Highlights of Budget 2017 (Part II)

Transcription

1 Tax alert Highlights of Budget 2017 (Part II) Volume 19, Issue October 2016 Volume 19, Issue 23 1

2 Highlights of the Finance Bill 2016 Payments for services performed outside Malaysia now subject to withholding tax Definition of royalty and public entertainer widened Ensuring compliance with BEPS Action Plans vide penalties A s highlighted in Tax Alert No. 22/2016 (Highlights of Budget 2017 (Part I), the Finance Bill 2016 was not released on 21 October 2016 after the Budget 2017 Speech was delivered. Instead, it was released on 26 October The Finance Bill 2016 proposes 26 amendments to the Income Tax Act 1967 (ITA), three (3) amendments to the Petroleum (Income Tax) Act 1967 (PITA), two (2) amendments to the Real Property Gains Tax Act 1976 (RPGTA), two (2) amendments to the Labuan Business Activity Tax Act 1990 (LBATA) and 23 amendments to the Goods and Services Tax Act 2014 (GSTA). The Finance Bill 2016 (Finance Bill), however, did not include the proposed changes to the Stamp Act It is expected that these changes will be addressed in a separate Bill. To increase the Government s revenue collection, the Finance Bill has widened the derivation scope and definition of selected activities. The proviso to Section 15A of the ITA that service income under subsections 4(A)(i) and (ii) are deemed derived from Malaysia only when the services are performed in Malaysia, has now been removed. With the removal of this proviso, service fees paid to non-residents under subsections 4A(i) and (ii) of the ITA will now be subject to withholding tax at 10%, irrespective of where such services are performed. This was, in fact, the position in Malaysia pre-september It is quite a surprise that Malaysia has reverted to this stance that is somewhat contrary to the general principles of determining the source of income. The definition of royalty under Section 2 of the ITA has been extended considerably to include sums paid as consideration for the use of or the right to use software, the reception of or the right to receive visual images or sounds transmitted to the public by satellite, cable, fibre optic or similar technology, the use or the right to use visual images or sounds in connection with television or radio broadcasting and the use of or the right to use radio frequency spectrums. Certain forbearance payments would now also be classified as royalty. Notwithstanding the proposed changes to domestic tax law, taxpayers would be reminded to consider the availability of tax treaties, in particular, access to treaty definitions of royalty, given that treaty definitions of royalty would prevail in event of a conflict between domestic law and tax treaty royalty definitions. The definition of a public entertainer under Section 2 has also been considerably widened to include, for example, lecturers and speakers. Another interesting change introduced in the Finance Bill are the penalties introduced for failing to comply with Mutual Administrative Assistance Arrangements, including country by country reporting. The purpose of enacting these provisions is to ensure compliance with Action Plans proposed by the Organisation for Economic Co-operation and Development (OECD) under its base erosion and profit shifting (BEPS) initiatives. These penalty provisions and BEPS are discussed further under the Other significant changes section. Other salient proposals that were not mentioned in the Budget Speech are also highlighted below. Unless otherwise stated, the proposals below, when passed by Parliament, shall take effect from the year of assessment (YA) 2017 and subsequent YAs. Note, however, that the above stated proposals take effect from the coming into operation of the Finance Act Volume 19, Issue 23 2

3 Personal income tax changes Highlights Output tax borne by the employer is part of gross employment income Deduction for spouse tightened where spouse derives foreign-sourced income Output tax borne by the employer is part of gross employment income During the introduction and implementation of the Goods and Services Tax (GST) in April 2015, there may have been some confusion as to whether output tax borne by the employer under the Goods and Services Act 2014 (GSTA) in respect of benefits provided to employees, should form part of the gross employment income for taxpayers. The Finance Bill clarifies that output tax borne by the employer under the GSTA shall be included as part of gross income from employment, which forms part of taxable income. This proposed change applies retrospectively from YA 2015 onwards. Deduction for spouse tightened where spouse derives foreign-sourced income Presently, a resident spouse or a spouse who is a Malaysian citizen, is eligible for a deduction of RM4,000 if any of the following criteria is fulfilled: The taxpayer s spouse has no source of income; The taxpayer s spouse has no total income which can be aggregated with the taxpayer s income; or An election has been made by the taxpayer s spouse for a combined assessment It is now proposed that the existing relief of RM4,000 will not apply if the spouse has income derived from sources outside of Malaysia and the gross income from such sources exceeds the amount of relief provided. This restriction is, however, not applicable if the spouse is disabled (Section 47(6) of the ITA). Volume 19, Issue 23 3

