[Online 6-Day] IAAP Diploma in Taxation Management
Course Information
  • 03-Aug-2021
  • Online
  • T. Seelan
  • English
  • RM 3400
  • 9:00am - 5:00pm

[01] INTRODUCTION Taxation knowledge is crucial and forms an important part of the training of an finance or accounting professional. Both companies and individuals need to be educated on their liability for taxes and debts under the respective Acts. This course is designed to help professional keep abreast with the latest development and current issues in taxation. It encompasses personal and corporate taxation (both direct and indirect taxes) and their planning. In Personal Taxation, the focus in helping companies and individual to maximize tax savings and thus developing an efficient remuneration structure. Through better understanding of tax exempted allowances and benefits and maximum relief from Income Tax Act and other government provisions. A detail understanding on Corporate Tax and Sales & Service Tax (SST) forms the crux of the Corporate Taxation. It prepares professionals dealing with the procedure, documentation and understanding on the tax liability and returns filing mechanism. Tax Planning is crucial for businesses as it analyzes a business' financial situation and strategizes a plan from a tax perspective. Proper tax planning can reduce tax liability. [02] COURSE OBJECTIVES (i) Personnel Taxation: • Understand what constitutes Employment Income • Able to articulate the duties and responsibilities of Employers, and the preparation of Borang E, EA, including Monthly Tax Deductions (MTD) • Designing a tax efficient Remuneration Structure (ii) Corporate Taxation: • Understand the responsibilities and obligations of the taxpayer with proper record keeping and documentations • Familiarised with important forms, i.e. Borang C, E, CP 204 and SST02/ SST02A • Be ready for Tax & SST audits (iii) Tax Planning: • Able to plan business expenditure to ensure maximum deductions while managing capital expenditures to obtain maximum allowances • Understand the fine points of classification and deductions • Basic knowledge on handling tax estimate and liability [03] LEARNING OUTCOMES • Gain insights into tax regimes, incentives while avoiding common misunderstandings, wrongful assumptions, pitfalls • Understand progressing and inter-dependent transferring mechanism with duties and cross state taxes • Understand the components of key tax return forms • Peruse the recent IRB Public Rulings and JKDM Guides • Grasp the essential mechanisms of IRB/ RMCD audits • Understand the sources of Employment Income, Tax Residency, Gains and Profits, Cash Benefits and Perquisites • Be exposed to tax implication on Benefits in Kind • Translate the tax perimeters into Return Forms E and EA • Be aware of the penalties on non-compliance [04] WHO SHOULD ATTEND Financial Controllers, General Management, Corporate Finance Advisors, Accountant, Account Executive, Account Clerk, Account Assistant, Tax Executives, Tax Preparer, those who are interested to venture into taxation-related disciplines [05] METHODOLOGY • Lecture • Practical Exercise • Gamification • Self-Evaluation Training • Role Play • Case Studies • Video Presentation • Assignment [06] DATE, TIME & FEE Dates: - (TS-01) Personal Taxation : 3 - 4 August 2021 (Tue - Wed) - (TS-02) Corporate Taxation : 11 - 12 August 2021 (Wed - Thu) - (TS-03) Taxation Planning : 18 - 19 August 2021 (Wed - Thu) Time: 9.00am - 5.00pm [HRD Corp Claimable] FEE: - Early Bird Offer (before 19 July 2021) - RM 3,000 - Special Offer (before 31 July 2021) - RM 3,200 - Normal Fee - RM 3,400 *Fee is inclusive of Course Notes, Exercises, Diploma Assessment, Certificates, Transcript & 6% Service Tax ** OFFER ** - 10% Cashback for SST2u Learner Card+ (SLC+) members. T&Cs applied. [07] COURSE FEATURES (TS-01) PERSONAL TAXATION DAY 1 [01] MALAYSIAN INCOME TAX SYSTEM • The Derived Income Basis • The Remittance Basis • Classes of Income • Chargeable Persons [02] EMPLOYMENT INCOME • Contract of Service or Contract For Service • Employment Income Deemed to Be Derived from Malaysia • Basis Period of Gross Employment Income • Gross Employment Income [03] TYPES OF INCOME • S13 (1) (a) Monetary Or Near Monetary Benefits • S13 (1) (b) Benefits In Kind (BIK) • S13 (1) (c) Value Of Unfurnished Accommodation • S13 (1) (d) Refund From Unapproved Pension Fund • S13 (1) (e) Loss Of Office And Entering Into Restrictive Covenant [04] DESIGNING AN EFFECTIVE REMUNERATION PACKAGE • Maximizing Exempt Allowances • Maximizing Exempt Benefits in Kind • Ensuring that Remuneration and Benefits are Tax Deductible to the Company • Traveling Allowances and Exemptions • Case Study [05] PERSONAL RELIEVES