If there are choices available in the legislation, the taxpayer is not barred from taking advantage of the best available choice. theSun theSundaily business tax taxplanning liability TaxPayers
planning is the legitimate right of any taxpayer to manage and minimise his taxes within the legal framework. The tax legislation is very specific, and it clearly lays out what income or capital or transactions should be brought to tax.
In Malaysia, tax mitigation is permissible where taxpayers obtain a benefit by incurring a cost or suffering a loss, and the transaction is commercially explainable or there is a valid family reason for undertaking the transaction.Tax planning is a continuous process throughout the tax year.
Thereafter, taxpayers should consider taking advantage of tax incentives under the Promotion of Investments Act such as pioneer status incentive or investment tax allowance, or Income Tax Act such as reinvestment allowance.
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Tax planning and minimising tax liability legallyIf there are choices available in the legislation, the taxpayer is not barred from taking advantage of the best available choice. theSun theSundaily business tax taxplanning liability TaxPayers
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