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Leadership & Communication Excellence RM750.00
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Company Income Tax and SST Records Management RM1,350.00
11 November 2023

Leadership & Communication Excellence

RM750.00

Date

11 November 2023
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Description

FOCUSING ON

  • Overview of Income Tax and SST
  • Filing and Payment Procedures
  • Maintaining Proper Accounting Records under Income Tax and SST
  • Tax Audit and Investigations
  • Concept of Reasonable Care [Section 114 (1A) ITA]
  • Withholding Tax

COURSE OBJECTIVE
Conducting a business would inevitably involve taxation. Whether Corporate Tax or SST, proper documentation is required when dealing with the tax authorities. This includes providing documentation for deductions on Corporate Tax.

Failure to provide the requisite documentation when required would invite action from the authorities, which may include hefty fines. It is therefore crucial for businesses to ensure proper, adequate and systematic documentation of all transactions to comply with the tax laws and regulations.

Learn how you can develop an effective tax administration and maintain proper accounting records, to not only avoid penalties for non-compliance, but to also ensure you do not face difficulties with claims for deductions and input tax recovery.

AFTER ATTENDING THIS COURSE YOU WILL RETURN TO YOUR JOB…

  1. Understanding The Responsibilities And Obligations Of The Taxpayer
  2. Ensuring Proper Documentation Is Maintained In Accordance With Income Tax And SST Regulations
  3. Ensuring Proper Records Are Maintained In Accordance With Income Tax And SST Regulations
  4. Ensuring Your Company Complies With All Submissions
  5. Understanding How Income Tax And SST Impacts Your Business
  6. Being Ready For Tax And SST Audits

WHO SHOULD ATTEND

    • Financial Controllers
    • General Managers
    • Corporate Finance Advisors
    • Company Secretaries
    • Accountants
    • Auditors
    • Corporate Planners
    • Accounts, Finance, Audit and Administrative Executives
    • Internal Audit Executives

METHODOLOGY
Interactive learning session with Course Leader-led facilitation, live Q&As, with Case Studies

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Course Details
Day 1
9:00 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
10.45 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 – Companies Tax Returns,
    – Borong E – Employes Return,
    – CP204 – Estimated Tax Payable, And
    – SST02/02A Sales And Service Tax Returns
1:00 Lunch
2:00 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
5:00 End of Day 1
Day 2
9:00 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
11.00 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
1:00 Lunch
2:00 WITHHOLDING TAX

  • Introduction to withholding tax.
  • Responsibility of payer
  • Overview of the scope and rates of withholding tax
  • Responsibilities of the payer
  • Non-deductibility of expenses and disallowed capital expenditure
  • Forms to be used in submission:
    – Form 37 – Royalty And Interest To A Non-Resident
    – Form 37A – Contract Payment To Non- Resident Contractors
    – Forms 37D – Account Of Deductions From Special Classes Of
    Income In Accordance With Section 4A Income Tax Act 1967
5:00 End of Course

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FOCUSING ON Overview of Income Tax and SST Filing and Payment Procedures Maintaining Proper Accounting Records under Income Tax and