- Pengurusan Saujana is a consulting company Details of Tasks Carried Out

that provide company secretary services

covering all areas of the company secretarial - During my industrial training, I have learned
such as establishment of company (sdn many things about the real working
bhd), business registration, preparation of environment. On the first day, I have been
business accounts and as well as audit and placed in tax department and I have learned
tax services. many skills.
Mission
- Pengurusan Saujana has offers tax services
 To expand the scope of services covers the for individuals and companies. All individual
north area and provide an excellent
that conduct business (sole propriertorship
professional service that inspire immense
respect and confidence in assurance and and partnership) must responsible and were
corporate consulting services. required under the Income Tax Act 1967 to
 To intensify the promotion of the services keep their records of documents completely,
offered by the company through print and correct, orderly and sufficiently in order to
electronic media. enable the business profir or loss determined.
 To provide our clients in the most efficient
manner by understanding their business
- Income tax is imposed on individual
goals and objectives.
taxpayers who engage in activities whether
Vission employed or commercial or both of them.
 Continued efforts to seek excellence in
services provided. - Income tax is a type of tax imposed on
 Determination to continue to serve as earnings earned from payroll done by an
dynamic service agency, responsible and individual and profit gained from commercial
competitive. activities performed by an individual and
 Provide the best service and give satisfaction entity.
to clients.

 Accounting Service - In Pengurusan Saujana, I have given a

Prepare financial management reports for chance in doing the tax job.
the clients as well as provide other value and
services such as reporting on the variance - I have got the opportunity to prepare the tax
between budgets and actual figures. computation schedule, capital allowances
schedule, tax recoverable schedule,
 Audit Services
reconciliation of qualifying and non qualifying
Perform due diligence audits on business
entities involved in mergers and acquisitions. expenditure schedule, deferred tax summary
schedule, deferred tax computation schedule
 Taxation Service and also disclosure items schedule.
Provide taxation compliance and advisory
services to corporate clients, partnerships,
sole proprietorships, expatriates and
Malaysian individuals.

 Company Secretarial Service

Perform the duties of the company secretary
as provided incorporation of companies,
registration of foreign companies,
registration of and so on under the
Companies Act 1965.
Introduction to Selected Issues Discussions of the Issues

 On 1 January 2005, the Inland Revenue a) Unmanaged of Taxation

Board Malaysia (the IRBM) has implemented  Assets of a company or business are the
the self-assessment tax system (the SAS) on most important item that incurred while
individual taxpayers in order to promote tax computation process.
voluntary tax compliance.
 Based to the client business, they are not
 Under the SAS, individual who has income aware and understand to the capital
accruing in or derived from Malaysia are allowance although the allowance is
required to disclose taxable income honestly, profitable to their business.
compute tax payable correctly, file tax return
form and pay tax on a timely manner.  In this situation, many of the business did
not manage their turnover of assets.
 This new strategy require taxpayers to take
more responsibility for getting their tax  The problem exists when the company or
returns correct since the information which business sold the asset such as vehicle,
they provide in their returns will be accepted machine, building and other assets for
by IRB. less than 3 years of ownership.

 As a result, taxpayers must have sufficient  In this case, the advantages of the
tax knowledge in order to assess their tax allowance will be summoned and they
liability correctly and to file tax return forms need to pay back the allowance that has
on time in order to avoid the penalty. been given.

 However, some of the taxpayers did not b) Client’s Tax Liability

consulting a professional when it comes to
prepare their own income tax.  The significant problem faced by client is
also to manage their tax liability.
 Some taxpayers may not benefit from the full
of deductions available to them.  This problem happened when the clients
does not aware to the measurement that
 They also might not tracking deductible provided by IRB to manage their tax and
expenses which is a common tax problem control the amount by the applied tax
encountered by small businesses. This is planning.
often happens as a small business owner
pays for business expenses with their  Even though, the functions of the tax
personal funds. planning is to manage the business
income with the purpose of eliminating
 For example, they may use their own cash and minimizing tax liability, but most of
when travelling for business purposes. the company not take advantage of the
tax planning.

