Amsyari Shakur provides advice to investors on tax

PETALING JAYA: Some would say taxes are not important because there is no benefit in paying them, according to AMACC Corporate Services Sdn Bhd manager Amsyari Shakur, who said this is the main factor that causes many to default their tax payments.

“We should always look at the positive side of taxes. Imagine if tax did not exist in the structure of our national economy, the government will have difficulties in establishing and managing the country,” said Amsyari.

He said there are many who are not concerned with abiding to the Income Tax Act of 1965 act, including sending in the submission form after the deadline, which is set on April 30th every year.

“The cases of fraud and not declaring the actual income in the report are common and this carries heavy risks and punishments,” said Amsyari.

He said many investors fail to grasp the full knowledge needed regarding accounting and taxation, and that sufficient knowledge can help prevent the various penalties imposed on the individual.

“The attempts to evade tax will usually be detected by IRB officials, who has already been specially trained to tackle such situations.

“Individuals who have a lot of rental income can choose to open a business entity. The requirements to maximise the expenditure that can be used to reduce taxes.

“Individuals who have a home and have the intention of selling their home should know when to carry out the transaction. For example, if they choose to sell their home in the fifth year, it is wise to postpone the sale of the house to the following year.

“This is because the rate of capital gains tax for individuals on the sale of home in the sixth year is zero as compared to selling the house in the fifth year, in which the individual is required to bear the real property gains tax rate of 15%.

“As a real estate investor or as a tax-payer, they should choose to be wise in matters of accounting and taxation. Do not choose to evade taxes because the compound will be very detrimental to you,” he said.

Amsyari concluded by stating that a smart real estate investor is always one who is wise to plan with knowledge and experience when it comes to clearing their taxes.

Amsyari spoke at the Konvensyen Hartanah held by Starproperty.my at KL Sogo.

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