4 Corporate income tax changes Highlights Deduction on donations extended to include approved funds; deductions to approved sports activity restricted to cash contributions Exemption criteria of Real Estate Investment Trust (REIT) or Property Trust Fund streamlined Tax exemption on interest income tightened Further developments on IBA claims for buildings which are rented out Limitations of claims for deductions for companies with single-tier dividends widened Deduction on donations extended to include approved funds; deductions to approved sports activity restricted to cash contributions Currently, a deduction (against aggregate income) is permitted for donations made to the Government, a State Government, a local authority, an institution or organization approved under Section 44(6) of the ITA. It is now proposed that Section 44(6) be amended to also permit a deduction from the aggregate income of a person, in respect of donations of money to a fund. The fund has to be administered and augmented by an institution or organization in Malaysia for the sole purpose of carrying out the fund s objectives. The fund in this case cannot have been established or held primarily for profit. The Finance Bill has, however, limited the scope of deduction to a sports activity/body. Currently, both gifts of money or in kind to a sports activity approved by the Minister or to any sports body approved by the Commissioner of Sports appointed under the Sports Development Act 1997 would qualify for a tax deduction (Section 44(11B) of the ITA). It is now proposed that such donations must be made in cash, in order to qualify for a deduction, i.e. donations in kind would no longer qualify for a deduction. Volume 19, Issue 23 4

5 Exemption criteria of Real Estate Investment Trust (REIT) or Property Trust Fund tightened Currently, a unit trust fund which is approved by the Securities Commission (SC) as a REIT or Property Trust Fund is exempt from tax if 90% or more of the total income of the unit trust is distributed to the unit holders. The Finance Bill amends Section 61A(2) of the ITA such that only a unit trust approved by the SC and listed on Bursa Malaysia is exempt from tax, where the 90% distribution threshold is met. For a REIT/PTF which is not listed in Bursa Malaysia or a listed REIT/PTF which is subsequently delisted, the total income at the REIT/PTF level is subject to tax prior to making its distribution to the unit holder. Tax exemption on interest income tightened The Finance Bill has narrowed the ambit of certain categories of interest income which are exempt from tax. Some of the exemptions that have been tightened are discussed below. For example, currently, a company not resident in Malaysia is exempt from tax in respect of interest received from securities issued by the Government or sukuk or debentures issued in Ringgit Malaysia, other than convertible loan stock, approved or authorized by or lodged with the Securities Commission (SC). This exemption is provided under Paragraph 33A, Schedule 6 of the ITA. Similarly, interest income received by any person in respect of sukuk originating from Malaysia and issued in non-ringgit Malaysia, other than convertible loan stock and approved or authorized by or lodged with SC or approved by the Labuan Financial Services Authority, is exempt from tax under Paragraph 33B, Schedule 6 of the ITA. There is a proposal to introduce new subparagraphs to paragraphs 33A and 33B of Schedule 6, to narrow the ambit of this exemption such that the tax exemption will not be applicable in the following scenarios: Where interest is paid or credited to a company in the same group as defined in Section 2(4) of ITA (Section 33A(2) of the ITA); Where interest is paid or credited to a company in the same group as defined in Section 2(4) of ITA or to a licensed bank, licensed Islamic bank or a development financial institution (Section 33B(2)) Volume 19, Issue 23 5

