Strategizing & Managing: Critical Tax Issues 2018 With focus on Tax Audit and Tax Investigation
|
|
- Tobias Powers
- 6 years ago
- Views:
Transcription
1 Strategizing & Managing: Critical Tax Issues 2018 With focus on Tax Audit and Tax Investigation Chow Kuo Seng l Tuesday, 30 January 2018
2 Are you prepared during critical moments with the IRB? Borang J / JA / JR by the IRB Key considerations on tax appeal Documentation Key takeaway - Moving forward 2
3 1. Borang J / JA / JR based on the tax findings by the IRB Following a tax investigation or tax audit 3
4 Critical moments When the Borang J/JA/JR is received by a taxpayer He has 30-days to pay up (notwithstanding any appeal) Sec % and 5% late payment penalty Sec. 106 Civil proceedings at the courts Sec. 104 Travel restrictions on Co. Directors 4
5 Tax investigation framework in Malaysia IRB Income Tax Act 1967 Penal Code (Act 574) Criminal Procedure Code (Act 593) Evidence Act 1950 (Act 56) Whistleblower Protection Act 2010 (Act 711) Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Act 613) aka AMLATFPUA Taxpayer 1 January October 2013 Tax Investigation Framework Tax Investigation Framework 5
6 Updates on tax audit frameworks in Malaysia January 2007 January 2009 April February 2015 Tax Audit Framework (Superseded) Tax Audit Framework (Amendment 2009) (Superseded) Tax Audit Frameworks (Superseded) Tax Audit Framework (Amendment 1/2015) (Superseded) Petroleum Tax Audit Frameworks Transfer Pricing Tax Audit Frameworks Latest 1 June 2015 Tax Audit Framework On Finance and Insurance 1 August 2015 Tax Audit Framework On Withholding Tax 1 May 2017 Tax Audit Framework (Amendment 1/2017 dated 01 May 2017) 6
7 Tax Audit Framework 2017 Snapshot (Para 1) Intro Under the Self-Assessment System, tax audit is a primary activity of the IRB. Assist audit officers to carry out their tasks efficiently and effectively. Assist taxpayers in fulfilling their obligations (Para 4) Objectives Enhancing voluntary compliance with the tax laws and regulations. (Para 5) Years of assessment covered Full audit for 3 to 5 years of assessment. 5-year time limit is not applicable to cases involving fraud, wilful default or negligence. (Para 7.4.5) Examination of records Where the books or accounting records are kept electronically, instead of requesting taxpayers to make available hard copies of such records, IRB officers can access those financial data from the taxpayer s computer system by downloading into any portable pen drive, hard disk or suitable storage media. (Para 10) Offences and penalties Reduced tax penalty will be imposed by the IRB where a taxpayer submits a voluntary disclosure on any tax under declared in the past years. However, a taxpayer would not be considered for Voluntary disclosure to mitigate penalties after a tax audit has commenced. 7
8 Tax Audit Framework 2017 Snapshot Commencement of an audit (Para 7.2.1) For field audit cases, commencement date is upon issuance of the Letter Requesting for Documents. In the absence of such letter, on the 1 st day of visit at the taxpayer s premises. (Para and 7.2.3) For desk audit case, the date when taxpayer was contacted via CP 800 / CP800A. A taxpayer is required to respond within 21 days from the date of the Letter Requesting for Documents / CP 800 / CP 800A, otherwise the IRB can visit the taxpayer s premises without any notification. Notification letter will indicate the following: i) The records that should be made available for audit. ii) The relevant years of assessment to be audited. iii) The name of audit officers who will conduct the audit. iv) The expected timeframe required for the audit visit. 8
9 Tax Audit Framework 2017 Something new by the IRB (Para 7.2.4) A notification letter will be sent to a taxpayer selected for field audit (at least 14 days prior to the visitation date). Nevertheless, the IRB may conduct a field audit without any prior notification on the taxpayer. (Para 7.2.5) A tax audit can be extended to any related company / business having the same director without notification to the taxpayer. (Para 7.2.9) The IRB can, in any condition, visit any premises of the taxpayer without prior notification. 9
10 (Para 7.7) Monitoring Deliberate Tax Defaulters Programme (MDTD) Media Release dated 18 April 2014 Noncompliant Taxpayer Upon being listed as a non-compliant taxpayer. Official letter from the IRB Non-compliant taxpayers will receive a official letter from the IRB. Full Audit A full audit will be conducted by the IRB for the impending audit visit. Comply Taxpayers will be delisted if no repeated offences are committed. 10
11 Capital statement in a tax investigation by the IRB Date of Tax Audit Visit; 22 February 2017 Capital Statement Encompasses Statement of Net Asset Statement of Personal & Private Expenses CP103.pdf Pin.5/96 CP102.pdf Pin.10/80 IRB s request for Information/Documents General Ledgers Sales/Purchases Ledger Cashbook 11
12 Sample letter from the IRB (Capital Statement) Date of Tax Audit Visit; 22 February 2017 IRB s request for Information/Documents General Ledgers Sales/Purchases Ledger Cashbook 12
13 CP103 (page 1 of 2) Salient points 1. Harta-harta dan Tanggunantanggungan Perniagaaan. 2. Harta-harta dan Tanggunantanggunan Kepunyaan sendiri 3. Butir-butir Harta 4. Butir-butir Tanggungan 5. Syer 6. Pinjaman-pinjaman 7. Jika ruangan tidak mencukupi di bawah satu-satu kepala, senarai mestilah disediakan. 8. Senarai ini mestilah termasuk harta-harta yang dibeli dan dijual dalam tahun yang sama. 13
14 CP103 (page 2 of 2) 14
15 CP102 (page 1 of 1) 15
