TAX 001 – Understanding of Malaysian Taxation & Effective Taxation Planning

TAX 001 – Understanding of Malaysian Taxation & Effective Taxation Planning

Category:

Finance & Account/ In-House Programs/ Malaysia Taxation/

taxation and planning 2

Price

Duration: 2 Days

Lectures: InHouse

Certificate of Completion

INTRODUCTION

Taxpayers (especially companies) have to be conversant with tax planning, since the Self Assessment System demands that all Tax Forms and Returns have to be properly complied with the requirements of the Income Tax Act 1967. Tax planning is an issue that is receiving close attention from the Inland Revenue Board and the impact on the taxpayers, as it is now the responsibility of the taxpayer to derive the chargeable income and pay the resultant tax thereon.

Objective

Participants should be able to acquire sufficient (not exhaustive and comprehensive) knowledge on the types or classes of

income,
expenses,
exemptions,
incentives,
Capital allowances, that need to be considered in deriving at chargeable income, for their respective companies.

Who should attend?

Tax Executives, Managers at/of various levels, Directors, Accountants, Human Resource Personnel, and anybody interested in company taxation

CURRICULUM

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Day One

Module 1: Basis of Malaysian Company Taxation System

Taxability of Receipts and Gains
When is Income Taxable?
When is Income not Taxable?

Module 2: Maximization of Deduction of Expenses

Deductible Expenses
General Deductions – S33
Business Deductions – S34

Module 3: Double Deduction of Expenses

Expenditure Qualifying for Double Deductions
Approved Training
Advertising Expenditure on Malaysian Brands
Promotion of Export Services Rules

Module 4: Non Deductible Deductions

Minimize Non-Deductible Deductions
Capital Expenditure verses Revenue Expenditure
Entertainment Expenditure
Interest Restriction

Day Two

Module 5: Capital Allowances

What is a Plant?
Concept of Qualifying Expenditure
Allowances Available
Balancing Allowance & Charge
Timing of Assets – Acquisition and Disposal
Assets under Hire Purchase
Assets under Leasing
Treatment of Unabsorbed Capital Allowances
Timing of Assets – Acquisition and Disposal
Assets under Hire Purchase
Assets under Leasing
Treatment of Unabsorbed Capital Allowances

Module 6: Industrial Building Allowances

What is Industrial Building?
Allowances Available
Balancing Allowance & Charge

Module 7: Overview of Tax Planning

Case Study/Exercises

Exercises related to ‘Real’ Scenarios

Price

Duration: 2 Days

Lectures: InHouse

Certificate of Completion