Tax planning and minimising tax liability legally

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.

Law Law Latest News, Law Law Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Israelis rally in three cities against Netanyahu legal reformsCritics say proposed reforms will cripple judicial independence.
Source: malaysiakini - 🏆 20. / 51 Read more »

No-contest motion in line with general assembly rules, says Ahmad MaslanPETALING JAYA: Legal advice was sought and the motion of no-contest for the top two posts in the upcoming Umno party polls is in line with the party’s general assembly rules, says Datuk Seri Ahmad Maslan.
Source: staronline - 🏆 4. / 75 Read more »

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
Source: theSundaily - 🏆 25. / 51 Read more »