Audit-ready Payroll Software Poster
The LHDN (Inland Revenue Board) is responsible for taxation in Malaysia. With audits, the Board reviews a company’s financial statements, records and tax returns to:
- Verify the company’s tax filings
- To detect underreporting or overreporting of taxes
- To flag tax evasion
Consequences of non-compliance in an LHDN audit can be severe, which can harm a company’s credibility and reputation. A company may face fines or penalties for misreporting their taxes. In case of tax evasion or fraud, the LHDN can take legal action.
To avoid penalties, it is important for companies to maintain accurate financial records and ensure accurate tax filings. These processes can be automated with audit-ready payroll software.
Learn more by downloading the following poster!