16 Voluntary disclosure Period after the prescribed deadline for tax submission Before being selected for tax audit Penalty rates (Jan 2009 to 2017) Penalty rates (w.e.f. 1 May 2017) Tax Audit Framework 2017 Within 60 days 10% 10% >60 days < 6 months 15.5% 15.5% >6 months < 1 year 20% >1 year < 3 years 25% 35% >3 years 30% After being selected for tax audit VD after taxpayer has been informed of the tax audit Non-disclosure (Discovery of omission during audit and investigation) 35% 45% for 1st offence 45% for 1st offence 100% for MDTD 100% for MDTD Max. penalty to be imposed on a taxpayer is 100% under Section 113(2) penalty, where the taxpayer has omitted or understated any income liable to be taxed. 16
17 100% 113(2) Penalty w.e.f. 1 January 2018 Media Release dated 17 April 2017 issued by the IRB Repeated offences of undeclared or incorrectly declared income received by way of a return form. Refusal to give full cooperation during an audit or investigation process. Failure to give information or documents requested to assist in an audit or investigation process. Carrying out an organized tax evasion scheme. Failure to comply with the tax law even though the taxpayer has been audited or investigated before. Note: The proposal to increase the rate of penalty to 100% of the tax payable on the undeclared or under-declared income beginning 1 January 2018 is a step towards elevating the level of voluntary compliance among tax payers by dealing with tax payers who are hardcore tax law defaulters. 17
18 Tunggakan Cukai LHDNM MEDIA RELEASE dated 25 July 2017 LHDNM Litigation Branch Kuala Lumpur (Cawangan Guaman Kuala Lumpur CGKL ) which was established on 1 May 2017 started operation on 1 August The CGKL will take over the civil suit and litigation functions from the Legal Units of seven LHDNM Branches Duta Branch, Non-Resident Branch, Large Taxpayer Branch, Kuala Lumpur Bandar Branch, Cheras Branch, Wangsa Maju Branch and Bangi Branch. This is part of the LHDNM s continuous efforts to improve the tax collection and civil suit process where the CGKL will also focus on court cases involving taxpayers who fail to comply with the agreed tax instalments. 18
19 2. The remedies Tax appeal 19
20 Preserve your right Appeal against assessment Form Particulars Provision of the Act Due date for submission Form Q Notice of Appeal to SCIT Section 99/97A Within 30 days after the Notice of Assessment served Form N Notice of EOT for Appeal Section 100 Extension of time after the abovementioned 30 days CP15C Relief (Error or Mistake) Section 131 Within 5 years after end of year of assessment CP15D Notice of Appeal (WHT) Section 109H Within 30 days from the date the WHT-in-dispute is due PR 12/2017 dated 29 Dec 2017 replaces the PR No. 7/2015 dated 22 Oct. 2015: Taxpayer who is aggrieved by an assessment which has been made on him by the IRB is entitled to appeal against that assessment pursuant to Section 99/97A of the Income Tax Act. 20
21 Tax appeal To submit Form N if Form Q is not submitted within 30 days from the date of issuance of Form J/JA/JR/NONC. To submit Form Q within 30 days from the date of the Form J/JA/JR/NONC or upon approval of the Form N. The IRB branch is given 30/60/90 days to forward the appeal to DRBSD/PPN. The IRB has within 12 months to register the Form Q with the SCIT. Note: J =. Notice of Assessment JA = Notice of Additional Assessment JR = Notice of Reduced Assessment NONC = Notification of Non Chargeability Dispute Resolution & the Secretariat Department (DRBSD) Taxpayer Form Q (IRB Branch) Tax Litigation Division (Legal Department) State Director s Office ( PPN ) Special Commissioners of Income Tax (SCIT) In case of a relief application for error or mistake, if the branch decides not to grant the relief, taxpayer has 6 months to request the IRB to forward the relief application to the SCIT. The IRB to discharge tax-indispute High Court Appeal Allowed Appeal Allowed Court of Appeal Where an amicable resolution is achieved for tax settlement, the file will be returned to the PPN/DRP for revision. 21
22 Tax Appeal against disallowance of suspicious payment Oren -Puba v KPHDN Issue: Whether the payment made by the Appellant be disallowed on the ground that the transaction is suspicious ( diragui ) as contended by the Respondent 22
23 Chronology of Events - a Diligent Taxpayer in his critical moments with the IRB Events Time taken by the IRB Communications between the taxpayer & the IRB Officers Notification of tax field audit to the taxpayer by the IRB 2 weeks s / Telephone calls Audit at taxpayer s premises Tax audit findings letter(s) issued by the IRB 3 weeks to 3-6 months 1 or 2 post- tax audit meeting(s) and the Final computation is determined by the IRB Example 1 as per PR12/2017 Appeal Against Assessment and Application for Relief: Description Date Late payment penalty Form Q Form JA dated 10/4/2017 Form JA served to taxpayer 15/4/2017 Imposition of penalty under 10% 10/5/2017 Imposition of penalty under 5% 10/7/2017 Deadline for filing of Form Q 15/5/
24 3. Documentation to the Inland Revenue Board 24
25 PR 3/2015 dated 29 July 2015 Failure to furnish information within the stipulated period 25
26 PR3/2015 Failure to furnish information within a stipulated period Example 4 Rania Beauty Sdn Bhd ( RBSB ) After the expiry of the time stipulated in the notice, RBSB still failed to furnish the supporting document. Therefore, the expense of RM250,000 will not be allowed as a deduction under subsection 39(1A) of the Income Tax Act Example 5 RBSB furnished the supporting document within the extended time. Thus, RBSB is allowed to claim the payment of RM250,000 as sponsorship expense for arts, cultural and heritage activities in the year of assessment Example 7 If the Director General discovers that the supporting documents can be obtained from a third party but the company has not endeavoured to get them, then the report will not be accepted as a substitute for the invoices on maintenance expense. Therefore, the maintenance expense of RM25,000 will not be allowed as a deduction under subsection 39(1A) of the ITA. 26
