Finance Minister had tabled the Budget 2019 in the Parliament on the 2nd of November 2018. But one thing is still pending: Businesses and Accounting Practitioners still have yet to receive the Finance Bill 2018.
Isn’t that Budget has been tabled? Why do we still need the Finance Bill?
That is because the Finance Bill provides in detail how the proposed Tax Amendments and Changes will be made.
Most of the time, Budget speech made by the Finance Minister only covers excerpt of the Tax Changes, many of the Tax Changes can only be found out in detail in the Finance Bill.
That’s by far the most reliable Official Document for Businesses and Accounting Professionals to take note of. Businesses need it to be able to plan or arrange their resources to suit the overall trend that is set for the nation in the year ahead.
More importantly, Businesses need it to be able to, together with their Finance Team and Tax Professionals to plan or to take advantage of the Tax Perks for their taxes that is to be filed in the year ahead. That would mean a substantial Tax Savings and to avoid taking any unnecessary Tax Risks.
This is vital so as to preserve valuable Time and Cashflow, which is the life and blood for the survival of a Business and to ensure the Business stays competitive.
Proper Businesses now prefer Tax Planning
After many years of being exposed to tax audit and investigation, proper businesses are getting more tax savvy and now prefer to plan for the right amount to be taxed, ideally nothing more, nothing less. Everything is within its expectation. This is indeed a true Win-Win, and safe situation. More importantly peace of mind.
Those that are not are prone to paying not only more taxes or underpaid their taxes with the mindset of “don’t want to pay the Government that much”, but also promoting the unhealthy, or rather an illegal culture of the so called “Creative Accounting”, which is illegal in the eye of law and can be very tiring if kena Tax Investigation; not now, but in years to come.
One big problem
Businesses and tax professionals who attend budget seminar prior to publishing of finance bill by parliament is in for a very “on the surface” type of tax seminar. It can be very time and $$$ wasting.
We are grateful that we selected end of November as the first session for our budget seminar (ie. 28 & 29 Nov 2018 – SOLD OUT). It is very important for us to ensure we can give seminar attendees great value and proper tax planning.
We are on a continuous look out for the finance bill and suggest you wait first before rushing into attending any seminar before that so that you are not wasting valuable time and money. By the way last session of our budget seminar will be in January 2019. l be in January 2019.