AND TAX REBATES • Relives Available • Relief Planning DAY 2 [06] RESIDENCE OF PERSONS UNDER INCOME TAX ACT • Residence Under S.7(1)(a) • Residence Under S.7(1)(b) • Residence Under S.7(1)(c) • Residence Under S.7(1)(d) • Impact of Tax Residence • Case Study [07] RETURNS • Types of Returns • Failure to Submit Returns • Extension of Time to Submit Returns [08] RETURNS BY EMPLOYER • Types of Forms E, TP1 and TP3 • Money Payable to Employee • Relief in Respect of Error or Mistake • Responsibility of an Employer • Responsibility of a Taxpayer • Offences and Penalties • Self Assessment System • Case Study [09] ASSESSMENTS • Introduction • Additional Assessment • Advance Assessment • Reduced Assessment • Composite Assessment (TS-02) CORPORATE TAXATION TAX ADMINISTRATION UNDER INCOME TAX AND SST • Overview of Income Tax and SST - Roles & responsibilities of taxpayers - How Income Tax and SST affects your business - Impact and consequences of legislation - Taxpayer rights/obligations under Self-assessment and SST • Filing and payment procedures - Payment of tax under instalment schemes - Payment under the SST system - Estimates of tax/revision of tax estimates - Penalty provision for failure to furnish estimates/submit tax returns - Submission of Borang C, E, CP204 and SST02/02A • Maintaining proper accounting records under Income Tax and SST - What constitutes sufficient records - Income tax guidelines to keeping sufficient records - Customs guide on record keeping - IRB public ruling and SST guideline - What supporting documents need to be kept - Consequences of failing to keep sufficient records - Area of focus by IRB and Customs • Tax Audit and Investigations - Types/objectives of IRB audit - Trigger points for audits - How taxpayers are selected for audits - Area of focus in field audit/Indication of fraud - Penalty provision for omission/non-disclosure - The Director General’s sources of Information • Concept of Reasonable Care [Section 114 (1A) ITA] - What is “providing reasonable care & assistance”? - IRB public ruling no: 7/2000 on providing reasonable care and assistance - Exercising Reasonable Care in practice to ensure Compliance (TS-03) TAXATION PLANNING [01] CORPORATE TAX PLANNING 1.1: Malaysia ’s Tax Regime and Tax Incentives • Overview of the tax regime, tax incentives and schemes • Practical application of the various incentives • Examine the recent developments and regulatory changes, and how they benefit your company 1.2: Tax Planning in Action • Work through “real life” case studies on how the recent developments may impact your tax outcome • Develop the analytical skills needed to identify planning opportunities • Discover planning techniques on how to defer or minimise taxes in a compliant manner • Tax planning versus tax evasion • Learn the interplay between tax and non-tax statues 2.1: How to Avoid Common Pitfalls and Penalties • Work through “real life” case studies • Address key application issues and commonly made mistakes • Exercise correct judgment on certain tax positions and avoid pitfalls and penalties • What are the options available to mitigate/reduce penal exposure [02] TRANSFER PRICING - COMPLIANCE AND INTERACTIONS WITH CUSTOMS & SST • Introduction to transfer pricing • Relevance of Transfer Pricing • Latest TP developments / updates in Malaysia • TP audit landscape in Malaysia • Audit processes and triggers • Common issues in TP audits • Appeal and dispute resolution processes • Interaction between TP and Customs Duty a) The different tax principles – can it be harmonised? b) What are the implications to customs duty when making a TP adjustment? c) Is TP documentation useful in a Customs’ valuation dispute? [03] WITHHOLDING TAX • Overview of the scope and rates of withholding tax • Responsibilities of the payer • Non-deductibility of expenses and disallowed capital expenditure • Withholding tax for royalty payments – with focus on the thin lines in interpreting the statutory definition of royalty • Withholding tax for interest payments to non- residents • Withholding tax for special classes of income (section 4A) – the wide statutory definition, and withholding tax on the related disbursements and reimbursements • Withholding tax for contract payments & the non-finality • Withholding tax for payments in respect of other gains or profits (section 4(f)) – the scope and its practical implications • Permissibility of re-grossing of payments • Rules for determination of residence status of the payee • Additional tax or tax refund for the payee (tax overpaid/ underpaid due to misunderstandings over residence status) • Brief overview of the role of tax treaties [04] OVERVIEW OF BUDGET 2020 AND LATEST GOVERNMENT