27 Key takeaway - Moving forward Be equipped: Know your rights and responsibilities and apply the Tax Law and Regulations correctly Be prepared: How you respond to a tax audit and investigation and the documents you provide will determine the outcome. Prepare now! 27
28 Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ( DTTL ), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as Deloitte Global ) does not provide services to clients. Please see to learn more about our global network of member firms. Deloitte provides audit & assurance, consulting, financial advisory, risk advisory, tax & legal and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500 companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and highquality service to address clients most complex business challenges. To learn more about how Deloitte s approximately 264,000 professionals make an impact that matters, please connect with us on Facebook, LinkedIn, or Twitter. About Deloitte Southeast Asia Deloitte Southeast Asia Ltd a member firm of Deloitte Touche Tohmatsu Limited comprising Deloitte practices operating in Brunei, Cambodia, Guam, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam was established to deliver measurable value to the particular demands of increasingly intraregional and fast growing companies and enterprises. Comprising approximately 330 partners and 8,000 professionals in 25 office locations, the subsidiaries and affiliates of Deloitte Southeast Asia Ltd combine their technical expertise and deep industry knowledge to deliver consistent high quality services to companies in the region. All services are provided through the individual country practices, their subsidiaries and affiliates which are separate and independent legal entities. About Deloitte in Malaysia In Malaysia, services are provided by Deloitte Tax Services Sdn Bhd and its affiliates. Disclaimer This publication contains general information only, and should not be construed as rendering professional advice or services by Deloitte. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this publication Deloitte Tax Services Sdn. Bhd.
Tax Audit and Investigation Workshop Series Chapter 1: Tackling tax audits and investigations confidently. Tuesday, 13 March a.m p.m.
Tax Audit and Investigation Workshop Series Chapter 1: Tackling tax audits and investigations confidently Tuesday, 13 March 2018 8.30 a.m. 12.30 p.m. Deloitte Tax Services Sdn. Bhd. Meetpoint 1 & 2, Level
More information2017 Q1 Financial Services Tax Forum Deloitte KL office 15 March 2017
Deloitte Malaysia s Financial Services Industry (FSI) Tax Leader, Chee Pei Pei and Associate Director, Mohd Fariz bin Mohd Faruk, giving a talk on Common Reporting Standard (CRS), changes in withholding
More informationWithholding tax Deloitte Tax Services Sdn Bhd
Malaysian Dutch Business Council (MDBC) Burning International Tax Issues 3 April 2017 Withholding tax WHT - Introduction Imposed on non-residents deriving income from Malaysia. The payer is responsible
More informationTax Audit and Investigation Workshop Series Chapter 2: Settlement and appeal process. Thursday, 12 April a.m p.m.
Tax Audit and Investigation Workshop Series Chapter 2: Settlement and appeal process Thursday, 12 April 2018 8.30 a.m. 12.30 p.m. Deloitte Tax Services Sdn. Bhd. Meetpoint 1 & 2, Level 15, Menara LGB,
More informationTransfer pricing: return filing compliance & Latest updates on business tax audit Gearing up for 2016
Transfer pricing: return filing compliance & Latest updates on business tax audit Gearing up for 2016 Venue: Ramada Plaza Melaka Time: 8:00 a.m. - 1:00 p.m. Date: 28 June 2016 (Tuesday) Registration closing
More informationFSI Tax Update Automatic Exchange of Financial Account Information: No Longer When but with Which Countries?
FSI Tax Update Automatic Exchange of Financial Account Information: No Longer When but with Which Countries? By Chee Pei Pei and Mohd Fariz Mohd Faruk Background Common Reporting Standard ( CRS ) on Automatic
More informationDeloitte TaxMax- the 42 nd series
- the 42 nd series Brave decisions, Brave actions. Tan Eng Yew 8 November 2016 Goods and Services Tax GST Order Amendments Finance Bill 2016 Polling Question 1 Have you been subject to a Customs GST field
More informationTransfer Pricing breakfast briefing Committed to your success See Jee Chang, Tax Partner, Transfer Pricing Leader, Deloitte Singapore
Transfer Pricing breakfast briefing Committed to your success See Jee Chang, Tax Partner, Transfer Pricing Leader, Deloitte Singapore Introduction of new transfer pricing legislations and rules Income
More informationTax Audit and Investigation Workshop Series Chapter 2: Meet halfway, settle or fight? Thursday, 12 April a.m p.m.
Tax Audit and Investigation Workshop Series Chapter 2: Meet halfway, settle or fight? Thursday, 12 April 2018 8.30 a.m. 12.30 p.m. Deloitte Tax Services Sdn. Bhd. Meetpoint 1 & 2, Level 15, Menara LGB,
More informationSEA Customs and Global Trade Alert A fresh perspective
Southeast Asia Indirect Tax June 2017 SEA Customs and Global Trade Alert A fresh perspective Greetings from the SEA Customs and Global Trade Services team. This newsletter provides practical information
More informationNew Regulation No. 240/PMK.03/2014
Tax Alert January 2015 New Regulation No. 240/PMK.03/2014 The Indonesian Ministry of Finance issued a new regulation No.240/PMK.03/2014 ( PMK-240 ) on 22 December 2014, which provides new updates to the
More information2017 Employer s Income Tax Reporting Seminar. Thursday, 18 January a.m p.m.
