliberate omission of any income from a return;
Making a false statement or entry in a return;

Giving a false answer (orally or in writing) to a question ask or to a request for information made for the purpose of the Act; Falsifies or maintain false book of account and records; In cases where fraud, willful defraud or negligence is detected, the IRB is empowered to revise the tax computations, taking into account tax lost beyond the 6 years of investigation notwithstanding that the taxpayer may not have records for those periods. Additional assessment will be issued to recover the tax lost, coupled with penalties, which can be up to 300%. In serious cases, or for repeated offenders, the taxpayer may be prosecuted and if he is found guilty, imprisonment of up to 3 years can be imposed.

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