With income tax filing services you can get professional guidance, it’s that time of year again when tax records land in our mailboxes, and advertisements for tax software litter our email inboxes and social media feeds.
If you’re wondering whether you should do your taxes or hire a tax professional, the answer is, it depends on your situation. Usually, the more complicated your return, the better off you’ll be going with a specialist.
In Malaysia, there are different types of taxes such as Personal Income Tax, Corporate Income Tax, Sales and Service Tax, Customs Duty, Local Tax, and Goods and Services Tax (GST). While taxes are involuntary fees, there are numerous advantages following the implementation of taxes. Some of the advantages are funding government investment, funding for the nation’s development, and distribution of wealth among citizens.
Firstly, taxes received by the government can be used to fund the government’s expenditures to run the country. The expenses include paying the salary of government servants to give services to the citizen. Some of these services are like medical service (doctors, nurses, and pharmacies), army, police, firefighters, judges, as well as professors like teachers and school administration. On top of the salary, the taxes also pay for the operational expense of running hospitals, schools, federal roads, government offices, etc. including paying for the country’s monarchs and politicians to run the federal governments.
As income tax can be important for your income, it is quite natural to think about the advantages of income tax and filing returns for the taxpayers. If you are wondering the same, here are some advantages of income tax filing services you should know about-
Address proof
One of the important advantages of income tax is that the tax assessment documents work as address proof. There are various documents such as passport, visa application, license, etc. You are required to present address proofs. Standard proofs like ID cards are usually not valid for such documents. Your income tax documents can be used in such cases.
Nation-building
Taxes is one of the key sources of income for the government, the money collected in the ex-chequer is used for building infrastructure and other development activities. The government spends the collected money on defense, healthcare, infrastructure, education, and launching several schemes for the masses.
High-value investment
High-value investments like buying a property are reported to the IT department. When you pay taxes and file returns, these transactions can be recorded and substantiated as per your income. As you can see, there are many advantages of income tax filing and paying income tax. Play your role in nation-building and experience all the other advantages listed above by knowing your tax liabilities and paying them on time.
Anyone can prepare their own return. Some people prefer to handle income tax filing on their own no matter how challenging their tax situation gets. But just because you can doesn’t mean you should. The tax professionals may be able to prepare your return in a fraction of the time you would take to prepare it yourself. The experts might reveal deductions, credits, or other tax strategies you aren’t aware of that could significantly reduce your tax bill.
Bispoint Group gives complete business and financial resolutions for small & medium-sized enterprises in Malaysia (SMEs). We offer a full range of services, including company registration, accounting, income tax filing services, SST compliance, and financial due diligence. With expertise, our team of highly skilled professionals offers swift implementation of solutions. Currently, we have more than 70 dedicated teams including Chartered Accountants, managers, supervisors, and junior associates in our offices to serve more than 1000 private companies.
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