Tax controversy and Tax amnesty 2016

Transcription

1 Tax Thought Leadership Series Tax controversy and Tax amnesty 2016 Tuesday, 27 September 2016 Hilton Kuching

2 GST audit and investigation Speaker: Bernard Yap, Partner, Indirect Tax Ernst & Young Tax Consultants Sdn Bhd With the implementation of GST on 1 April 2015, the Royal Malaysian Customs Department ( RMCD ) has been entrusted as the enforcement agency for the collection of GST. In line with the GST implementation plan, RMCD intends to establish a GST Investigation and Prosecution Unit to carry out enforcement activities by way of GST investigations and prosecutions. The main objective of the GST Investigation and Prosecution Unit is to improve the enforcement results when cases go to Court. This session intends to provide the participants with an understanding of the key strategies and methodologies of GST audit and investigation. Transfer pricing audit Speaker: Sockalingam Murugesan Partner, Transfer Pricing Ernst & Young Tax Consultants Sdn Bhd In recent years, the Malaysian Inland Revenue Board (IRB) has stepped up auditing and enforcement activities with the view to increase tax collection. For 2016, the direct tax target has been set at RM118.5 billion. In terms of fines or penalties for tax audit activities in the last five-year period since 2011, IRB has collected RM4.4billion or 0.8% of the total direct tax collection. Transfer pricing (TP) is an increasingly important issue faced by fastgrowing businesses. The IRB has also issued the TP Audit Framework which is effective from 1 April This clearly demonstrates the IRB s increased focus on compliance with TP requirements and TP audit in the country. This session will focus on both the theoretical and practical aspects of a transfer pricing audit and the key implications on you and your organization. Tax amnesty 2016 Speaker: Lim Kien Thai Director of IRB Kuching Lembaga Hasil Dalam Negeri The IRB introduced a tax amnesty programme in 2015 to reduce the concessionary penalty rates and waive the increase of tax for a short period of time until 30 November The objective of this programme was to encourage voluntary disclosures and early settlement of tax arrears among taxpayers. This tax amnesty programme was extended as part of the recalibration of the 2016 Budget. The effective period is now from 1 March 2016 to 15 December Therefore, taxpayers may take this opportunity to regularize their tax positions. The Director of IRB Kuching will share the areas of focus for the reduction of penalty or waiver of tax increase and the eligibility of these offers under the amnesty regime.

3 Our speakers Amarjeet Singh Malaysia Tax Leader Partner Ernst & Young Tax Consultants Sdn Bhd Amarjeet is Malaysia Tax Leader and a partner of Ernst & Young Tax Consultants Sdn Bhd in Malaysia. He is experienced in the fields of tax restructuring, tax advisory and tax incentives. His restructuring and advisory experience includes some of the country s largest mergers and group reorganisations in the public utilities, plantation, property, leisure and tourism sectors. He also has vast incentive experience, including global incentive benchmarking, feasibility studies and multi-jurisdictional studies on the economic benefits of treasury centre incentives. He has also assisted multinational companies (MNCs) in negotiating and securing special incentive packages in Malaysia. Amarjeet is a regular speaker in tax seminars and conferences and is often invited by various Malaysian government ministries and agencies to national policylevel discussions on tax incentives and attracting FDIs. Bernard Yap Malaysia Indirect Tax Leader Partner Ernst & Young Tax Consultants Sdn Bhd Bernard is Indirect Tax and Goods and Services Tax (GST) Leader, the lead partner for Financial Services and a Tax partner for Business Tax Compliance in Ernst & Young Tax Consultants Sdn Bhd in Malaysia. He has over 20 years experience in tax compliance and consultancy work for both corporate tax, tax advisory, indirect tax and GST. He is experienced in conducting tax due diligence, tax documentation reviews and tax audits, tax training, indirect tax planning and advisory, tax planning schemes for large local and multi-national corporations, as well as applications for licences, incentives and tax exemptions. Bernard is a regular speaker on the topics of Indirect Tax and GST at conferences, seminars and forums organized by EY, external bodies and clients.

