The role of Employers and officers in a management capacity extends beyond merely complying with Monthly Tax Deductions which on its own can often be quite complex. There have been numerous amendments to the Income Tax Act in recent years in relation to Employment Income and how Employers must comply with the requirements on them. This includes the completion of Forms E and EA, the rendering of Income Statements to Agents and Distributors, and specific notifications to Revenue. With the wider application of “Related parties”, especially in respect of Income Recognition, Basis Periods, and Gratuities, differing categories of persons receiving income of the same nature may need different treatment. One major change is that certain kinds of accrued non-business income may now be liable even without being received. Understanding all the relevant aspects is hence more crucial than ever for corporate management and payroll personnel as it affects the tax liability that employees would be exposed to.
This one-day workshop will cover not only employee-liabilities and the duties of Management but also the exposure of the directors themselves to tax obligations and penalties where there is a failure.
What you’ll learn
At the end of this workshop, you will:
Who Should Attend?
This workshop is suitable for:
- Tax Managers/Professionals
- Financial Controllers/Finance Directors/Managers
- Tax Managers/Professionals
- Employment Income - When does an Employment subsist, the 5 Categories, and how they are to be quantified
- Definitions of Remuneration & Perquisites
- Latest Amendments: Basis Periods, and Payments to Related Parties
- Revised Treatment of Gratuity where exemption if not available
- Monthly Tax Deductions – an Overview and the Principles
- MTD formula for normal & additional remuneration – A Practical Case Study
- Reliefs & deductions, all 24 of them
- Specialised employment situations
- Secondment and Serving abroad
- Exemptions when Serving in Malaysia for less than 60 days
- New Section 77C - Deduction as a final tax
- The contents of the Return Form E and Form EA
- Employers’ obligations & responsibilities
- Offences, Penalties, and Effective Appeals
- Crucial Amendments to the Law and Procedure
Vincent Josef began his career with the Inland Revenue Board in 1968 and over the next 35 years, he served in various Branches, earning himself a wide command of the numerous demands of Malaysian taxation. Prior to his retirement in 2003, he was with the Operations Division of the Board Headquarters where he held the position of Assistant Director General. With his 47-year presence in taxation, Vincent Josef manages his own practice providing taxation consultancy services on Tax Audits and Investigation matters and “Problem Resolution”. He recently wrote a book “Tax Audit and Investigation Guide – Malaysia” published by Wolters Kluwer and also serves as a Consultant Editor for the Malaysian Master Tax Guide series.