2017 Employer s Income Tax Reporting Seminar Thursday, 18 January 2018 8.30 a.m. 1.00 p.m. Deloitte, Penang Office Level 12B Hunza Tower 163E Jalan Kelawei 10250 Penang Brought to you by Deloitte Tax Academy,
More informationDeloitte TaxMax- the 42 nd series
- the 42 nd series Brave decisions, Brave actions. Tan Hooi Beng 8 November 2016 The Journey Corporate Law Reform Initiative The 4 year review by CLRC issued 12 Consultative Papers A proposal to repeal
More informationTax Alert. Circular No. 25/2018/TT-BTC dated 16/3/2018 guiding a number of new regulations regarding VAT, CIT and PIT. March 2018
Tax Alert Circular No. 25/2018/TT-BTC dated 16/3/2018 guiding a number of new regulations regarding VAT, CIT and PIT March 2018 1 CIRCULAR NO. 25/2018/TT-BTC GUIDING A NUMBER OF NEW REGULATIONS REGARDING
More informationAccounting & Auditing News IFRS 15 Revenue from Contracts with Customers: Part 3N Impact on Chemicals Sector
Philippines Technical Research 12 December 2014 (Issue 19) Accounting & Auditing News IFRS 15 Revenue from Contracts with Customers: Part 3N Impact on Chemicals Sector When should variable or uncertain
More informationDeloitte TaxMax The 44th series G Hotel Gurney, Penang l 11 December 2018
More than 220 finance professionals attended this year s Deloitte TaxMax Seminar The 44th Series at G Hotel Gurney, Penang. Ng Lan Kheng, Deloitte Malaysia Business Tax Executive Director gave a warm welcome
More informationIndonesia Customs Info Special Edition - March Customs Audit and Litigation. Customs Audit and Litigation
2 March 2017 March 2017 Special Edition Indonesia Customs Info Special Edition - March 2017 Customs Audit and Litigation Customs Audit and Litigation Key contact: Deloitte has hosted many events for clients
More informationTax Alert. Vietnam Customs and Global Trade Alert A fresh perspective. 9 October Deloitte Vietnam Tax Advisory Company Ltd.
Tax Alert Vietnam Customs and Global Trade Alert A fresh perspective 9 October 2017 2017 Deloitte Vietnam Tax Advisory Company Ltd. 1 GENERAL DEPARTMENT OF CUSTOMS TAKES ACTION ON USE OF INCORRECT HS CODES.
More information2018 Capital Allowances Study Workshop. Tuesday, 23 January a.m p.m.
2018 Capital Allowances Study Workshop Tuesday, 23 January 2018 9.00 a.m. 12.00 p.m. Deloitte Tax Services Sdn. Bhd. Meetpoint 4 & 5, Level 9, Menara LGB, 1, Jalan Wan Kadir, Taman Tun Dr. Ismail, 60000
More informationReform in the Malaysian Corporate Landscape Key Highlights under the New Companies Act
Reform in the Malaysian Corporate Landscape Key Highlights under the New Companies Act Brochure / report title goes here Section title goes here 2 Contents Introduction 4 Key Highlights Creating a Conducive
More informationAccounting & Auditing News IFRS 15 Revenue from Contracts with Customers: Part 3L Impact on Power Sector
Philippines Technical Research 27 November 2014 (Issue 17) Accounting & Auditing News IFRS 15 Revenue from Contracts with Customers: Part 3L Impact on Power Sector How to identify and allocate revenue
More informationTransfer Pricing: New Reporting Requirements Seminar Are you ready? Monday, 19 March p.m p.m.
Transfer Pricing: New Reporting Requirements Seminar Are you ready? Monday, 19 March 2018 1.30 p.m. 4.30 p.m. Mutiara Hotel Johor Bahru Sri Ledang, 2nd Floor, Jalan Dato Sulaiman Taman Century 80250 Johor
More informationCustoms Alert. Vietnam Customs and Global Trade Alert - A fresh perspective Draft Circular amending and supplementing Circular No.
Customs Alert Vietnam Customs and Global Trade Alert - A fresh perspective Draft Circular amending and supplementing Circular No. 38/2015/TT-BTC January 31 st, 2018 2018 Deloitte Vietnam Tax Advisory Co.
More informationGUIDANCE ON SEVERAL ARTICLES REGARDING TAX ADMINISTRATION OF TRANSFER PRICING IN ENTERPRISES
Tax Alert Circular No. 41/2017/TT-BTC dated 28 April 2017 guiding certain articles of Decree No. 20/2017/ND-CP dated 24 February 2017 on tax management of transfer pricing in enterprises June 2017 GUIDANCE
More informationAccounting & Auditing News IFRS 15 Revenue from Contracts with Customers: Part 3O Impact on Automotive Sector
Philippines Technical Research 17 December 2014 (Issue 20) Accounting & Auditing News IFRS 15 Revenue from Contracts with Customers: Part 3O Impact on Automotive Sector When should variable or uncertain
More informationGST and Property Workshop
GST and Property Workshop Venue: Renaissance Johor Bahru Hotel Time: 8.30 a.m. - 12.30 p.m. Date: 23 June 2016 (Thursday) Brought to you by Deloitte Tax Academy, a division of Deloitte Tax Services Sdn
More informationThe employer s mandate & GST compliance workshop Are you ready to take charge?
