Malaysia Tax Agency Issues New Tax Audit Frameworks for Finance, Insurance, Petroleum Industries

The Malaysian Inland Revenue Board May 1 issued new tax audit frameworks for the finance, insurance, and petroleum industries. Topics covered include: 1) relevant legal provisions and definitions; 2) years of assessment for tax audits; 3) methods and criteria for case selection; 4) the procedures for implementing a tax audit; 5) the rights and responsibilities of audit officers, taxpayers, and tax agents; 6) penalties for omissions or shortfalls in income declarations; 7) rules for taxpayers to lodge complaints against audit officers; and 8) the procedure to appeal tax assessments. The frameworks replace the tax audit frameworks issued in 2019 and …