6 Further developments on IBA claims for buildings which are rented out Arising from Budget 2016 and with effect from YA 2016, certain buildings that are deemed as industrial buildings (IBs) will not qualify for industrial building allowance (IBA) if the building or part of the building is let out. These IBs are as follows: licensed private hospitals; maternity homes; nursing homes; buildings used for research; warehouses; buildings used for approved services projects; hotels; airports; motor racing circuits; buildings used as living accommodation of employees of persons carrying on a manufacturing, hotel or tourism business or an approved services project; and approved schools or educational institutions (Schedule 3 Paragraph 16B of the ITA). The Inland Revenue Board (IRB) had subsequently clarified that Paragraph 16B would not apply to existing buildings acquired prior to YA 2016 but would only apply to new buildings acquired from YA The Finance Bill further amends Paragraph 16B to extend the list of buildings that will not qualify for IBA if rented out, to buildings used for industrial, technical or vocational training approved by the Minister. Subject to further clarifications with the IRB, understand that similarly this extended list will not apply to buildings acquired prior to YA The Finance Bill also provides that if not more than one-tenth of the total floor area of the industrial building is rented out, the whole building will qualify for IBA. If more than one-tenth of the total floor area of the IB is rented out, the IBA claim will only be available on the floor area which is not rented out. Limitations of claims for deductions for companies with single-tier dividends widened Paragraph 12B of Schedule 6 of the ITA currently states that any expenses incurred in relation to single-tier dividends shall be disregarded for the purposes of ascertaining adjusted income. The Finance Bill has proposed that the word expenses and adjusted income be replaced with the words deductions and chargeable income respectively. This proposal effectively widens the ambit of the sums that could potentially be disallowed (to include items such as approved donations, for example). Volume 19, Issue 23 6

7 Tax administrative changes Highlights Application for relief of a person with no CI and with CI extended Electronic submission of tax estimates extended to other entities other than companies Fees for advance pricing arrangement Penalty provisions introduced in the ITA to ensure compliance with BEPS Action Item 13 on transfer pricing documentation, Section 154(1)(c) and Mutual Administrative Assistance Arrangement (MAAA) Application for relief of a person with no CI and with CI extended Currently, Section 131 of the ITA only allows a person to apply for relief in respect of an error or mistake in a tax return when such person has paid tax. The application must be made within five years after the end of the YA in which the assessment was made. In recognition that errors or mistakes may also arise in situations that do not give rise to a tax payable position (for example, when computing unabsorbed capital allowances or losses), the Finance Bill has introduced Section 97A(5) to allow such taxpayers to also apply for relief. In addition, the Bill introduces Section 97A(1A) to automatically deem a notification of non-chargeability (NONC) to be made upon submission of tax returns by a taxpayer in cases where there is no tax payable for a YA. Thus, such taxpayers no longer need to apply for a NONC before an appeal may be made against the DGIR s prevailing practice or Public Ruling. As indicated above, currently Section 131 of the ITA allows a person with CI and who has paid tax to apply for relief in respect of an error or mistake in a tax return. A new Section 131A has been proposed to allow a person to apply for relief where the tax paid is excessive due to reasons other than in respect of an error or mistake, i.e.: Volume 19, Issue 23 7

8 New proposed Section 131A Section 131A(1)(a) and (b) Section 131A(1)(c) Reason for excessive payment of tax Any exemption, relief, remission, allowance or deduction granted for that YA or any other written law published in the Gazette, or the approval is granted after the YA in which the return is furnished Where a deduction was not allowed in respect of payment not due to be paid under the withholding tax sections, on the day the return is furnished by the taxpayer Time limit for appeal Within five (5) years after the end of the year the exemption, relief, remission, allowance or deduction is published in the Gazette or the approval is granted, whichever is the later Within one (1) year after the end of the year the payment is made The above proposals apply where there is no chargeable income or where the assessment is excessive. On receiving such applications for relief, the DGIR shall inquire into the matter and may give repayment of tax where the appeal appears to be just and reasonable. An applicant who is aggrieved by the DGIR s decision may, within six (6) months after being informed of such decision, make a written request to the DGIR to forward the appeal to the Special Commissioners of Income Tax (SCIT). The DGIR shall forward the appeal to the SCIT within three (3) months after receiving such request. The above proposed amendments will come into operation on 1 January Electronic submission of tax estimates extended to entities other than companies The Finance Bill has proposed that the electronic submission of estimates and revised estimates of tax payable, which is to be effective from YA 2018 for companies, shall also extend to limited liability partnerships, trust bodies and co-operative societies. This requirement is effective from YA 2019 (Section 107C(7A) of the ITA). Fees for advance pricing arrangement It is proposed that Section 154(1)(ec) of the ITA be amended to include the words arrangement made under Section 138C so that the Minister shall be empowered to prescribe fees for Advance Pricing Arrangements. Currently, the Minister is only empowered to prescribe fees for Advance Rulings. This provision is effective upon the coming into operation of the Finance Act. Volume 19, Issue 23 8