 Most of the companies prefer not to do

the tax planning for their business
because the tax planning need to be
handled with high understanding of
taxation ruels and regulation and this task
will increase the cost and times for
taxation service and lot of intention need
to give.
 The client cannot take advantage of taxSuggestion to Overcome the Issue
planning system where there are no tax
strategies.  Unmanaged of Taxation
 In this case, the clients need to manage their
 This situation will lead to the business that business wisely in term of assets turnover.
has higher tax liability where they are
need to pay the tax in large amount at  They should consult with the tax consultant
specific time. in term of purchase and sold of assets
because it will affect the tax charge of client
c) Unsupported Figure income and capital allowance schedule.
 In achieving the lowest tax charges, the  It is important to the client to know the
allowable expenses that categorized to affect of the sold of asset even that can
deductible expenses and specific deductible affect their income whether profit or loss bcs
expenses are the important part to reduce this situation will involved the balancing
the chargeable income for the certain year. charge and also balancing allowance.
 All this expenses will involve the  The complexity of taxation will need the
documentation process and will be used as client to refer tax consultant to understand
evidence if the account is inspected by IRB. the computation process and also to gain
deduction for their tax charges at minimum
 The problem is the clients not keep the level.
document of the deductible item wisely.
 The cooperation given by the client with the
 A case happened to Pengurusan Saujana transparency of information of their assets
where a client was inspected by IRB of their position will make the taxation process is
account for the year end December 2003 more easy and avoid of waste of time and
and the client were penalize because of the cost for both of the tax consultant and client.
failure of the company to provide the
evidence such as receipts and bills, EPF
statement, agreement and other documents.
 Client’s Tax Liability Additional Skills Required
 Tax planning is the choice for the individuals  There are a lot of skills that can be
and companies to reduce theirs tax liability. discussed during my internship.

 By the planning for their tax, they can take  First, this training helps me a lot in
advantage of the avoidable schemes building my confidence so that I get to
avoidable in the Income Tax Act 1967. see how the real working life works.

 Based to the Choong Kwai Fatt in Tax  On the other hand, it sharpens my
Planning for Malaysian Employees, tax communication skills as I get to expose
planning is a series of measures taken by myself communicating with variety of
taxpayer to manage his or her income people from various managerial levels,
sources with the objective of eliminating, from managers to normal colleagues and
minimizing or defer tax, but within the ambit team members.
of the legislation.
 Other than that, it helps to improve my
 By the tax planning system, the business can understanding of fields that I had learned
claim the deduction of expenses, tax relief, when degree studies such as accounting,
rebate and many other deductions to taxation and secretarial.
decrease tax charges by the rules and
regulation provided by IRB.  This training also helps to enhance my
problem-solving skills. Throughout the
 If the tax planning system which is based on taxation process, I can think critically,
the company’s budget is effective, the logically, creatively and analytically in the
company will have benefit and the can application of knowledge and suggest
manage their finance. possible solutions to taxation issues.

 Unsupported Figure  This training also improves my computer

 As the importance of document keeping for skills as I learn more computer functions
accounting process, the document keeping and shortcuts while being an intern here,
or file keeping is also important for the tax especially in Microsoft Excel.
purpose.
 Most importantly, internship training
 The clients need to know and identify of teaches me to be professional at work, be
every document that will be used for it in the form of my attitude, discipline,
taxation process. communication skills or the way I dress up
to work.
 This is because of the entire amount or
figures whether for allowable expenses,
relief, rebate and many more will need the
evidence to support in case of inspection by
IRB.
Conclusion

 The wealth of knowledge and experience

that I have gained during this industrial
training period has helped me to get a
clearer picture of the career path in the
accounting professions.

 Other than that, the practical training has

also enabled me to cultivate a good
relationship between the company’s staff and
me.

 Our good rapport has given me the

opportunity to form a relationship with off-
campus professional staff as well as gain the
exposure to the real working environment.

 The most crucial element of this training is

that I able to integrate the classroom
knowledge and theory with practical
application and skills developed in this
training or community settings.

 The industrial training can provide a wide

range of industrial training experience and
knowledge for students to apply in the real
working environment.