VBlog #70: Mr.Tan Hooi Beng, Executive - Director of Advent Tax Consultant ... Rockwills Malaysia Will Writing Malaysia Estate Planing ... Malaysia Will Writing & Online Rockwills Estate Planning Professional Blog - 29 Sept , 2010
Speaker#3: Mr. Tan Hooi Beng
Profile: Executive-Director of Advent Tax Consultants Sdn Bhd
Topics#3: Practical Tax Planning Strategies for You and I
Q1: We all HATE to pay taxes but is minimizing tax a LEGAL thing to do ?
A1: There are three ways of minimizing tax
1. Tax avoidance -- this one will cause you hefty penalty from IRB
2. Tax evasion -- this one sends you to JAIL
3. Tax mitigation -- this one is absolutely LEGAL
Q2: Malaysians had broadened their business overseas, how can they safe on taxes?
A2: If they operate international business in Malaysia, tax is heavy. By using offshore vehicles, they can safe taxes in the legal way. Tax exemption is possible if they have offshore companies and can prove that the income is from international business.