9 Penalty provisions introduced in the ITA to ensure compliance with BEPS Action Item 13 on transfer pricing documentation, rules made under Section 154(1)(c) and Mutual Administrative Assistance Arrangement (MAAA) Today s international tax conversations are focused on the impact of the Organisation for Economic Co-operation and Development (OECD) s Base erosion and profit shifting (BEPS) initiative on crossborder supply chains. The OECD has finalized 15 Action Plans with recommendations for changes in international tax rules, to remedy perceived BEPS issues. In order to increase tax transparency by providing tax authorities with a line of sight into a Group s entire global footprint, BEPS Action item 13 prescribes a three-tiered approach to transfer pricing documentation, which consists of the following: i) Master file containing standardised information relevant for all MNE group members; ii) Local file referring specifically to material transactions of the local taxpayer; and iii) Country by Country Report ( CbCR ) containing certain information relating to the global allocation of the Multinational Corporation ( MNE ) s income and taxes paid together with certain indicators of the locations of economic activities within the MNE group. [Based on the OECD Guidance, CbCR applies to any MNE with annual consolidated group revenue equal to or above 750m (estimated at RM3.48b on 7 October 2016).] The CbCR report will be filed annually with the ultimate parent s home tax authority and the reports are to be shared via the treaty network by the ultimate parent s home tax authority. The CbCR report will automatically be shared with foreign tax administrators under the Multilateral Competent Authority Agreement ( MCAA ), which Malaysia signed on 27 January In a consultation session with the Chartered Tax Institute of Malaysia on 24 March 2016, the IRB announced that they are planning to introduce the CbCR requirement and that the current local transfer pricing documentation requirements will be updated to include the Master File-Local File concepts. The CbC reporting requirement and the new transfer pricing documentation requirements are expected to be effective in Malaysia from 1 January 2017, with the first filing of the CbC reports by 31 December The practice in relation to submission of the transfer pricing documentation will remain unchanged, i.e. such documentation will need to be provided within a specific period of time (usually 30 days) upon request by the IRB. In line with the IRB s intention to introduce CbCR in Malaysia and other exchange-of-information developments, the Finance Bill proposes new penalty provisions under Sections 112A, 113A and 119B of the ITA in accordance with rules made under Paragraph 154(1)(c) of the ITA which involves simultaneous tax examination, automatic exchange of information or tax administration under Section 132B of the ITA between the Malaysian Government and any Government of any territory outside of Malaysia where the CbCR is not prepared in line with the OECD s recommendations. A summary of the new penalty provisions is as follows: Section 112A of the ITA Failure to furnish CbCR. The burden of proof lies with the accused person to show that he has furnished a country-by-country-report; Volume 19, Issue 23 9

10 Section 113A of the ITA Any person, on behalf of himself or another person, who makes an incorrect return, or makes an information return or report omitting the information required and giving any incorrect information required in accordance with Section 154(1)(c) that implements or facilitates the operation or arrangement on double tax agreements, tax information exchange agreements and mutual administrative arrangements. A person will not be guilty of an offence under Section 113A if the court is satisfied that the failure was made in good faith. Section 119B of the ITA - Failure to comply with any rules made under Paragraph 154(1)(c) of the ITA on mutual administrative assistance. The burden of proof lies with the accused person. Upon conviction under Sections 112A, 113A or 119B of the ITA, the person (or persons filing on behalf of himself or another person under Section 113A of the ITA) shall be liable to a fine of between RM20,000 and RM100,000 or imprisonment for a maximum of six (6) months, or both. The court may also make a further order to the person to comply with the rules within 30 days or any other period as the court deems fit. It is expected that the rules and guidelines on the three-tiered approach to transfer pricing documentation will be released in the coming months. Volume 19, Issue 23 10

