Tax Planning for Malaysian SMEs

Income Tax may be the least favorite topic for small business owners, but it's one of the most important. Income Tax is a major cost of doing business in Malaysia. Therefore, tax planning to reduce the tax cost is very essential for companies. This seminar will provide participants with practical guide in various tax planning tools for companies.

The facilitator will also share his vast experience with participants on the practical issues that may be encountered in SME corporate tax planning.

Companies have to be conversant with tax planning and management, specifically so since the Self Assessment System demands that all Records and Returns have to be proper and need to comply with the requirements of the Income Tax Act 1967. Tax planning and management is an issue that is receiving close attention from the Inland Revenue Board and its impact on the companies as taxpayers, as it is now the responsibility of the taxpayer to derive the chargeable income and pay the resultant tax thereon.

Participants should be able to acquire sufficient knowledge on the types or classes of income, expenses, exemptions, incentives, capital allowances, which needs to be considered in deriving at chargeable income, for their respective companies.

Directors, Accountants, Tax Managers and Executives involved in company taxation

Day 1

9.00am-10.30am
Session 1, Basis of Malaysian Company Taxation System
• Income Tax Act 1967
• Taxability of Receipts and Gains
• When is Income Taxable?
• When is Income not Taxable?

10.30am-10.45am Break

10.45am-12.30pm
Session 2, Maximization of Tax Deduction of Expenses
• Allowable/Deductible Expenses
• General Deductions – S33
• Business Deductions – S34

12.30pm-1.30pm Lunch

1.30pm-3.30pm
Session 3, Double Deduction of Expenses
• Expenditure Qualifying for Double Deductions
• Approved Training
• Advertising Expenditure on Malaysian Brands
• Promotion of Export Services Rules
• Any other area of consideration

3.30pm-3.45pm Break

3.45pm-5.00pm
Session 4, Non Deductible Deductions S39
• Minimize Non-Deductible Deductions
• Capital Expenditure verses Revenue Expenditure
• Entertainment Expenditure
• Interest Restriction

Day 2

9.00am-10.30am
Session 1, Capital Allowances and Charges on Plant & Machinery
• 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

10.30am-10.45am Break

10.45am-12.30pm
Session 2, Industrial Building Allowances
• What is Industrial Building?
• Allowances Available
• Balancing Allowance & Charge

12.30pm-1.30pm Lunch

1.30pm-3.30pm
Session 3, Company Taxation Illustration
• Adjusted Income
• Statutory Income
• Aggregate Income
• Total Income/Chargeable Income

3.30pm-3.45pm Break

3.45pm-5.00pm
Session 4, Case Study

• Questions and Answers

Power-point presentation, Lectures, Illustrations, Interactive Discussions