4 Our speakers Sockalingam Murugesan Malaysia Transfer Pricing Leader Partner Ernst & Young Tax Consultants Sdn Bhd Socka is Transfer Pricing Leader and a partner of Ernst & Young Tax Consultants Sdn Bhd in Malaysia. He has extensive experience providing transfer pricing services to both MNCs and large local conglomerates. His transfer pricing experience includes leading engagement teams in the preparation of transfer pricing documentation for a wide range of transactions including intangible transactions such as royalty and technical fees, and the provision of management services. He has also been involved in the design and implementation of tax-effective supply chains for clients carrying out extensive cross-border transactions. In addition, Socka is extensively involved in assisting clients deal with the tax authorities on Advanced Pricing Arrangements and transfer pricing audits. Socka also has experience dealing with Mutual Agreement Procedures (MAPs) applications involving the Government of Malaysia and foreign competent authorities. He has assisted his clients in the preparation of official submissions to the authorities and worked with authorities to determine the transfer pricing positions to be adopted. Lim Kien Thai Director Lembaga Hasil Dalam Negeri Malaysia Mr Lim Kien Thai is currently the Director of the Inland Revenue Board, Kuching. He joined the Inland Revenue Board, Kuching in Initially, he was mainly involved in the Assessment branches of the Inland Revenue Board (IRB) in Kuching and Sibu. From 2002 to 2015, he was attached to the Tax Research Department at the IRB Headquarters in Kuala Lumpur, where he was mainly involved with policy formulations for the Malaysian tax system as well as the annual budget. Mr Lim graduated with a BSC(Hons) degree and Masters in Public Administration from the University of Malaya.

5 Programme Tuesday, 27 September 2016 Time Session 8:00 a.m. Registration 8:30 a.m. Welcome address 8:45 a.m. GST audit and investigation 10:00 a.m. Coffee break 10:30 a.m. Transfer pricing audit and investigation 11:15 a.m. Tax Amnesty :45 a.m. Panel session Question and answer 12:30 p.m. End Lunch

6 Registration form Tax controversy and Tax amnesty Tuesday, 27 September :00 a.m. to 12:30 p.m. Hilton Kuching To: Tel: Lo Woan Cherng / Sim Wee Ni Fax: / woan-cherng.lo@my.ey.com / wee-ni.sim@my.ey.com Closing date for registration: 22 September 2016 Contact person s details Name Company Address Tel. no. Fax no. Participants details No. Name Designation Tel. Vegetarian meal (Please tick if required) Notes To register, please submit this fully completed registration form via fax or and make payment promptly. Payment of the registration fee will be due on issuance of the GST Tax Invoice. A confirmation of your registration will be sent to you via before the event date. Seats are on a first come, first served basis. No cancellation or refund is allowed but a replacement delegate may be sent. The organiser reserves the right to make any changes to the programme, venue and/or speakers where necessary. 4 CPE hours (participants will be issued a Certificate of Attendance upon request) Registration fee includes coffee break, lunch, materials and GST. Group discount will be given for registration under the same company or group of companies: 5% discount on the registration fee for groups of three (3) persons 10% discount on the registration fee for groups of four (4) persons and above Payment details RM 200 (inclusive of GST) per person Please find enclosed a cheque (No. ) for RM. All cheques should be crossed and made payable to Ernst & Young Tax Consultants Sdn. Bhd. Please indicate the company s name and Tax controversy and Tax amnesty on the reverse side of the cheque. For crossed cheque/bank draft Payable to: Ernst & Young Tax Consultants Sdn. Bhd. Mail to: Ernst & Young Tax Consultants Sdn. Bhd. Room 200, 2 nd Floor Wisma Bukit Mata Kuching Jalan Tunku Adbul Rahman Kuching, Sarawak For wire/direct payment Beneficiary: Ernst & Young Tax Consultants Sdn. Bhd. Account: Swift code: HBMBMYKL Bank: Address: HSBC Bank Malaysia Berhad Bangunan Binamas, Jalan Padungan Kuching, Sarawak

7 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. ey.com/my Contacts Ng Siaw Wei Executive Director Ernst & Young Tax Consultants Sdn. Bhd siaw-wei.ng@my.ey.com Linda Kuang Director Ernst & Young Tax Consultants Sdn. Bhd linda.kuang@my.ey.com