11 Goods and Services Tax (GST) Highlights Warehousing Scheme Free Zones Designated Area Installation, configuration and integration of a device for providing information Late payment penalty Other amendments The GST announcements in the Budget 2017 are mainly intended to streamline certain provisions under the GST legislation. Warehousing Scheme Currently, the Warehousing Scheme only applies to imported goods deposited into the warehouse. It is proposed that the scope of the Scheme be broadened to include all goods deposited into a qualifying warehouse. The proposal will benefit goods from a Principal Customs Area ( PCA ) deposited into the warehouse and align the GST treatment of goods imported vis-à-vis goods supplied from a PCA. Volume 19, Issue 23 11

12 Free Zones The relevant GST treatment with respect to Free Zones is summarized below: s and Free Commercial Zones will together be known as Free Zones. s (except for imported goods that would be used or consumed in Free Zones, other than goods used for the purpose of commercial, manufacturing or retail trade activities) No GST would be chargeable on any taxable supply of goods made within or between Free Zones; a Free Zone to another Free Zone via the PCA or, from a Free Zone to the PCA would amount to an importation into Malaysia and GST would be payable upon importation. However, subject to an Order made by the Minister of Finance, GST will be suspended on any goods removed from a Free Zone to another Free Zone via the PCA, a Designated Area or a Warehouse under the Warehousing Scheme; when the principal place of business is in a Free Zone. Designated Area Due to the changes to Free Zones and the Warehousing Scheme (see previous), the proposed GST treatment in a Designated Area will be as follows: GST is chargeable on the removal of all goods (including goods under any lease agreement): From a Designated Area to another Designated Area through Malaysia; or From a Designated Area to Malaysia However, subject to an Order made by the Minister of Finance, payment of tax will be suspended on goods removed from a Designated Area through Malaysia to: Another Designated Area; A Free Zone; or A warehouse under the Warehousing Scheme Volume 19, Issue 23 12

13 Installation, configuration and integration of a device for providing information The Finance Bill proposes that the Director General of Customs can require any prescribed registered person to provide information on all supplies made and payments received by using a device as prescribed by the Minister of Finance. Access to the information on the device shall not be given, published or disclosed to any other person, unless the disclosure is required or authorised: Under the GSTA By any court; or For the performance of duties or exercise of power under the GSTA Late payment penalty Under the Finance Bill, the late payment penalty under section 41(8) of the GSTA will be revised as follows: (i) For the first 30 days: penalty rate will be increased from 5% to 10%; (ii) For the second 30 days: the additional penalty rate will be increased from 10% to 15%; (iii) For the third 30 days: the additional penalty rate will be increased from 10% to 15%; (iv) The maximum cap of 25% penalty rate will be removed. (v) The penalty will apply to the tax amount which remains unpaid. The above late payment penalty will also be applicable to a non-taxable person who is required to account for GST by furnishing a return and paying GST. Others amendments In addition to the above, the Finance Bill also proposes the following amendments to the GSTA: (a) The time of supply for imported services The present law provides that time of supply for imported services is the earlier of the date of payment or the date when the invoice is issued by the supplier. This provision has been amended to prescribe time of supply as the earlier of the date of payment or the date when the invoice is received from the supplier. (b) Computation of GST registration threshold For calculating the value of supplies for the purpose of the GST registration threshold, the supply of capital assets of the business is required to be excluded. An amendment has been proposed to state that the capital assets which are supplied due to cessation of business are required to be Volume 19, Issue 23 13

