Field Audit and Tax Investigation is a time consuming process which can exert tremendous pressure on the company in handling both the IRB officers and managing its business operation at the same time. We can assist you in handling this process thereby minimising disruption to your daily business activities and enabling your company to fully focus on generating business profit. We also assist the company to negotiate with the IRB to settle the case with the least tax exposure and penalties.
How to Reduce Your Tax Exposure and Penalty
Under the current Self Assessment System, it is a matter of time taxpayers will encounter the Inland Revenue Board (IRB) Field Audit or Tax Investigation.
In view of this, taxpayers will inevitably be confronted with the question – Are you ready to face the impending visit from the IRB or have you taken sufficient precautionary measure to mitigate your tax exposure? In practice, most IRB visits will result in additional tax liability and penalties due to tax adjustments being made on income understated or expenses over claimed. As the saying in the market place goes, “The IRB will not return empty handed”.
Experience had shown that many taxpayers encountered cash flow problems due to the substantial additional tax and penalties. In fact, the IRB has taken the following adverse actions on some taxpayers to recover the additional tax and penalties.
(i) Forced sale of their assets
(ii) Company being placed under receivership or being wound up
(iii) Directors being made bankrupt and not allowed to leave the country
In view of the adverse effects on the taxpayers’ business, it is in their interest to do a pre-field audit on their financial records. As the adage goes, “Prevention Is Better Than Cure”.
How can we help you?
We have a team of experienced staff which is headed by Mr. A. B. Ng (Executive Tax Director) who can assist you in handling such cases. Mr. Ng has more than 30 years experience and exposure in this specialised area of service. Mr. Ng and his team have handled more than 300 pre-Field Audit, IRB Field Audit and Tax Investigation cases to-date.