The IRB has recently issued the Tax Audit Framework on Finance and Insurance 2015 ("This Framework") in Bahasa Malaysia which takes effect from 1 June 2015.
The contents of this Framework are essentially the same as the Tax Audit Framework 2015 (issued by IRB on 1 February 2015), except for the following key changes:
i) This Framework is only applicable to taxpayers in the finance and insurance industries and the time frame for settlement of each tax audit are as follows:
ii) Tax audit on finance and insurance will generally cover one to three years of assessment;
iii) The provision of Monitoring Deliberate Tax Defaulters (MDTD) Program was not included in this Framework although it was listed in the table of contents on page ii; and
iv) Confirmation of the audit visit or the authenticity of audit officers, voluntary disclosure, complaint and application for instalment payments by taxpayers in the finance and insurance industries should be directed to the "Director of Finance and Insurance Unit" of the Large Taxpayer Branch (LTB) or the "Director of LTB" instead of "Branch Director".
Originally published in July 2015
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
