INTRODUCTION FOR ESSENTIAL MALAYSIAN TAXATION
In today’s changing business conditions, understanding essential tax procedures and financial management will enable individuals to take advantage of tax savings. Amongst other things, tax payers have to understand the mechanics of digital filing system for features like e-Daftar, e-filing, PCB and Bayar Hasil. All the efforts may come to naught if the company has not been fulfilling its obligation as a taxpayer diligently and carefully.
Tax payers should also ensure that proper information are filed and not missed out due to either lack of sufficient information or sheer ignorance. By acquiring this knowledge, individuals can gained real savings as tax payers and also learned effective for personal financial management.
Who should attend: Open to all who seek to understand basic Malaysian income tax, and knowledge on proper various key tax filing procedures.
COURSE OBJECTIVES
On completion of the programme, participants will be able to:-
- Understand the mechanics of eDaftar & tax efiling system.
- Computing chargeable income for a given year of assessment for individuals and companies.
- Understand the importance of efiling forms for individuals
- Understand features of BayarHasil
- Understand and prepare calculation for individuals for self assessment system and corporate tax for companies.
COURSE CONTENT
Day 1 : Fundamental of Tax System and Procedures
Overview Of Malaysian Taxation
- Tax Revenue In Year 2022
- Profile Of The Inland Revenue Board (IRB)
- Taxes Under The Preview Of The Inland Revenue Board
- Basis Of Malaysian Income Tax
- Taxation System In Malaysia
Mechanics of eDaftar and eFiling – Part 1
- Self-Assessment System (SAS)
- Accessing eDaftar
- Derivation and taxability of employment income
- Tax Residency
eFiling – Part 2
- Relief claims and Form PCB/TP1
- 2022 Malaysian personal tax return filing and timeline
- Tax payments
- MTD as final tax
- Offences and Penalties
Types of tax deductions in eFiling
- Capital Expenditure Versus Revenue Expenditures
- General Deduction Test
- Examples Of Deductible And Non- Deductible Expenses in tax forms
Day 2 Budget 2022 & 2023 Overview and Preparatory Procedures
Overview of Budget 2023
- 2022/2023 Budget proposals relating to tax changes and impact to individuals
- Maximizing tax benefits under the Stimulus Packages
- Tax audits and penalties
Preparatory Procedures
- efiling procedures
- Understanding Form EA for employees
- Maintaining and keeping supporting receipts for tax deductions.
- Types of using payment options for BayarHasil
- Steps and apps for keeping receipts.
- Case study & common mistakes.
Preparation of income tax for individuals
- Types of sources of income (taxable and non taxable sources)
- Navigating e-filing system
- Understand latest personal tax deductions and rebates available.
- Understand importance of keeping tax records.
Preparation of tax for corporations
- Understand and apply rules of deductible expenses for corporation
- Understand which tax expenses are non-deductible
- Understand the concept of Capital Allowance rates for assets.
- Prepare calculation schedule for capital allowance and unabsorbed capital allowance carried forward and brought forward.
- Prepare and calculate chargeable income, taxable income
- Understand special tax incentives for reinvestment allowance,
- Case study and practical exercises
