Our economy is now facing the new normal way of doing business which has never been seen before. Before we could react and adapt to the new era, businesses must survive through this period of hardship. Due to the Movement Control Order ["MCO"] implemented by the Government since 18th March 2020 to curb the spread of COVID-19 pandemic, some businesses have encountered zero or minimal cash inflow while continue paying full salary, rental, statutory payments and interest to banks, etc.
On 18th March 2019, which is exactly one (1) year before the MCO started, Bernama reported the Inland Revenue Board's concerns: "Why the taxman couldn't refund RM486 mil last year". There were obvious reasons cited as to why the refund could not be made. Though not mentioned, there are also reasons peculiar to each taxpayer that cause the delay in getting the tax refund, such as lack of documentation or follow up, ongoing tax audit, etc.
Having cash is a key requirement for a business to stay solvent. When a business no longer has sufficient cash in hand to settle its commitments, it will result in insolvency despite the fact that it may still have profits in the course of the business.
We believe that every business should utilise all of its avenue to accelerate its cash inflow and that should not only be restricted to those owing by debtors but also from other available resources such as income tax and Goods and Services Tax ["GST"] refunds.
We, Moore Advent, have a dedicated team who specialises in expediting the income tax and GST refunds for our clients. We have in the past successfully assisted our clients with significant amounts of refunds within a shorter timeframe. Please feel free to reach us if you require our specialty in assisting you to get back your cash while you are focusing on your businesses.