The employer s mandate & GST compliance workshop Are you ready to take charge? Tuesday, 8 September 2015 8.00am - 5.15pm Promenade Hotel No. 4, Lorong Api-Api 3 Api-Api Centre 88000 Kota Kinabalu Brought
More information2017 Tax Management Consulting Conference Aligning tax and business strategy. Deloitte, Kuala Lumpur 12 July 2017
2017 Tax Management Consulting Conference Aligning tax and business strategy Deloitte, Kuala Lumpur 12 July 2017 Agenda Introduction 4 Current environment 6 The changing face of tax within the business
More informationLatest Malaysian tax developments affecting companies
Latest Malaysian tax developments affecting companies Tuesday, 31 May 2016 8:30 a.m - 5:00 p.m. Deloitte Tax Services Sdn. Bhd. Meet Point 1 & 2 Level 15 Menara LGB 1 Jalan Wan Kadir Taman Tun Dr Ismail
More informationSEA Customs and Trade Alert
Error! No text of specified style in document. SEA Customs and Trade Alert July 2016 SEA Customs and Trade Alert Stay informed of changes Greetings from your SEA Customs and Global Trade Services group.
More informationDeloitte TaxMax Brave decisions, Brave actions.
Deloitte TaxMax Brave decisions, Brave actions. Thursday, 17 November 2016 8.30 a.m. - 1.00 p.m. Hyatt Regency Kinabalu Jalan Datuk Salleh Sulong 88991 Kota Kinabalu, Sabah An event by Deloitte Tax Academy
More informationTax Newsletter February For internal use only
Tax Newsletter February 2018 For internal use only NEW REGULATIONS New regulations on the application of trade remedies Procedures for the registration of import tax incentive for an automotive manufacturer
More informationDeloitte Tax Max The 44 th Series #ReadyMalaysia2019: A refreshed landscape. Tuesday, 27 November 2018 l One World Hotel
Deloitte Tax Max The 44 th Series #ReadyMalaysia2019: A refreshed landscape Tuesday, 27 November 2018 l One World Hotel Navigating the transfer pricing and international tax landscape confidently Theresa
More informationIndonesia Tax Info. Update on Tax Regulations Post Tax Amnesty
26 October 2017 October 2017 edition Indonesia Tax Info Update on Tax Regulations Post Tax Amnesty The Government and the Directorate General of Taxes (DGT) have issued a series of regulations following
More informationVenue: Singapore Marriott Hotel Time: 9am to 12.30pm Dates: 6 th May Malaysia GST: A year in review
Venue: Singapore Marriott Hotel Time: 9am to 12.30pm Dates: 6 th May 2016 Malaysia GST: A year in review Introduction It has been a year since GST was implemented and with the crossing of that year, it
More informationHeadline Verdana Bold Deloitte TaxMax The 43 rd series One bold step in the right direction Richard Mackender & Senthuran Elalingam l 22 November
Headline Verdana Bold Deloitte TaxMax The 43 rd series Richard Mackender & Senthuran Elalingam l 22 November 2017 by Deloitte Tax Academy Agenda The Digital Economy 3 Background and market research 8 Managing
More informationDeloitte TaxMax The 44th series One World Hotel, Kuala Lumpur l 27 November 2018
Left: YBhg. Dato Sri Sabin Samitah, Chief Executive Officer of Inland Revenue Board of Malaysia (IRBM) giving a special keynote address at the start of the seminar. More than 700 business leaders and finance
More informationDeloitte Tax Max The 44 th Series #ReadyMalaysia2019: A refreshed landscape. Tuesday, 27 November 2018 l One World Hotel
Deloitte Tax Max The 44 th Series #ReadyMalaysia2019: A refreshed landscape Tuesday, 27 November 2018 l One World Hotel Disclaimer All materials or explanations (not restricted to the following presentation
More informationINLAND REVENUE BOARD OF MALAYSIA
AND APPLICATION FOR RELIEF PUBLIC RULING NO. 12/2017 Translation from the original Bahasa Malaysia text DATE OF PUBLICATION: 29 DECEMBER 2017 Published by Inland Revenue Board of Malaysia Second edition
More informationTax Alert. Vietnam Customs and Global Trade Alert. A fresh perspective. November Deloitte Vietnam Tax Advisory Company Ltd
Tax Alert Vietnam Customs and Global Trade Alert A fresh perspective November 2017 2017 Deloitte Vietnam Tax Advisory Company Ltd 1 CHANGES TO THE MANUFACTURING/PROCESSING FOR EXPORT REGIMES ARE UNDER
More informationGST for Property Developers
GST for Property Developers Venue: The Springboard, Deloitte (Penang Office) Level 12B, Hunza Tower Time: 8.30 a.m. - 12.30 p.m. Date: 15 July 2016 Brought to you by Deloitte Tax Academy, a division of
More informationLegal News. Deloitte Legal Representing tomorrow. Legal News. Issue 22 May Inside this issue :
Legal News Issue 22 May 2017 Legal News Deloitte Legal Representing tomorrow Inside this issue : May 2017 Order of the Head of National Council for Peace No. 21/2560 regarding the Amendment of Laws to
More informationDeloitte TaxMax The 43 rd series One bold step in the right direction. Theresa Goh & Subhabrata Dasgupta l 22 November 2017 By Deloitte Tax Academy
