Every ringgit counts, especially in today’s world – and businesses are surviving through a highly competitive business landscape.
Regardless of business industries, from start-ups to well-established enterprises, businesses are constantly seeking new ways to optimise financial strategies and maximise profits.
Throughout YYC’s professional studies, it was observed that two key aspects such as the opportunity for efficient learning of tax knowledge and effective tax optimisation planning were often overlooked.
Essentially, enabling effective planning of tax impacts day to day business transactions and offers opportunities for businesses to significantly reduce their tax burden, save on tax expenses and eventually have more fluid cash flows for business growth.
In an ever-changing business environment, there’s bound to be uncertainties that every business will experience, and that’s where a digital learning platform like TaxPOD comes to the fore.
TaxPOD is a digital specialised tax platform developed by YYC aimed at aiding businesses in solving tax issues, as well as helping fellow entrepreneurs learn how to save actual money on tax.
TaxPOD offers bite-sized, practical tax advice and unlimited access to decades worth of tax-saving knowledge via educational videos and live webinars, to assist local entrepreneurs, business owners and their supporting teams.
As a professional tax firm with almost 50 years of experience dealing with SMEs on day-to-day tax-related matters, YYC believes that while tax is a crucial aspect of our economy, businesses should not pay more tax than is necessary.
Now, you may be thinking, “Can’t my tax agent or finance staff handle tax-saving matters?”.
A very common misconception that many have is that tax-savings can be done after transactions have been made. However, studies have shown that this is not true and demonstrates bad governance.
While tax agents may be able to help businesses with their taxes, it is usually too late for any form of tax-saving initiatives to be carried out once transactions have already been made and invoices have been documented.
At this point, finance staff are only able to help on matters pertaining to tax filing and auditing.
Tax-saving practices should be implemented at or before the point of transaction.
When an invoice is billed, it is impossible for suppliers to make changes on the invoice description to enjoy or be entitled to tax deductions – especially if the invoice was billed much earlier.
For example, recently a stationery supplier cash sponsored RM20,000 for a non-profit organisation’s annual dinner. However, this contribution is not tax deductible and cannot be changed once the invoice has been made.
While this is unfortunate, it could have been avoided if the supplier was aware of TaxPOD’s expert tips, such as to have a booth set up during the event and to negotiate for promotion opportunities at the event with the organiser.
A simple action as such will make the cash sponsorship of RM20,000 be considered as fully tax deductible. This would have enabled them to contribute to charity while enjoying tax savings at the same time.
If the above mentioned incident happens often, it would make sense that many entrepreneurs and finance staff tend to declare more tax than necessary, to avoid any problems or penalties that may incur.
Recently, a business owner was reported to have overpaid RM500,000 in taxes due to the lack of knowledge and expertise in tax estimation of the owner and his team.
The Inland Revenue Board (LHDN) does not pay back any interest on overpaid taxes, which makes paying more than you should an unnecessary and costly practice.
Although the business owner was able to obtain a refund of the excess from LHDN, after an extended period of time, the delay resulted in massive issues for the business as it coincided with the movement control order (MCO) period.
These are just some of the many handy tips that business owners could learn via TaxPOD, with loads of valuable insights, tax planning strategies and tax estimation solutions, all broken down into bite-sized educational videos that can be accessed anywhere or anytime.
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No one wants to be the last person to know the news. If you are also the type of person who likes to keep up with the latest updates, then you should explore the most popular feature of TaxPOD – its unlimited series of monthly tax update classes.
TaxPOD is the only tax learning platform in Malaysia that offers tax update classes every month to ensure all subscribers are kept up-to-date with the latest changes in tax laws.
According to records, there were a total of 202 tax updates for the year 2022 alone.
The updated information ensures that TaxPOD subscribers have the upper hand on the latest tax updates from LHDN and Royal Malaysian Customs Department every month, which can further increase the chances of saving more money for their businesses.
TaxPOD also offers bonuses to ensure it benefits all subscribers, such as exclusive bonus webinars for valued subscribers every month.
This ensures that subscribers always stay up-to-date with the latest developments by focusing on the hottest and trending topics of each period. Currently, TaxPOD is offering a series of bonus webinars on the current hot tax topic – Special Voluntary Disclosure Programme 2.0 (SVDP 2.0).
As a finance professional, you can also subscribe and provide continuous value add to your career by utilising TaxPOD’s educational resources to become more well-informed.
The hundreds of videos and numerous live tax webinars in TaxPOD also enable finance professionals to claim CPE hours for their professional development.
If you’re interested to learn from TaxPOD’s tax experts, you can join the upcoming free tax sharing session titled “Don’t Let Taxes Ruin Your Business” with YYC Group’s tax practice leader, Zen Chow.
In this session, you will learn more about how tax affects company development and growth through several real-life case studies.
If you have made tax mistakes in the past, this is also the best chance for you to learn how to effectively utilize the SVDP 2.0 to rectify your tax mistakes with a 0% penalty.
Chow is a highly experienced and licensed tax agent by LHDN and the Finance Ministry, as well as a fellow member of the Malaysian Institute of Accountants and the Chartered Tax Institute of Malaysia.
With more than 17 years of experience in tax compliance and tax advisory across various industries, Chow is a passionate speaker who actively shares his knowledge through tax-related talks and seminars.
His topic of expertise includes company tax planning, personal tax planning, tax investigation, Malaysian annual budget analysis and the latest tax developments.
> Physical sharing session at Sime Darby Convention Centre: https://bit.ly/thestar-815-physical
>Virtual sharing session conducted via Zoom: https://bit.ly/thestar-815-virtual
If you would like to find out more about TaxPOD, you can claim a TaxPOD demo voucher at https://bit.ly/taxpod-demo-thestar or contact 011-16687309 (Whatsapp: https://wa.link/p1f6x5).
The free demo voucher is only applicable for the first 50 participants.
