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Effective Tax Planning for SME Companies

Date: 19 & 20 November 2020, Thursday - Friday
Time: 9.00 am – 12.30 pm (3.5 hours/day)
Venue: Join us from your home / office and be trained in our Virtual Classroom

INTRODUCTION

In today’s inflationary times, the cost of doing business is escalating at an alarming rate. Amongst other things, tax payers including companies have to manage their cash and assets reserves in an optimum and efficient manner in order to carry on business. All the efforts may come to naught if the company has not been fulfilling its obligation as a taxpayer diligently and carefully.

In some instances, as a result of tax audits or investigations carried out the inland revenue board, the additional tax and penalties that are imposed on the companies leave them facing a great dilemma as there may be insufficient funds available to settle the tax liabilities. Tax payers should also look at mitigating their tax liabilities based on legal means that are missed out due to either lack of sufficient information or sheer ignorance. Suffice to say that knowledge gained at this course may be converted to real savings by tax payers.

OBJECTIVE

  • To understand the contribution that taxation makes to the government’s income, outline the various taxes imposed by the Inland Revenue Board.
  • Discuss the scope of charge for individuals and determine the resident status for individuals.
  • Understand the significant of the resident status for purposes of computing income tax payable.
  • Identify whether an individual is in business, distinguish between capital and revenue receipt.
  • Determine the basis period when the sources of income are taxable, identify business income available in business environment.
  • Compute chargeable income for a given year of assessment, identify various types of business deductions available to business.
  • Understand the difference between capital expenditure and revenue expenditure, advise types on capital allowances to business and finally Formulate tax planning strategies for company carrying on taxation.
  • WHO SHOULD ATTEND

    This course is designed for Financial Professionals, Accounts Assistant Manager or Executives who are interested understanding the application of company income tax so that they can make some decisions on their own and can participate in the income tax decisions of their business.

    METHODOLOGY

    Remote online learning

    PRE-REQUISITE

  • Good Internet / wifi connectivity
  • Laptop / smartphone
  • Headset with mic
  • COURSE OUTLINE

    Module Topic
    Module 1 Overview Of Malaysia Taxation

  • Tax revenue in year 2020
  • 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
  • Module 2 Income for Sole Proprietorship

  • Business period and year of assessment
  • Definition of a business
  • Wages of trade
  • Business income
  • Deductions against business income
  • Capital allowances on plant and Machinery
  • Industrial building allowance
  • Computation of statutory income from business
  • Module 3 Income for Partnerships

  • General
  • Evidence for existence
  • Date of commencement
  • Basis period
  • Types of partners
  • Tax computation
  • Sole proprietor admitting a partner
  • Changes to partnerships
  • Module 4 Employment Income

  • Characteristics if an employment
  • Malaysian derived employment income
  • Basis of assessment of employment income
  • Types of employment income
  • Exempted income
  • Allowable deductions from gross income
  • Module 5 Business Income

  • Badges of trade
  • Gross income from business
  • Derivation of business income
  • Commencement of Business
  • Basis Period
  • Adjusted and statutory income from business
  • Module 6 Business Deductions

  • Capital expenditure versus revenue expenditures
  • General deduction test
  • Statutory prohibited expenses
  • Specific prohibited expenses
  • Specific deduction expenses in the act
  • Double deductions
  • Examples of deductible and non-deductible expenses
  • Module 7 Company Taxation

  • Introduction
  • Computation of adjusted income from business
  • Approved donations
  • Income tax rate
  • Section 108 Account (dividend franking account)
  • Example of income tax computation
  • Module 8 Capital Allowances

  • Capital allowances on plant and machinery
  • Capital allowances on industrial building
  • Disposal of industrial building
  • TRAINER’S PROFILE

    Santhanasamy Subbiah has more than 30 years of experience in corporate world on accounting and finance practices. His experiences in various industries include that of Banking, Manufacturing, Education, Insurance, Security, Plantation, Shipping, Shared Services and Freight Forwarding. He was also with the Ministry of Works engaged in special projects funded by the World Bank.

    Besides being in the corporate world he has lectured MBA programmes for the following Universities:- Open University Malaysia, University of New Castle Australia, Herriot Watt University UK, Asia Pacific International University and was a Dean for the School of Accounting and Finance with a local University.

    As a self-starter with his vast experience in numerous industries he is today a trainer and a principal consultant on GST for numerous of companies. He is no novice to GST. He has worked closely with Price WaterHouse Coopers on matters pertaining to GST since 2005 and contributed valuable inputs during the meeting with Ministry of Finance on matters pertaining to the implementation of GST in Malaysia.

    His specializes on the Understanding, Implementation and Hands-On training programs on Goods and Services Tax for numerous industries such as manufacturing, oil and gas, construction, logistic, retail, airlines, IPTA and many others. He is a GST trainer of Malaysian Institute of Accountants, Malaysian Institute of Insurance and Malaysia Institute of Corporate Governance.

    COURSE FEES

    RM470 per person (Fee is subjected to 6% SST)
    # Fee inclusive of Course Notes and Digital Certificate of Participation

    ORGANISER

    Malaysian Export Academy
    No. 86, Jalan BP 7/8,
    Bandar Bukit Puchong,
    47120 Puchong, Selangor.

    Tel : 03 8066 3107
    Fax: 03 8066 6152

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