Marilyn Monroe "7 year itch" movie to remind taxpayer on keeping sufficient record !

Throw your documents?! STOP! THINK TWICE!

01Why I need to keep records?

When IRB comes for tax audit, all the records and supporting documents have to be readily available

02Basic requirement on record keeping

Records have to be able to explain on the transactions either in manual or electronic form or both

Throw your documents?! STOP! THINK TWICE!

If you have time read Public Ruling 4/2000 Keeping Sufficient Records for Companies and Co-operative.

http://lampiran1.hasil.gov.my/pdf/pdfam/PR4_2000.pdf

Public Ruling 5/2000 Keeping Sufficient Records for Sole Proprietor and Partnership

http://lampiran1.hasil.gov.my/pdf/pdfam/PR5_2000.pdf

Otherwise watch Marilyn Monroe - 7 year itch to remind taxpayer duty to keep sufficient records.

03Why I need to keep records?

When IRB comes for tax audit, all the records and supporting documents have to be readily available

04 Basic requirement on record keeping

Records have to be able to explain on the transactions either in manual or electronic form or both

05Example of records & documents

Records :  Cash book, bank records, sales/purchase ledger/general ledger

Documents  : Bank statements, cheque butt, sales invoice, supplier invoice, official receipt, payment voucher, salary listing

06How long to keep?

7 YEARSbegins from the end of the year in which the ITRF is filed.

07Where to keep the documents?

1. Registered office or

2. Business premises in Malaysia

3. What if operations outside Malaysia?

- Documents must be in Malaysia when requested by LHDN

08Failure to keep records:

Penalty: Min. RM 300 to Max. RM 10,000 or imprisonment for a term not exceeding 1 year or both