Every company will be assigned with directors who are responsible to oversee the management of the business, make operational and strategic decisions of the company as well as to ensure that the company meets all the statutory obligations.
It is crucial to understand the tax liabilities for being a company director as civil suit can be taken against the director if the Company fails to settle the tax due.
Meaning & liability of director under Income Tax & RPGT
Reference: Public Ruling No.2/2019
Liability of director under Sales & Services Tax
When the company is in winding-up status, the directors will still be liable for any outstanding taxes if the company’s assets are not sufficient to settle the amount.
Have you ever encountered these:
"You have no profit when there are sales?"
"When there is profit but no cash flow?"
"When the business is stuck in the economic crisis
hence having difficulties to survive?"
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