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Capital Allowances

15
Apr

TIME

9:00 am - 5:00 pm

CPD POINTS

8 (S153 recognised)

EVENT CODE

22WS/010

HRDF Claimable

Yes

VENUE

Webinar via Zoom

REGISTRATION FEE (RM) Registration fee is exclusive of 6% Service Tax

CTIM Member (22WS/010)

300

CTIM Student (22WS/010)

300

ACCA Member (22WS/010)

300

Members Firm Staff (22WS/010)

330.19

Non-Member (22WS/010)

400

Closing Date | 13 April 2022

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INTRODUCTION

The rules on making capital allowance claims have changed significantly in recent years and have become increasingly complex. This workshop focuses on providing an overview of the capital allowances regime and the rules governing tax deductions in Malaysia.

Case laws and salient points in the IRB’s Public Rulings will also be shared during the session to highlight some of the key areas that the participants should look out for in capital allowances and tax deduction claims, including documentation requirements and typical issues during a tax audit.

COURSE OUTLINE

  • Do you need specialist advice to claim capital allowances?
  • Understanding the claim on capital allowance
  • Defining ‘What is a plant?
  • Qualifying plant and machinery expenditure
  • Legal ownership and beneficial ownership of asset – who is eligible to claim CA?
  • Initial and annual allowances
  • Notional allowance
  • Accelerated capital allowances for SMEs and non-SMEs
  • Leased assets
  • Hire purchase assets
  • Disposal – Balancing charge and allowance
  • Special Allowance for Small Value Asset
  • ACA for the purchase of machinery and equipment – P.U. (A) 268 2021
  • Revised Guidelines and Procedures for the Application of Automation Capital Allowance
  • Case laws studies
  • Capital allowances – plant or premises?

PROFILE(s)

Yong Mei Sim has served over 35 years in the Inland Revenue Board of Malaysia (“IRB”) and held the last position as the Principal Assistant Director of the Penang branch, before retiring in 2016. She obtained a Bachelor of Science Degree majoring in Economics with a Second Class Upper from the University Science of Malaysia in Penang. She was later awarded the prestigious JPA scholarship to pursue and successfully completed her Master’s of Science in Taxation from the Golden Gate University in San Francisco, USA. During her tenure in office, she has been, inter alia, an audit manager in charge of the Payroll Taxes Unit, Field Audit and Desk Audit Unit. She had actively assisted the Federal Councils of the IRB in handling tax litigation cases. Among the landmark tax litigation cases which she was directly involved are ICTSB vs DGIR, PSSB vs DGIR and Marigold (M) Sdn Bhd vs DGIR. With her vast knowledge and experience in the field of Malaysian taxation, she has been invited by the IRB and other professional bodies to speak extensively around the country and to share her valuable experience and expertise on income tax updates and all other relevant taxation matters.

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