14 excluded. While there is some ambiguity requiring clarification, subject to confirmation from the authorities, this amendment appears to be in addition to, rather than a replacement of, the current wording which excludes the supply of capital assets in the course or furtherance of business. Further, another sub-clause has been added to provide that supplies made within or between the Free Zones are required to be excluded, subject to exceptions published in an Order. (c) Issuance of tax invoice by non-taxable person A sub-section relating to issuance of tax invoice has been proposed to be amended. For a registered person, the amendment implies that he should not issue any invoice containing an amount which purports to be tax for a non-taxable supply or zero-rated supply. Further, for a nonregistered person (with some specific exceptions), the amendment implies that he should neither issue any invoice showing an amount which purports to be a tax nor issue an invoice which purports to be a tax invoice. It may be noted that the explanatory notes to the Finance Bill suggest that a registered person should not issue a tax invoice for a non-taxable or zero-rated supply. This, however, is not as per the amendments proposed in the Act. (d) GST refund in relation to GST relief In the event a person is granted GST relief prescribed under the Goods and Services Tax (Relief) Order and has paid the GST to which the relief relates, such person shall be entitled to a refund if an approval is granted by the Minister of Finance. Such person should make the claim within six (6) years from the time the person is entitled for the refund. (e) GST treatment of supply of land to government for certain purpose Subject to conditions, any supply of land by a developer or owner of the land to the Federal Government, State Government, local authority or any other person shall not be treated as a supply of goods nor supply of services. Volume 19, Issue 23 14

15 Other changes Highlights Definition of a Labuan business activity and Labuan non-trading activity narrowed Amendments to RPGT law to take into account input tax adjustments on relevant expenditure and to restrict the no-gain-noloss provision on gifts to only donors who are citizens Definition of a Labuan business activity and a Labuan non-trading activity narrowed Currently the definition of a Labuan business activity provides that a Labuan entity may hold investments in a domestic company, with residents, in Malaysian currency. The Finance Bill proposes that the word investments in a domestic company be replaced with shares. Labuan non-trading activity (income from which, if earned by a Labuan entity carrying on a Labuan business activity, is not subject to tax) is currently defined as an activity relating to the holding of investments in securities, stock, shares, loans, deposits or any other properties by a Labuan entity on its own behalf. It is proposed that the definition be narrowed to an activity relating to the holding of investments in securities, stock, shares, loans, deposits or any other properties situated in Labuan by a Labuan entity on its own behalf, i.e. the words situated in Labuan are added to the definition. These proposals come into effect on the date of the coming into operation of the Act. Volume 19, Issue 23 15

16 Amendments to RPGT law to take into account input tax adjustments on relevant expenditure and to restrict the no-gain-no-loss provision on gifts to only donors who are citizens The proposed Real Property Gains Tax (RPGT) changes seek to streamline the RPGT treatment with the changes to the income tax legislation introduced last year, with respect to adjustments under the GSTA. Where there is an adjustment in the amount of input tax claimable under the GSTA, relating to an expenditure incurred on the acquisition or disposal of an asset, such adjustments will be taken into account / adjusted accordingly for RPGT purposes. The proposed changes will be effective retrospectively from YA 2015 (Schedule 2 Paragraph 6(1A) and 7(2)). The no-gain-no-loss provisions on disposal by way of gift (where the donor and recipient are husband and wife, parent and child, or grandparent and grandchild) is currently applicable to citizens, permanent residents and non-citizens. The proposed change seeks to restrict the no-gain-no-loss provisions only to a situation where the donor is a citizen of Malaysia. This proposed change will be effective on 1 January 2017 (Schedule 2 Paragraphs 12(2) of the RPGTA). Volume 19, Issue 23 16

