Being fellow entrepreneurs ourselves, we know from first-hand experience that taxes aren’t fun. A vast majority of Malaysian small and medium enterprises (SMEs) rely heavily on their finance and accounts team to spearhead the company’s tax planning efforts. Unfortunately, a tax-savvy accounts staff is quite rare and hard to come by…and if you’re lucky enough to find one, they are often not cheap!
SMEs without a specialised tax professional on staff who is fully conversant with all the tax deductions available usually end up paying more unnecessary taxes than they should, resulting in lower profit after tax. Even worse, claiming the wrong tax deductions can result in underpaying taxes, which could ultimately lead to hefty penalties imposed by the Inland Revenue Board (IRB).
In most cases, it is the SME business owner who is left struggling to fork out the money needed to foot the tax bill in the end. This nightmare is bound to happen again and again, until the business owner manages to tackle the root cause of the problem.
This is where TaxPOD, or Tax Professionals on Demand, comes into picture to help you pay the right amount of tax – no more, no less!
TaxPOD is an online tax advisor platform created by YYC Group’s team of seasoned tax professionals who are intimately familiar with the tax frustrations faced by SMEs. Granting unlimited access to knowledge that would typically require a seasoned tax professional on staff, TaxPOD’s offering is divided into three pillars of content.
The first pillar consists of a series of masterclass videos that cover essential tax treatments needed for any business, including downloadable course materials and proven case studies demonstrating the application of tax planning knowledge in real world scenarios.
The second pillar of content is monthly live update classes that serve to inform you on the latest tax updates, covering income tax matters, real property gains tax, stamp duty, or even SST, giving you the best means to maximise tax savings and avoid applying outdated tax treatments.
Last but not least, TaxPOD offers unlimited access to educational tax webinars to maximise tax planning knowledge, allowing business owners and their accounts or finance teams to learn at their own pace.
When it comes to tax planning, we can’t stress enough that prevention is always better than cure. The best time for a company to do tax planning is before anything is cast in stone, or in other words, before a transaction has happened. Business owners who understand essential tax concepts coupled with the support of a tax-savvy accounts team could most certainly save the company a great deal of unnecessary tax.
Getting a tax consultant in Malaysia isn’t cheap and neither is regular training for staff to remain conversant with current tax laws, which is why TaxPOD came into place. TaxPOD acts as an affordable, comprehensive education platform for SMEs to educate business owners and their finance or accounts team on the latest, critical details on tax compliance – be it income tax, withholding tax, sales tax or service tax – so that SMEs in Malaysia can carry out effective tax planning.
With TaxPOD, business owners can actively carry out tax planning on a consistent and regular basis, rather than passively expecting their accountants or tax agents to save tax for them. Staying abreast with changes in tax regulations would also allow businesses to eliminate unnecessary tax penalties that could come from non-compliance.
The TaxPOD platform and its curated tax content is created by an experienced team of accredited accountants and tax professionals at YYC Group with over 75 years of collective experience in tax compliance and tax advisory work across several industries.
With YYC Group’s large SME client base, the TaxPOD team understands the growing pains, challenges and the various scenarios faced by different SMEs. Our team is capable of advising on tax treatments to help you eliminate unnecessary tax and ensure compliance.
For more details, check out our website at https://taxpod.my/plan-tax/ or drop us an email at firstname.lastname@example.org.
** We have a dedicated team of staff providing quick response and excellent customer service. Feel free to contact us to find out more.