Many small firms have poor record-keeping practices, says Taxand

(From left): MICCI executive director Stewart Forbes, MICCI president Simon Whitelaw, Malaysian Anti-Corruption Commission deputy chief commisioner Datuk Mustafar Ali, MICCI chairman Bill Lisle and Jagdeep at the event.

KUALA LUMPUR: Local small businesses have poor record-keeping practices although there are signs they are slowly adopting compliance rules.

Taxand Malaysia chairman Dr Veerinderjeet Singh said there was a substantial level of poor accounting practices among local small businesses compared with multinational companies based here.