Tax Audit For Lawyers

  • By AdminL
  • November 15, 2008
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By Jaspal Gill

 

This talk was jointly organized by the Malacca Bar and the Malaysian Institute of Taxation (Malacca Branch).The first speaker was Mr Gabriel Reuben Chua who spoke on the principles of Self Assessment which came into effect in the Year of Assessment 2004. He also spoke on the various types of penalties under the Income Tax Act 1967 that a firm may be charged in respect of wrongly computed income. The second speaker was En Abd Halim Bin Husin, and his topic was what a Tax Audit entails and what a firm should do in the event the Income Tax Department caries out a field audit. The final speaker was Mr A.V. Varan, the Chairman of MIT Malacca. His topic was Recognition of Income – Accrual or Receipt Basis and explained that under Section 24 of the Income Tax Act 1967, firms had to declare income based on an accrual basis for work done, and not on a receipt basis. He gave many suggestions of how firms which had submitted returns on a receipt basis previously could regularize their submission of tax returns.

 

26 members of the Bar, 8 pupils and 10 staff from legal firms attended the talk which was chaired by Mr Patrick Thong.

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