HRDF HRD Corp Claimable Tax Planning & Incentives Training

100% HRDF / HRC Corp Claimable Tax Planning & Incentives Training

13 June 2024 – 9am till 5pm

Face-to-Face Classroom

Businesses who plan their taxes carefully will be able to take advantage of the IRB’s Lembaga Hasil Dalam Negeri Malaysia tax incentives, deductions, and exemptions, resulting in a significant reduction in the amount of tax they must pay. Effective tax planning is required to guarantee that the company’s transactions and activities are organised in a way that minimises its taxable exposure.

Strategic planning is a key component of running a successful business, and as such, all businesses should have a thorough understanding of the subject. Effective tax planning allows businesses to minimise the amount of tax they owe while increasing the amount of money they keep for themselves. It is critical for taxpayers, particularly businesses, to comprehend the plethora of tax planning choices available to them.

The IRB – Lembaga Hasil Dalam Negeri Malaysia – carefully considers tax planning in order to ensure that taxpayers are in accordance with the Self-Assessment System criteria. Under the Self-Assessment System, which is a tax regime, taxpayers are responsible for computing and remitting their own taxes to the Lembaga Hasil Dalam Negeri Malaysia (IRS). As a result of this system, taxpayers have a greater responsibility to ensure that the information on their tax returns is valid and in conformity with the Income Tax Act of 1967.

LEARNING OUTCOMES

By end of this training, you will be able to:

• Outline the various taxes imposed by the Inland Revenue Board
• Determine the basis period when the sources of income are taxable
• Identify the business income available in business environment
• Computing chargeable income for a given year of assessment
• Identify various type of business deductions available to business
• Understand the difference between capital expenditure and revenue expenditure
• Understand the types of capital allowances
• Formulate tax planning strategies for companies

TRAINING METHODOLOGY

This training is conducted with the following methodology combination:

• Scenario Based Presentation
• Hands-on assignment
• Case Studies

WHO SHOULD ATTEND

• Accounts/Finance Department
• Individuals that perform accounting related tasks

Tax Planning and Incentives for SME Companies

Module 1: Basis of Malaysian Company Taxation System

• Introduction to the Malaysian Company Taxation System ·
• Income Tax Act 1967 ·
• Taxability of Receipts and Gains ·
• Tax rate for SME and Non – SME ·
• Corporate tax rate and sole proprietorship tax rate difference ·
• Calculation of chargeable income ·
• When is Income not Taxable?

Module 2: Maximize on Tax Deduction

• What are the expenses that are tax deductible and how do we maximise the deduction? ·
• Allowable/Deductible Expenses ·
• General Deductions – S33 ·
• Business Deductions – S34 ·
• Disallowable expenses – S39 ·
• Limitation on deduction on entertainment – S38A

Module 3: Double Deduction of Expenses

• What is double deduction of expenses and how to use this?
• Expenditure Qualifying for Double Deductions
• Approved Training
• Advertising Expenditure on Malaysian Brands
• Promotion of Export Services Rules
• Any other area of consideration

Module 4: Non-Deductible Deduction

• What are the expenses that is non-deductible and how to minimise them?
• Minimize Non-Deductible Deductions
• Capital Expenditure verses Revenue Expenditure
• Entertainment Expenditure – S38A · Interest Restriction

Module 5: Capital Allowances and Charges on Plant and Machinery

• What is a Plant & Machinery?
• Category of capital allowance
• Capital allowance rate
• 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
• Concept of Accelerated Capital Allowances

Module 6: Industrial Building Awareness

• What is Industrial Building?
• Treatment of non-industrial building
• Capital allowance rate
• Allowances Available
• Balancing Allowance & Charge

Module 7: Company Taxation Illustration

• Adjusted Income
• Statutory Income
• Aggregate Income
• Total Income/Chargeable Income

To summarise, firms must prioritise tax planning if they want to reduce their tax payments while being in compliance with Lembaga Hasil Dalam Negeri Malaysia – IRB regulations. It is critical to have a good awareness of the many tax planning options available and to engage with experienced professionals in order to correctly execute such tactics. By behaving in this manner, businesses may assure their long-term financial health and prosperity.

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