Importance of record keeping for tax purposes

tax returns without supporting documentation is effectively a “death knell” for taxpayers. In such a situation, the taxpayer is just asking for trouble. The tax law is clear.

The taxpayer can also be prosecuted, and upon conviction, be liable to a fine of not less than RM300 and not more than RM10,000, or to imprisonment for a term not exceeding one year, or both. In light of the current actions taken by the Inland Revenue Board to prosecute taxpayers, taxpayers should take note of these provisions seriously.

For companies, the main requirement is to keep the underlying source documents such as invoices, bank statements, receipts for payments, payroll records, agreements, etc. It is also the normal requirements for the IRB to ask for general ledgers and where available, the debtor and creditor ledgers, documents supporting your stock movements, etc.

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