Tax Academy

Deep dive into tax implications and planning for your organisation

Tax is pervasive in every facet of business. Not only do compliance failures represent a financial risk, resulting in penalties and possible increases in the tax charge, it is also a serious business risk, with the potential to damage the taxpayer's reputation. Our Tax Academy helps you understand and comply with evolving tax regulations, and mitigate tax risks for your business

Our programmes

Annual income tax return filing - an employee's perspective
Approaches to handling tax balancing calculations in managing global mobility costs
Banking industry: Tax considerations
Business Travellers: Ensuring compliance and achieving cost savings
Connecting the dots on Immigration and Tax Compliance
Employment tax reporting for better compliance and payroll management
Fundamentals of Sales Tax
Fundamentals of Service Tax
Islamic Finance: Tax considerations
Managing the Tax Impacts of the COVID-19 & Other Tax Hot Topics
Project cost review: Identifying qualifying capital expenditure
Real property gain tax
Tax compliance obligations and administration
Withholding tax

Annual income tax return filing - an employee's perspective

Under the Self-Assessment System (SAS), greater responsbility lies with the taxpayer to understand the tax law, determine the correct tax liability and compliance in filing for their individual tax return.

Objectives

This course aims to enhance knowledge, ensuring taxpayers are able to complete and file their personal tax returns in Malaysia on their own.

Agenda/topics covered?

Derivation of employment income
Taxability of employment income
Tax Residency
Relief claims and Form PCB/TP1
Keeping of records
2020 Malaysian personal tax return filing and timeline
Tax payments
MTD as final tax
Offences and Penalties

Duration: 2 hours

Delivery mode: Classroom/Virtual

Target audience

Employers who wish to organise a tax briefing session for their employees to help them understand their tax reporting and payment obligation, specifically their annual Malaysian personal tax return filing obligation.

Approaches to handling tax balancing calculations in managing global mobility costs

The decision to accept an international assignment by an employee should not be primarily driven by the tax regime of that particular jurisdiction. Hence, a tax balancing policy aims to remove the tax factor from the decision making process and ensure that the employee is not at a disadvantage, tax-wise, when accepting the assignment. Additionally, it also promotes fairness amongst assignees, reduces compliance risks and provides greater flexibility for employers to deploy their employees to any location around the world, whilst managing the overall assignment costs.

Objectives

This course aims to enhance the organisation's understanding of tax balancing policies and calculations when managing the overall costs of an international assignment.

Agenda/topics covered?

Goals and Objectives of Tax Balancing
Approaches and basis
Tax Equalisation vs Tax Protection
Accounting For Tax
Process and Reconciliation

Duration: 2 hours

Delivery mode: Classroom/Virtual

Target audience

Human Resource / Global Mobility/ Tax Managers and Executives
Business Unit leads
Decision makers in the area of immigration, tax and global mobility

Banking industry: Tax considerations

With different types of banks providing various services to their customers, it is important to understand the tax treatment for the income received by them.

With the ever-growing loan moratorium matters and financial assistance from the government especially from the pandemic, it is crucial for companies to understand the scope and tax treatment on these updates.

Objectives

This course aims to enhance knowledge, ensuring taxpayers are able to complete and file their personal tax returns in Malaysia on their own.

Agenda/topics covered?

Derivation of employment income
Taxability of employment income
Tax Residency
Relief claims and Form PCB/TP1
Keeping of records
2020 Malaysian personal tax return filing and timeline
Tax payments
MTD as final tax
Offences and Penalties

Duration: 2 hours

Delivery mode: Classroom/Virtual

Target audience

Employers who wish to organise a tax briefing session for their employees to help them understand their tax reporting and payment obligation, specifically their annual Malaysian personal tax return filing obligation.

Business Travellers: Ensuring compliance and achieving cost savings

As organisations continue to look at new markets and growth opportunities, Business Travellers will increase with this. Traditionally, global mobility programmes have ignored business travellers (or short term business visitors, STBTs). However, things are changing and more mobility teams are now responsible for taking action.

Objectives

This course aims to address some of the key global mobility challenges surrounding Business Travellers.

Agenda/topics covered?