INCENTIVES • Real Property Tax changes • Tax Reliefs [05] COVID 19 TAX ISSUES • Additional Deductions- • Service Tax Exemption • Accelerated capital Allowances • Import duty and sales tax exemption - Postponement of tax payments [08] SPEAKER PROFILE T. SEELAN Principal Consultant C.A. (M), FCCA, FFA Tharmaseelan C.A (M), F.C.C.A, MIAE has vast experience in the field of Accounting, Taxation, Internal Control Systems and Finance for almost 15 year in an international accounting firm and local consultancy firms. His career spanned across wide working experience and exposure in Accounting, Taxation, implementing Internal Control Systems and Finance in consultancy firms, a leading hotel in Langkawi and in a leading hotel training college. He has also developed Business, Accountancy and IT Programs with various colleges, and these programs are validated by foreign universities and professional Bodies. He was attached to a medium size audit firm as a Senior Audit Assistant before he moved over to an established international tax company where he held the position as a Tax Senior. He then joined an established professional firm as the Tax Manager where he oversaw the computation, submission and resolving tax issues for clients. His tenure with an established Consultancy as a Senior Consultant gave him the opportunity to designed internal control systems & implemented it. He also advised his clients on compliance with accounting standards and tax regulations. His last position prior to going into practise was as the Associate Director of The Business School where he was responsible for restructuring the Busines School and identifying suitable courses and obtaining accreditation from various bodies and universities. He is currently in practice offering his expertise and knowledge to corporate and professional clients, locally and worldwide. His specializations are in designing and setting up of Accounting, Taxation, Finance, Internal Control and Operational Systems as well as in performing Operational Audits. His well-esteemed clients include those in the hospitality, education, manufacturing and service-based industries. He has trained personnel from numerous private sector companies and the public sector, including MK Land Berhad, KULIM HI TECH Berhad, including, Majlis Bandaraya Shah Alam, Permodalan Nasional Berhad, Institut Jantung Negara, Tradewind Hotel Group, Bintulu Development Authority, Ritz Carlton Hotel, Putrajaya, IOI Resort, Majlis Perbadanan Sibu, Lembaga Urusan Tabung Haji, Tenaga Cable Industries, Yeo Hiap Seng, Kobe Precision, Eon Finance, International Islamic University, Petroliam Nasional Bhd, Progressive Insurance Bhd, Subang Jaya Medical Centre, The MINT Hotel, KLIA Pan Pacific Hotel, Bank Rakyat, Toshiba Electronics, UDA Holdings Bhd, Komag USA, Bank Industri & Teknologi (M) Bhd, PPB Group and TH Plantations to name a few. As a qualified Accountant, he is actively involved in conducting audit and financial courses. His experience brings him to faraway countries such as Vietnam, Brunei, Nepal, Uganda and Rwanda to train Accounting and Financial Professionals. He is also a regular training facilitator for 1. Malaysian Institute of Accountants 2. Certified Public Accountants of Australia 3. Malaysian Institute of Management [09] ABOUT IAAP The International Association of Accounting Professionals (IAAP) has been established to provide internationally recognised qualification for accounting professionals and, through that recognition, to enhance their status in the financial and business communities. Holders of a current IAAP membership certificate can enjoy the benefits of this international recognition in their careers. The IAAP ‘Accounting Professional’ also enjoys the prestige and status that is conferred by this title. IAAP is a wholly owned subsidiary of the prestigious International Association of Bookkeepers which is headquartered in the UK. The International Association of Bookkeepers (IAB) has over 10,000 members across 60 countries, and is one of the most prestigious not-for-profit organisations for professional bookkeepers in the world. Regulated in England by Ofqual (the Office of Qualifications and Examinations Regulation - a non-ministerial government department that regulates qualifications, exams and tests), the IAB is both a government-approved and a statutory supervisory body. Setting world-class standards, IAAP and the IAB offer students worldwide the chance to gain the very best financial qualifications – as well as lifelong skills. [10] ENQUIRY & REGISTRATION Enquiry: SSTcourse@gmail.com Contact: - Teo (011 - 3178 9203) - Logesh (012 - 503 0346) - Siti (012 - 383 8603) - Han (019 - 323 0507)