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Do You Need A Tax Consultant For Your Business In Malaysia?

Taxation is one of the most important aspects you have to keep in mind when you are running a business. In fact, each business strategy and decision is impacted by the tax regulations in some way or another. Accounting firms in Malaysia help the companies in navigating these tax rules and regulations and ensure they comply with all applicable rules.


Engaging a professional accounting service in Malaysia can ensure companies have access to professionals who have years of experience in accounting practices and dealing with various tax policies and regulations. Such services can ultimately help companies in optimizing efficiency and profitability.


This post aims to help businesses in Malaysia in getting familiar with the benefits of hiring a tax consultant. Let’s start with some basics:

What is a Tax Consultant?

A tax consultant is a professional who deals with the tax rules and regulations, along with financial-related counselling for various types of business. Getting the services of a tax consultant is important to obtain reliable advice on tax-related matters. 


Moreover, tax consultants also have the up-to-date knowledge you will need to keep up with the evolving tax requirements at local, federal, and state levels. Hiring a tax consultant ensures companies enjoy all the available tax incentives in Malaysia and comply with all tax-related regulations.


Professional accounting services from a qualified tax consultant in Malaysia can help companies in the following matters:

1. Corporate Income Tax Compliance

There have been some significant changes in terms of the rules and regulations related to corporate tax in Malaysia. If you want to keep up with these regulations and ensure maximum compliance, you should hire a qualified tax consultant who is familiar with the working procedures of the Malaysian Inland Revenue Board to ensure the company is implementing the best taxation practices.

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2. Cross-Border Tax

The rules regarding cross-border taxation in Malaysia have become quite complex and strict in the last few years because more and more companies are now dealing with cross-border transactions and trade. However, these rules can greatly vary depending on country-by-country reporting and the nature of business. 


When you are running a business, it can be quite challenging to keep up with tax-related matters as you have to focus on many other factors. Therefore, it’s recommended to obtain an accounting service in Malaysia that can help you in ensuring full compliance with the cross-border tax rules.

3. Double-Taxation Agreement (DTA)

DTA is a legal contract that allows companies to avoid double taxation. Such agreements are typically signed by the cabinet ministers and hold great importance when it comes to getting different tax incentives in Malaysia. 


An experienced and professional tax consultant can help businesses in Malaysia easily get the benefits of these DTAs as they are well-familiar with the relevant DTAs that might be applicable to the business. Avoiding double taxation will ultimately help companies in saving a significant amount of money.

4. Real Property Gain Tax (RPGT)

If anyone generates income from the disposal of real property in Malaysia, he or she will have to pay the RPGT. This tax is applicable to non-residents as well. However, not every company and individual has complete knowledge about these types of taxes. As a result, obtaining a professional accounting service becomes important to get through the process easily.

5. Dealing with Inherited Money

If you have inherited money, whether it is a big amount or a small one, you should use the services of a professional tax consultant before filing your taxes. Although there is no specific inherent tax in Malaysia, it is important to prepare thorough documents that declare the assets of the deceased individual.  A tax consultant can help you in organizing these documents and ensure you get the inheritance without any hassle.

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In a Nutshell

When engaging a professional accounting service in Malaysia, make sure that the tax consultant of your choice has sufficient experience, knowledge, skills and qualification to deal with a wide range of tax-related matters. 

Similarly, companies should hire tax consultants who have experience in dealing with the relevant type of business. All of these factors play an integral role in enhancing the efficiency and reputation of the company and ensuring a smooth taxation process.