Tax Audit (Desk/Field)                                       Tax Investigation

 

 

Years Coverage     : 1 – 3 Years                             Years Coverage     : Unlimited

                               > 3 years (got issue)

 

Notice Given          : 14 days                                  Notice Given          : Surprise

 

Interview               : Biz Activities                           Surprise Visit to      : Biz Premises

                             : Accounts / Records Keeping                                 : Residential

                             : People handling Records                                       : 3^rd Party premises

 

Actions                  : Examine Biz Records               Actions                  : Seize all records

                             : Inspect Stock / Equipment

                            

Extra Records        : Statement of Personal Bank   

(for sole/partnership)     : Properties purchase records

                             : Personal Expenses records

                             : Other Statements

 

Rule                       : Must have sufficient records

 

Onsite                   : 2 – 3 days normally or more

 

Propose adjusted   : within 14 days agree/disagree

                                for penalty charges

 

Time Frame           : within 3 months normally       

 

Issue                     : If new issue found in the YA, can be repeated

 

Penalty                  : 1^st Offense 45%

                             : Repeated Offense + 10%, but not more than 100%

                             : Others 100%, 300%

 

Payment                : The longer the repayment, the bigger the rate