Budget 2024 Insights
The Malaysian 2024 Budget, which is themed “Madani Economy: Empowering the People”, was announced on...
Introduction
The Inland Revenue Board (“IRB”) launched the Tax Corporate Governance Framework (“TCGF”) on 1 March 2022. Subsequently, the IRB issued a media release on 15 April 2022 announcing the publication of the TCGF and accompanying guidelines.
The introduction of the TCGF is part of the IRB’s initiative towards adopting a co-operative tax compliance process that is both fair and effective in Malaysia. The key takeaways of this programme are outlined below.
Tax Governance Framework
Corporate governance encompasses the rules, relationships, systems and processes under which decisions are made and authority is exercised and controlled within an organisation. It comprises the mechanisms by which businesses, office holders and those in control are held accountable.
Tax governance is a subset of corporate governance. A strong tax governance framework sets out the processes within an organisation to identify and assess tax risks, as well as the appropriate actions to mitigate the impact of those tax risks. An effective tax governance framework can cultivate a level of confidence that the organisation is reporting and paying the right amount of tax. This will provide greater certainty to the Tax Authority in terms of tax risk management and reporting by the business entity.
To-date, the IRB has published the following documents on its website on 15 April 2022.
Feel free to download the full version:
For more information, please contact:
Celine See
Tricor Services (Malaysia) Sdn Bhd
Director, Business Development
Tel: +6 03 2783 9191
Email: [email protected]
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