Who are Business Travellers?
Why do they matter?
Who are the stakeholders?
What are the immigration and tax risks / challenges?
Short-Term exemption in Malaysia
Employer and employee tax reporting obligations

Duration: 2 hours

Delivery mode: Classroom/Virtual

Target audience

Human Resource / Global Mobility Managers and Executives
Finance Managers / Executives
Business Unit leads
Decision makers in the area of immigration, tax and global mobility

Connecting the dots on Immigration and Tax Compliance

An overseas assignment could easily turn into a nightmare if employers aren’t able to navigate the complexities of immigration and tax laws when working abroad. In this session, we would cover the importance in connecting the dots between immigration and employer's tax obligations by effectively managing the entry and exit points when hiring expatriate employees and business travellers.

Objectives

This course aims to address some of the key global mobility challenges surrounding immigration and tax compliance.

Agenda/topics covered?

Increase awareness on intersecting immigration and individual tax issues.
Common challenges and pitfalls faced by HR, Finance and Business Units.
Recent immigration related developments.
Key takeaways in managing immigration and tax compliance risks.

Duration: 2 hours

Delivery mode: Classroom/Virtual

Target audience

Human Resource / Global Mobility Managers and Executives
Finance Managers / Executives
Business Unit leads
Decision makers in the area of immigration, tax and global mobility

Employment tax reporting for better compliance and payroll management

Under the Self-Assessment System (SAS), the onus is clearly placed on taxpayers and businesses to interpret and apply the tax legislation correctly in order to comply with their respective tax obligations. Essentially, the only way the MIRB can verify that these obligations have been complied with is by conducting a tax audit. That said, it is essential for businesses and employers to be audit-ready at any moment, rather than scrambling to begin preparations only when the MIRB submits a payroll audit request.

Objectives

This course aims to enhance and reinforce the current knowledge of those charged with payroll statutory compliance, preparing the Form EA and Form E reporting and as a refresher on employer tax reporting obligation.

Agenda/topics covered?

Gaining insights into Employment Tax and payroll blindspots in MTD, Form E and Form EA reporting, including ways to mitigate and overcome these risks.
Understanding the root cause of these failures, and their remedies
Understanding how to manage Employment Tax and payroll audits effectively.
Know the good practices of how to ‘connect the dots’ within your organisation.

Duration: 4 hours

Delivery mode: Classroom/Virtual

Target audience

Human Resource Managers / Executives
Finance Managers / Executives
Employment Tax Managers/ Executives
Payroll Managers / Executives
Persons responsible for interpreting tax legislation for the purpose of ensuring tax compliance of Employment Income Reporting for employees.

Fundamentals of Sales Tax

Many goods are exempted from Sales Tax. As a result, the onus is on businesses to correctly classify goods to determine if Sales Tax is applicable. Incorrect classification could result in the short payment of tax or even the failure to register with the Royal Malaysian Customs Department, for which back taxes and penalties may be collected.

An additional layer of complexity arises due to several exemptions designed to maintain the single stage nature of the tax. Generally, the exemptions come with conditions which must be adhered to.

Objectives

This module gives an overview of the Sales Tax framework, administrative requirements and general Sales Tax issues that the Company would need to consider. It will also cover the potential penalty in the event of non-compliance.

Outcome

Ability to understand the Sales Tax compliance obligations and Sales Tax administrative issues, which can minimise non-compliance penalties/costs. To help understand the exemptions that may be available to the Company.

Agenda/topics covered?

Sales Tax framework (concept and scope).
Administrative requirements (licensing, documentation and reporting requirements).
General Sales Tax issues to consider, including the availability and eligibility of exemptions.
Penalties, fines and other risks on non-compliance to Sales Tax laws and regulations.

Duration: 0.5 day

Delivery mode: Classroom/Virtual

Target audience

Finance Directors
Tax Controllers
Senior management
Finance and tax managers/executives
Financial analysts'
Regulators, academicians and accountancy students

Fundamentals of Service Tax

The indirect tax landscape in Malaysia is evolving at a fast pace. Since the repeal of the Goods and Services Tax (GST) and the implementation of Sales Tax and Service Tax (SST), indirect tax risks has never been higher.

Service Tax is levied on prescribed taxable services (including imported services). As a result, the onus is on businesses to correctly classify services to determine if Service Tax is applicable. Incorrect classification could result in the short payment of tax or even the failure to register with the Royal Malaysian Customs Department, for which back taxes and penalties may be collected.

