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Bosses and entrepreneurs, it’s time to declare and pay your company tax! 😇 Anyone doing business will want to maximise profits and revenues for sure. However, when the profit (which is chargeable income) is higher, more corporate tax needs to be paid. But wait, do you know you can actually do tax planning to reduce your tax rate? Here are some tips you may refer to and consider. 🧐 Take advantage of tax incentives: The Malaysian government offers various tax incentives to encourage investment in certain industries or activities. These incentives may include reduced tax rates, tax holidays, or accelerated depreciation. It's worth exploring whether your company qualifies for any of these incentives. 😁 Claim all allowable deductions: Make sure you're claiming all the deductions that you're entitled to under Malaysian tax law. This could include deductions for business expenses such as rent, utilities, and employee salaries. 🤩 Optimize your business structure: Depending on your company's size and structure, it may be worth considering whether a different business structure (such as a limited liability partnership or a sole proprietorship) could result in lower taxes. 😉 It's important to note that tax laws and regulations can change over time, so it's always a good idea to consult with a qualified tax professional before making any major tax-related decisions. You may ask: “How do I update and equip myself with all the latest tax updates?” TaxPOD is your best partner to access all the tax knowledge you need to strategise your tax planning. You can view all the videos and attend our latest tax update webinars to smoothen your tax- saving journey! 🥳 Hit the “Book Now” button to request a FREE TaxPOD demo now! 😎