Deloitte TaxMax The 43 rd series One bold step in the right direction Theresa Goh & Subhabrata Dasgupta l 22 November 2017 By Deloitte Tax Academy What are we discussing today? 01 02 Emerging trends Key
More informationGES NewsFlash Personal tax changes Singapore Budget 2015
Singapore Global Employer Services (GES) 20 Mar 2015 GES NewsFlash Personal tax changes Singapore Budget 2015 In this issue Overview Personal tax rebate Changes in personal tax rates Allowing individual
More informationDeloitte TaxMax Growing in strength and sustainability
Deloitte TaxMax Growing in strength and sustainability Friday, 13 November 2015 8:30 a.m. - 2:00 p.m. Sabah Hotel, Sandakan An event by Deloitte Tax Academy Overview Key Takeaways TaxMax, brought to you
More informationLABOR CODE UPDATES 19 July 2018
LABOR CODE UPDATES 19 July 2018 19 July 2018 Key changes in labor related in effect from 1 January 2018 Notable points Since the Law on Social Insurance 2014 was released on 20 November 2014 and took effect
More informationSerbia. Tax&Legal Highlights May International taxation
Tax&Legal Highlights May 2018 Tax&Legal Highlights Serbia International taxation Serbia is one of the first countries to ratify the Multinational Convention, as the National Assembly of the Republic of
More informationDeloitte TaxMax Growing in strength and sustainability
Deloitte TaxMax Growing in strength and sustainability Wednesday, 11 November 2015 8:30 a.m. - 5:15 p.m. Hilton Hotel, Kuching An event by Deloitte Tax Academy Overview Key Takeaways TaxMax, brought to
More informationGlobal Transfer Pricing Alert
Global Transfer Pricing 15 December 2017 Cambodia introduces transfer pricing rules Global Transfer Pricing Alert 2017-056 Cambodia s Ministry of Economy and Finance (MEF) issued the country s first transfer
More informationDeloitte TaxMax the 41st series Growing in strength and sustainability
Deloitte TaxMax the 41st series Growing in strength and sustainability Thursday, 12 November 2015 8:30 a.m. to 5:30 p.m. G Hotel Gurney Penang An event by Deloitte Tax Academy Overview Key Takeaways TaxMax,
More informationIndonesia Tax Alert August 2017
11 August 2017 August 2017 edition Indonesia Tax Alert August 2017 Update on Indonesian Controlled Foreign Corporation Rule The Minister of Finance ( MoF ) has issued regulation number 107/PMK.03/2017
More informationContents. Introduction. Good tax system - Canons of taxation. What is a competitive tax system? Post BEPS era New world order in tax?
A More Competitive Income Tax System Getting There and the Pitfalls A Tax Consultant s Perspective Liew Li Mei, Partner, Deloitte & Touche LLP, 15 August 2017 Contents Introduction Good tax system - Canons
More informationError! No text of specified style in document. Deloitte Shipping Breakfast Seminar. 12 December 2016 Deloitte Level 33, Room 5 & 6
Error! No text of specified style in document. Deloitte Shipping Breakfast Seminar 12 December 2016 Deloitte Level 33, Room 5 & 6 The Deloitte Shipping Group regularly hosts a series of breakfast seminars
More informationDeloitte TaxMax the 42nd series Brave decisions, Brave actions.
the 42nd series Brave decisions, Brave actions. Tuesday, 15 November 2016 8.30 a.m - 5.30 p.m Renaissance Johor Bahru Hotel 2, Jalan Permas 11 Bandar Baru Permas Jaya 1 81750 Masai, Johor An event by Deloitte
More informationDeloitte Myanmar Breakfast Talk Series Speaking to your business
Deloitte Myanmar Breakfast Talk Series Speaking to your business Background Myanmar is at the center of change. Tax reforms. Company Law updates. Financial reporting overhauls. Corporate governance measures.
More information2017 Tax Management Consulting Conference Welcome and tax management trends. Deloitte, Kuala Lumpur 12 July 2017
2017 Tax Management Consulting Conference Welcome and tax management trends Deloitte, Kuala Lumpur 12 July 2017 Agenda Overview 5 Tax operating models 8 Main commercial drivers 12 Resourcing 17 Country
More informationTax impact on businesses from the adoption of various accounting standards 16 January 2019 Chai Sook Peng, Tax Partner, Deloitte Singapore Accredited
Tax impact on businesses from the adoption of various accounting standards 16 January 2019 Chai Sook Peng, Tax Partner, Deloitte Singapore Accredited Tax Advisor (Income Tax) Income tax implications Changes
More informationStaying on top of the compliance game Understanding new forces in financial services
Staying on top of the compliance game Understanding new forces in financial services Understanding new forces in financial services With the unprecedented pace and extent of global regulatory reforms within
More informationIndonesia Tax Info. 30 April 2018 April 2018
30 April 2018 April 2018 Indonesia Tax Info Update on Tax Holiday Minister of Finance ( MoF ) Regulation number 35/PMK.010/2018 ( PMK-35 ), issued on 3 April 2018, revokes the previous regulation 159/PMK.010/2015
More informationTax Espresso A Snappy Delight. Greetings from Deloitte Malaysia Tax Services. Gazette Order. Income Tax (Exemption) Order 2017 [P.U.