An additional layer of complexity arises due to several concessions/exemptions designed to maintain the single stage nature of the tax. Generally, the concessions/exemptions come with conditions which must be adhered to.

Objectives

This module gives an overview of the Service Tax framework, administrative requirements and general Service Tax issues that the Company would need to consider. It will also cover the potential penalty in the event of non-compliance.

Outcome

Ability to understand the Service Tax compliance obligations and Service Tax administrative issues, which can minimise non-compliance penalties/costs. To help understand the exemptions/concessions that may be available to the Company.

Agenda/topics covered?

Service Tax framework (concept and scope).
Administrative requirements (licensing, documentation and reporting requirements).
General Service Tax issues to consider, including the availability and eligibility of exemptions.
Penalties, fines and other risks on non-compliance to Service Tax laws and regulations.

Duration: 0.5 days

Delivery mode: Classroom/Virtual

Target audience

Finance Directors
Tax Controllers
Senior management
Finance and tax managers/executives
Financial analysts'
Regulators, academicians and accountancy students

Islamic Finance: Tax considerations

Although there are differences between Islamic banking and "conventional" banking, there are some fundamental principles that apply equally to both. In particular, rigorous risk management and sound corporate governance help to ensure the safety and soundness of the international banking system. In the light of the growing importance of Islamic banks and Sharia-compliant financial innovation, the increasing integration of Islamic financial services into global financial markets serves to strengthen this point.

Objectives

The principal objective of this course is to impart knowledge and expertise in the field of Islamic banking and finance. It enables the participants to understand the basis of Islamic banking and finance; differentiate the elements between the Islamic financial system and its conventional counterpart. The course will also cover the theories and concepts of the Islamic financial instruments used in the industry.

Outcome

After the successful completion of the course, participants will have a basic understanding of Islamic Shariah and economic system, the concept of Riba, Gharar and other prohibited activities Islamic Law of contract, sales and purchase. Participants will be able to differentiate between Islamic and conventional banking and further understand the concepts of Takaful, Securitization and Sukuk as well as the rules of agency contract (Al Wakalah).

Agenda/topics covered?

Our Islamic finance courses cover everything from operations and the structure of financial products to the Sukuk market and Sharia-compliant alternatives to traditional insurance. Understanding the world of Islamic banking and finance gives you access to a number of lucrative, emerging markets.

Duration: 2 hours

Delivery mode: Classroom/Virtual

Target audience

Finance Directors
Tax Controllers
Senior management
Finance and tax managers/executives
Financial analysts'
Regulators, academicians and accountancy students

Managing the Tax Impacts of the COVID-19 & Other Tax Hot Topics

COVID-19 pandemic has led to many businesses including SMEs being badly affected depending on which industry they are in. This course will provide various guidelines and further information with respect to the measures in the Economic Stimulus Package including PENJANA strategic initiatives as well as measures to deal with tax obligations and operational issues.

Objectives

This module provides an overview of the key tax measures and government strategic initiatives to address the COVID-19 pandemic and how to deal with tax obligations and various operational issues.

Outcome

Ability to identify key tax measures and how to apply during the current situations.

Agenda/topics covered?

Various key tax strategic measures under the Economic Stimulus Packages & Penjana initiatives and how to apply these to each of the SMEs situations.

Duration: 0.5 day

Delivery mode: Classroom/Virtual

Target audience

Finance Directors
Tax Controllers
Senior management
Finance and tax managers/executives
Financial analysts'
Regulators, academicians and accountancy students

Project cost review: Identifying qualifying capital expenditure

In computing tax payable, accounting depreciation for buildings and renovations is added back. Instead, industrial building allowance and capital allowance are available for certain category of assets.

It is therefore crucuial to raise awareness of how companies can claim the correct amount of allowances for tax purposes along with understanding the other incentives and grants available, such as Green Incentives and Accelerated Capital Allowances.

Objectives

This module covers the basics of what capital allowances are and the various rates. It will also cover how to identify qualifying expenditure and which documents are required for this process

Outcome

Ability to identify expenditure which could potentially qualify for capital allowances

Agenda/topics covered?

What is capital allowances?
What does the legislation allow you to claim?
What is the relevant case law?
What documents are required for a CA review?