17 EY Budget 2017 and Tax Conference How will the Malaysian Budget 2017 affect your company and business? Are there new incentives that your organization can take advantage of? Are there new taxes or regulations that you need to be mindful of? What are the latest developments in the tax arena that will impact how you manage tax risks? EY's senior tax professionals are ready to help answer these questions for you. They can explain and guide you through the salient issues of the Malaysian Budget 2017 and share practical insights on the latest tax developments. Participants at our Budget and Tax Conferences will be provided a copy of the Budget 2017 commentary, as well as opportunities for questions and answers. Mark these dates down for an insightful session on the Malaysian Budget 2017 and more! Kuala Lumpur Ipoh Penang Date: 27 October November November 2016 Venue: Connexion@Nexus (Bangsar Weil Hotel G Hotel Gurney South) Time: 9:00 a.m. 5:15 p.m. 9:00 a.m. 5:00 p.m. 8:30 a.m. 5:30 p.m Contact: Valerie Joshua / Ramlah Patricia Lau / Chang Wai Lim Shu Bei / Rachel Lau Abd Rahman Chien Tel: / Tel: Tel: Johor Bahru Malacca Kuantan Date: 1 November November November 2016 Venue: Renaissance Hotel, Johor Hatten Hotel, Melaka Zenith Hotel, Kuantan Bahru Time: 8:30 a.m. 5:30 p.m. 8:30 a.m. 5:30 p.m TBA Contact: Roslina Md Salleh / Lili Chan Lay Khim / Michelle Juliana Hanim / Eddie Eries Nazirah Abdul Hamid Tan Pau Choo Tel: Tel: Tel: Kuching Sibu Miri Bintulu Date: 1 November November November November 2016 Venue: Hilton, Kuching Tanahmas Hotel, Sibu Imperial Hotel, Miri Promenade Hotel, Bintulu Time: TBA 8:30 a.m. 5:00 p.m. 8:30 a.m. 5:00 p.m. 8:30 a.m. 5:00 p.m. Contact: Irene Foo / Anne Chong Ting Su Ding Belinda Ting / Ku Xiu Ting Fion Wong / Pao Nguk Eng / Lim Yan Ping Tel: Tel: Tel: Tel: Volume 19, Issue 23 17

18 Kota Kinabalu Tawau Sandakan Date: 2 November November November 2016 Venue: Le Meridien Kota Kinabalu Promenade Hotel, Tawau Four Points By Sheraton, Sandakan Time: TBA 8:30 a.m. 1:00 p.m 8:30 a.m. 1:00 p.m. Contact: Dora Wong /Jennifer Vun Chai Siew Moi / Alison Stephanie Au Chung Tel: Tel: Tel: In addition, Japanese seminars will be held as follows: Kuala Lumpur Penang Johor Bahru Date: 2 November November November 2016 Venue: EY office, Menara Milenium, Kuala Lumpur EY office, MWE Plaza, Georgetown EY office, Menara Pelangi, Johor Bahru Time: 9:30 p.m. 12:30p.m. 2:30 p.m. 4:30p.m. 2:30 p.m. 4:30p.m. Contact: Yoko Yamada Tel: Yoko Yamada / Lim Shu Bei Tel: / Yoko Yamada / Set Ying Ting Tel: / Volume 19, Issue 23 18

19 Important dates 27 October 2016 EY Budget 2017 and Tax Conference (Kuala Lumpur) 31 October th month revision of tax estimates for companies with April year-end 9 th month revision of tax estimates for companies with January year-end Statutory deadline for filing of 2016 tax returns for companies with March year-end 15 November 2016 Due date for monthly instalments 30 November th month revision of tax estimates for companies with May year-end 9 th month revision of tax estimates for companies with February year-end Statutory deadline for filing of 2016 tax returns for companies with April year-end For income tax enquiries: Dr. Lydia Shalani Thiagarajah lydia-shalani.thiagarajah@my.ey.com For GST enquiries: Dave Ananth dave.ananth@my.ey.com Tel: Publisher: Ernst & Young Tax Consultants Sdn. Bhd. Level 23A Menara Milenium Jalan Damanlela, Pusat Bandar Damansara Kuala Lumpur Tel: Fax: For subscription enquiries: Ramlah@ Rosliza Abdul Rahman ramlah.abdul-rahman@my.ey.com Tel: Volume 19, Issue 23 19

20 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com Ernst & Young Tax Consultants Sdn. Bhd. All Rights Reserved. APAC no ED None This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.