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TPL 001 – Tax Planning for HR Practitioners

TPL 001 – Tax Planning for HR Practitioners

Category:
Human Resource / In-House Programs / Tax Planning /
TPL 001 - Tax Planning for HR Practitioners

Duration: 2 Days
Lectures: InHouse
Certificate of Completion

Introduction

Employment Taxable Income and having a sound knowledge on associated or related matters in the form of allowances, benefits in kind, exemptions, and deductions are crucial for the employer. Understanding and taking advantage of the various tax provisions can create additional value by optimising tax savings for both employers and employees. Any tax efficient remuneration package should provide ‘taxable benefit’ for both employers and employees.

Objective

  • understand types of benefits in kind (BIK) and perquisites that attract tac for employees
  • understand whether an employer can claim full tax deductions for all monetary and non-monetary benefits
  • know the duties and responsibilities of both employer and employee with regard to tax
  • identify and explore the various tax benefits for employees
  • plan a tax efficient remuneration package for executives
  • know the various tax reliefs and rebates given to employees
  • know how to compute personal income tax
  • learn the tax treatment of gratuity and compensation paid to employees
  • know the latest tax developments and case laws relevant to treatment of income tax

Who should attend?

Managers, HR Managers & Executives, Tax Agents/Advisors, Tax Specialists, Tax Accountants, Finance and Administrative Managers, CEO’s, Directors, Financial Controllers Company Secretaries Bankers Financial Planners Advocates Solicitors, Business Entrepreneurs

CURRICULUM

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Day One

  • Gross salaries, wages, leave pay
  • Fees, commission, bonus, allowances, overtime, gratuity, others
  • Perquisites
  • Benefits in Kind (BIK)
  • Living in accommodation provided by employer
  • Refunds from unapproved pension funds
  • Compensation for loss of office

  • Recruitment/retirement of employees
  • Monthly tax deductions scheme (PCB)
  • Dealing with foreign workers/non-residents
  • Determining resident status for employees
  • Procedures for withholding payments
  • Types of return forms/How to fill up the forms – Form E/EA/BE
  • Non-compliance consequences
  • Overview of Self-Assessment System (SAS) for individual taxpayers
  • Tax audit and tax investigation

  • Planning for tax efficient remuneration package
  • Pitfalls/traps to be avoided when planning remuneration for executives/directors
  • Valuing non-monetary and monetary benefits provided to employees
  • Maximising tax reliefs and rebates given to employees
  • Tax treatment of gratuity and compensation paid to employees
  • Designing an effective tax computation system

  • What is meant by BIK?
  • Ascertainment of the value of BIK

Day Two

  • The distinction between perquisites and BIK
  • Types of perquisites and the tax treatment
    • Employees pecuniary liabilities
    • Credit card facilities
    • Loan interest
    • Recreational club membership
    • Tuition or school fees of child
    • Insurance premiums
    • Gardener, driver, domestic help or guard
    • Scholarship
    • Waiver of loan or advance
    • Assets provided free of charge or sold at discounted prices
    • Gift vouchers
    • Gift of personal computers
    • Excellent Public Service award
    • Professional subscriptions
    • Income tax of the employee borne by the employer

  • Tax treatment of living accommodation benefit provided to employees and service directors
  • Computation of value of living accommodation
  • Circumstances in which the value of benefit can be reduced

  • Under what circumstances compensation for loss of employment arises?
  • Distinction between payment for compensation and payment for gratuity
  • Computation of taxable benefits

  • Heywood vs. CIR
  • Exxon Chemical (M) Sdn. Bhd. vs. KPHDN
  • Other Malaysian tax cases