Duration: 2 hours

Delivery mode: Classroom/Virtual

Target audience

Finance directors
Tax directors
Chief financial officers / Financial controllers
Tax managers
Project/site managers

Real property gain tax

In 1976, the Real Property Gains Tax (RPGT) Act was introduced to contain speculative activities in the real property market which had led to spiraling prices. The Act featured progressively-stepped tax rates corresponding to the holding period: the longer the property was held before disposal, the lower the tax rate. If the property was held for more than five complete years, the speculative motive was deemed not prevalent, therefore RPGT would be zero-rated.

With economic development and the rise of the middle class in Malaysia, there was upward mobility and ordinary citizens could afford to trade up to better residential properties. Hence, the once-in-a-lifetime exemption for a residential property was inserted so that citizens, as they improved their station in life, did not have to suffer RPGT on the disposal of their first/earlier homes.

Therefore, when first enacted, the RPGT Act was not primarily meant to be revenue-generating tax legislation: it was intended to curb the speculative activities in the property market. It is therefore crucial for companies to understand its scope, applicability, mechanism and reliefs to ensure that it is properly accounted for.

Objectives

This module provides better understanding of the applicability of RPGT, chargeability of RPGT and other exemptions and reliefs provided under the Act.

Outcome

By the end of the lesson, participants should be able to understand the meaning of RPGT, the chargeability of RPGT, the treatment of gifts and various other topics.

Agenda/topics covered?

Basic principles
Definition of real property
Determination of acquisition and disposal price and date of disposal
Chargeable gain
Allowable loss
Circumstances where disposal price equals acquisition price
Exemptions

Duration: 0.5 day

Delivery mode: Classroom/Virtual

Target audience

Finance Directors
Tax Controllers
Senior management
Finance and tax managers/executives
Financial analysts'
Regulators, academicians and accountancy students

Tax compliance obligations and administration

Compliance with local accounting legislation, standards and reporting timeliness is an important requirement for each company. With the speed of change in tax and accounting laws in Malaysia, it may be difficult for companies to stay on top of changes to the law and changes to their application in your tax filing and compliance procedures.

Additionally, due to uncertainties surrounding the interpretation of tax laws, there has been an increase in disputes. The increasing sophistication and expertise of the tax authority means that the taxpayer, now more than ever, needs support and advice from experts at all stages of the tax compliance life cycle. This course provides detailed tax compliance obligations and tax administrative that every company needs to adhere to.

Objectives

This module covers tax compliance requirements that are onerous on taxpayers as any non-compliance would attract penalties. This course aims to provide organisations better understanding of how to comply with tax compliance obligations and tax administrative in Malaysia.

Outcome

Ability to understand the tax compliance obligations and tax administrative which can minimise non-compliance penalties and costs.

Agenda/topics covered?

Tax compliance obligations and tax administrative that companies need to know.

Duration: 0.5 day

Delivery mode: Classroom/Virtual

Target audience

Finance Directors
Tax Controllers
Senior management
Finance and tax managers/executives
Financial analysts'
Regulators, academicians and accountancy students

Withholding tax

In an increasingly global environment, payments to nonresidents are becoming more commonplace resulting in withholding tax exposure. It is therefore crucial for companies to understand its scope, applicability, mechanism and reliefs to ensure that it is properly accounted for.

Objectives

This module provides better understanding of the applicability of withholding tax and various issues arising from payment to non-residents which might be overlooked by companies.

Outcome

Ability to understand the applicability of WHT and various issues arising from dealing with non-residents service providers.

Agenda/topics covered?

Withholding tax (“WHT”) covering:

Objective of withholding tax and brief overview of WHT
Services under a contract
Special classes of income under Section 4A
Interest and royalties
Other gains and profits under Section 4(f)
Payment for software / Public rulings / Exemptions
Impact of double tax agreements
Mechanism and payers obligations
Compliance and penalty provisions

Duration: 0.5 day

Delivery mode: Classroom/Virtual

Target audience

Finance Directors
Tax Controllers
Senior management
Finance and tax managers/executives
Financial analysts'
Regulators, academicians and accountancy students

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Contact us

Norita Abdul Samat

Tax Academy Lead, PwC Malaysia

Tel: +60 3-2173 0878

Our programmes

Annual income tax return filing - an employee's perspective

Objectives

Agenda/topics covered?

Other PwC Academy

Digital Academy

Finance & Operations Academy

Governance & Risk Academy

Leadership & Human Skills Academy

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