Malaysia Tax March 2017 Tax Espresso A Snappy Delight Greetings from Deloitte Malaysia Tax Services Gazette Order Income Tax (Exemption) Order 2017 [P.U.(A) 52/2017] Following the media release by the
More informationGST Chat Keeping you up to date on the latest news in the Indirect Tax world
GST Chat Keeping you up to date on the latest news in the Indirect Tax world June 2018 1 Issue 6.2018 Quick links: Contact us - Our GST team Key takeaways: Filing your GST Returns for the taxable periods
More informationIndonesia Tax Info. 31 October 2018 October 2018
31 October 2018 October 2018 Indonesia Tax Info E-Registration of Tax ID number through SABH and OSS In order to support the ease of doing business, improve the quality of corporate taxpayers registration
More informationTax Newsletter. July 2013
Tax Newsletter July 2013 Table of Contents: NEW DOCUMENTS New Decree guiding the implementation of the Law on Tax Administration Temporary guidance on the implementation of the amended Law on Tax Administration
More informationTax Newsletter. August 2013
Tax Newsletter August 2013 Table of Contents: NEW DOCUMENTS New Decree guiding the implementation of the amended Laws on CIT and VAT New Circular on Personal Income Tax ( PIT ) GUIDING DOCUMENTS Value
More informationIndirect Tax Chat Keeping you up to date on the latest news in the Indirect Tax world
Indirect Tax Chat Keeping you up to date on the latest news in the Indirect Tax world December 2018 1 Issue 12.2018 Quick links: Contact us - Our Indirect Tax team Key takeaways: 1. Extension of time on
More informationTax Alert. Keeping you informed. Update on currently proposed tax changes. September 2011
Tax Alert Keeping you informed September 2011 Update on currently proposed tax changes 1 Draft Decrees on CIT, VAT and SST A massive change The Ministry of Finance ( MoF ) is now working to amend prevailing
More informationIndonesia Tax Info. Update on Basic Commodities not Subject to VAT
15 September 2017 September 2017 edition Indonesia Tax Info Update on Basic Commodities not Subject to VAT The Minister of Finance ( MoF ) has expanded the type of basic commodities (which its import and/or
More informationNew laws mitigate tax penalties
Greece Tax news January 22, 2018 New laws mitigate tax penalties Two new laws, L.4509/17, which generally applies from 1 January 2018, and L.4512/18 that was enacted on 15 January 2018 amend Greece s Code
More informationREDACTED REVENUE COMMISSIONERS DETERMINATION
09TACD2017 BETWEEN/ REDACTED Appellant V REVENUE COMMISSIONERS Respondent DETERMINATION Introduction 1. This is an appeal against assessments to income tax and to VAT. The notice of assessment to income
More informationTax Espresso Transfer Pricing update: Master file requirement introduced alongside other BEPS recommendations
Malaysia Tax 7 July 2017 Tax Espresso Transfer Pricing update: Master file requirement introduced alongside other BEPS recommendations The Inland Revenue Board of Malaysia ( IRB ) has released the first
More informationIndonesian Tax Info. Vol. November 2015 edition. Tax Verification No Longer Exists. 5. Reduction of. 6. Import of Certain Products
Indonesian Tax Info Vol. November 2015 edition In this issue: 1. Tax Verification No Longer Exists 2. Changes in Regulation Regarding Restitution Procedure 3. Changes in Regulation Regarding Granting of
More informationA Snapshot of Budget 2019 Tax Espresso (Special Edition)
A Snapshot of Budget 2019 Tax Espresso (Special Edition) 2 November 2018 Foreword The Budget 2019 was unveiled by the Finance Minister, YAB Tuan Lim Guan Eng on 2 November 2018 with the theme A Resurgent
More informationIndirect Tax Alert Reporting of other supplies Developments and clarifications
Malaysia Indirect Tax 19 March 2018 Indirect Tax Alert Reporting of other supplies Developments and clarifications In an unexpected but welcome move, the Royal Malaysian Customs Department ( RMCD ) has
More informationTransfer Pricing newsletter
Southeast Asia Transfer Pricing updates October 27 Transfer Pricing newsletter Southeast Asia Transfer Pricing Center Introduction The legal landscape within Southeast Asia is constantly evolving, with
More informationTax Newsletter. October, For internal use only
Tax Newsletter October, 2017 For internal use only NEW DOCUMENTS Circular 93/2017/TT-BTC amending the regulations on administrative procedures for registration and change of VAT calculation methods Minimize
More informationIndirect Tax Alert Transition from GST to SST: Latest updates
Malaysia Indirect Tax 4 June 2018 Indirect Tax Alert Transition from GST to SST: Latest updates The Malaysian Prime Minister Tun Dr Mahathir Mohamad announced on the 30 th of May that the Sales Tax and
More informationTax Espresso June Tax Espresso A snappy delight
Tax Espresso A snappy delight June 2018 1 Greetings from Deloitte Malaysia Tax Services Quick links: Deloitte Malaysia Inland Revenue Board of Malaysia Takeaways: 1. MFRS 15 Revenue from contracts with
More informationGST Appeal Tribunal Workshop
Malaysia GST April 2017 GST Appeal Tribunal Workshop Invitation It has been two years since the implementation of GST in Malaysia. However, many GST issues still lack clarity and could result in disputes
More informationTax News Overview of the rules on improvement of tax administration
Azerbaijan Tax & Legal 10 October 2016 Tax News Overview of the rules on improvement of tax administration Introduction For the implementation of Article 2 of the Decree of the President on The courses
More informationThe Income Tax and GST Appeal Processes. D.P. Naban, Senior Partner 2 November 2016
The Income Tax and GST Appeal Processes D.P. Naban, Senior Partner 2 November 2016 1 Agenda Income Tax Appeal Dispute Resolution Proceedings Special Commissioners of Income Tax High Court Judicial Review
More informationTaXavvy. Special Voluntary Disclosure Program (3 November June 2019) 14 December 2018 Issue
TaXavvy 14 December 2018 Issue 11-2018 Special Voluntary Disclosure Program (3 November 2018 30 June 2019) www.pwc.com/my Special Voluntary Disclosure Program As announced by the Honourable Minister of
More informationAmInvestment Services Berhad ( A) AmASEAN Equity. (the Fund ) RESPONSIBILITY STATEMENTS
AmInvestment Services Berhad (154432-A) AmASEAN Equity (the Fund ) RESPONSIBILITY STATEMENTS This Product Highlights Sheet has been reviewed and approved by the directors of AmInvestment Services Berhad,
More informationThe Kingdom of Saudi Arabia Excise Tax Implementing Regulations Issued by Board of Directors Resolution no of 5/9/1438
The Kingdom of Saudi Arabia Excise Tax Implementing Regulations June 2017 Introduction This document is an English version of the Kingdom of Saudi Arabia Excise Tax Regulations published by the General
More informationTaXavvy Stay current. Be tax savvy.
