The various investment incentives available to selected industries will be explored. Such activities would include the Food Industry, Pharmaceuticals and Medical Devices, Research & Development, and the special incentives for Small and Medium-scale Enterprises.
- Pioneer Status and Investment Tax Allowance
- Both the Promotion of Investments Act and the Income Tax Act will be examined, together with the qualifying conditions necessary to enjoy either.
- A comparison to see which is more beneficial since Pioneer Status is time-based and Investment Tax Allowance is related to capital expenditure.
2. Double Deductions for Promotion of Exports
- Understand how expenses that already are permissible as deductions in the Profit & Loss Account can be granted additional deduction.
- The various items that could enjoy this benefit.
- The difference between Further Deductions and Double Deductions.
3. Increase in Exports Allowance
- Why this is particularly attractive to exporters since it is dependant solely on enhanced performance without need for qualifying expenditure.
- Exploring the relevant conditions and method of computation.
4. Single, Further, & Double Deductions
- How they differ from the usual treatment of expenses incurred.
5. Research & Development Expenditure
- Recent restrictions on deductibility
- Approved research Companies and Institutes
- The Special Deductions available
The seminar will also examine the implications of selected amendments and restrictions introduced by Finance Act 2020.
Vincent Josef began his career with the Inland Revenue Board in 1968 and over the next 35 years, he served in various Branches. Prior to his retirement, he was with the Operations Division of the Board Headquarters where he held the position of Assistant Director General. In addition, He has wide experience in lecturing at IRB events and Malaysian professional institutions including Chartered Tax Institute of Malaysia, Malaysian Institute of Accountants, CPA Australia, MAICSA and Commerce Clearing House (CCH) Malaysia. With his 50 years’ experience in the field of taxation, he also manages his own practice providing taxation consultancy services focusing on Tax Audits and Investigations. He has written a book “Tax Audit and Investigation Guide – Malaysia” published by CCH Malaysia and served as their Consultant Editor in respect of the Malaysian Master Tax Guide.