TaXavvy Stay current. Be tax savvy. 19 May 2014 Issue 4/2014 Monitoring deliberate tax defaulters Changes to tax return form C for YA 2014 IRB s clarifications Public rulings and guidelines Tax cases GST
More informationIndonesia Tax Info. 31 January 2019 January In this issue: Tax Treatment for E-Commerce Transactions
31 January 2019 January 2019 Indonesia Tax Info Tax Treatment for E-Commerce Transactions Following the growth of e-commerce in Indonesia, the Indonesian Government through the Ministry of Finance ( MoF
More informationYou are in the headlines Time to go public
You are in the headlines Time to go public 2 Going Public 4 Listing Criteria on Bursa Malaysia 5 Quantitative Criteria 5 Qualitative Criteria 6 Primary listing of foreign companies 7 Secondary listing
More informationTop regulatory trends for 2016 Asia Pacific Region Deloitte & Touche LLP 1
Top regulatory trends for 2016 Asia Pacific Region 2016 Deloitte & Touche LLP 1 Agenda 2016 Top Regulatory Trends for Asia Pacific Resilience Culture & Conduct Technology Implementation 2016 Deloitte &
More informationMethod of. Submission. e-filing 1 month 1 March 2018 (Obligatory for employers which are companies and Labuan companies)
A B C D No. Form Type INCOME TAX RETURN FORM (ITRF) FILING PROGRAMME FOR THE YEAR 2018 Grace Period 1 for Submission of ITRF Availability of and Payment of Balance of Tax (if applicable) e-filing System
More informationTAX PENALTY MECHANISM & DISPUTE RESOLUTION ABU TARIQ JAMALUDDIN INLAND REVENUE BOARD OF MALAYSIA
TAX PENALTY MECHANISM & DISPUTE RESOLUTION ABU TARIQ JAMALUDDIN INLAND REVENUE BOARD OF MALAYSIA TAX PENALTY MECHANISM UNDER THE INCOME TAX ACT 1967 (ITA) Section 112(3) Section 113(1) Section 113(2) Section
More informationIndonesian Tax Info. Agreement on Exemption of VAT on Certain Aircraft Operations in International Traffic
23 December 2016 November & December 2016 edition Indonesian Tax Info Agreement on Exemption of VAT on Certain Aircraft Operations in International Traffic The Government of the Republic of Indonesia and
More informationDraft Federal Law No. (7) of Regarding Tax Procedures. We, Khalifa bin Zayed Al Nahyan President of the United Arab Emirates,
The United Arab Emirates Draft Federal Law No. (7) of 2017 August 2017 Introduction This is a replication of the United Arab Emirates Draft Federal Law No. (7) of 2017 regarding the tax procedures published
More informationMalaysian GST: Turning Promises into Hard Realities by April March 2014 Host: Robert Tsang Presenter: Kah Seong Fan
Q&A Report Malaysian GST: Turning Promises into Hard Realities by April 2015 27 March 2014 Host: Robert Tsang Presenter: Kah Seong Fan 1. Does the Goods and Services Tax (GST) identification number of
More informationTax Newsletter. November, For internal use only
Tax Newsletter November, 2017 For internal use only NEW DOCUMENTS Decision No.1848/QD-TCT regarding process of publicizing the steps for settling complaints to the Tax Authorities Applicable Custom Tariffs
More informationThe Inland Revenue Board (IRB) has recently uploaded the new Form CP58 and the Guide Notes on Filling Out Form CP58 [Pin.1/2013] on its website.
RYTA TAXATION SERVICES SDN. BHD. (Company No. 70004-T) Tax Update Issue 4, April 2013 Statement of Monetary and Non-Monetary Incentive Payment to An Agent, Dealer or Distributor Pursuant to Section 83A
More informationTax Newsletter. September For reference only, not to be distributed, or sold
Tax Newsletter September 2018 For reference only, not to be distributed, or sold NEW REGULATIONS New regulations on electronic invoicing Import tax exemption procedure according to International Agreements
More informationIASB issues IFRIC 23 Uncertainty over Income Tax Treatments
IASB issues IFRIC 23 Uncertainty over Income Tax Treatments Published on: June, 2017 Issues A question has arisen in practice as to how uncertainty about the acceptability by a tax authority of a particular
More informationΝοtes for Guidance Taxes Consolidation Act 1997 Finance Act 2017 Edition - Part 41
Part 41 Self Assessment 950 Interpretation (Part 41) 951 Obligation to make a return 952 Obligation to pay preliminary tax 953 Notices of preliminary tax 954 Making of assessments 955 Amendment of and
More informationInternational Tax Spain Highlights 2018
International Tax Spain Highlights 2018 Investment basics: Currency Euro (EUR) Foreign exchange control No, but the government requires prior notification of certain capital movements under anti-money
More informationTax Espresso A snappy delight
Malaysia Tax March 2016 Tax Espresso A snappy delight Greetings from Deloitte Malaysia Tax Services Quick links: Deloitte Malaysia Inland Revenue Board Takeaways: Transfer Pricing Compliance Alert Transfer
More informationIndonesian Tax Info. December 2015 edition. Special Tax Audit Settlement Prior to 31 December 2015
Indonesian Tax Info December 2015 edition Special Tax Audit Settlement Prior to 31 December 2015 In this issue: 1. Special Tax Audit Settlement Prior to 31 December 2015 2. Update on Requirement to Claim
More information