Submission of Return Forms 2023 – Major Changes in Law, New Compliance Requirements

INTRODUCTION

The burden of Compliance Requirements has grown more challenging and would pose difficulties to taxpayers. This demands greater care and knowledge of tax law and procedure; the preparation of these prescribed forms needs to be correctly achieved so that errors can be avoided. Otherwise, there is the possibility that the Inland Revenue Board may want to study the person’s taxation matters in greater detail through a tax audit or investigation. This seminar guides the participant through all the important sections of the Return Forms C, B, E and EA that need to be addressed. In addition, the impact and relationship of the data furnished and how Revenue would utilise it to verify “features, performance and results” will also be explored. We close with a review of the principal features of recent amendments to the law and a study of the implications arising from the new Capital Gains Tax.

COURSE OUTLINE

1. Completion of Form B

   • Income Details

   • Claims and Reliefs

   • Details and Analysis of Accounts

   • Reconciliation of Data

2. Completion of Form C

   • Review of year-end Financial Position

   • Analysis and Impact of Profit & Loss Account

   • Related Party Transactions & Transfer Pricing

   • Directors, Shareholders, & Shareholdings

   • Foreign Sourced Income

   • Preparation of Income Tax Computation

3. Employers and Forms E & EA

   • Remuneration Categories

   • Exempt Income and Benefits

   • Details Required in Form E and EA

   • Deadlines for Submission and Rendering

   • Section 83 and Employers’ Duties4. Highlights of Amendments: Finance Act (No. 2) 2023 & Capital Gains Tax

4. Highlights of Amendments: Finance Act (No. 2) 2023 & Capital Gains Tax

PROFILE(s)

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 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 more than 55 years’ experience in the field of taxation, Mr. Josef also manages his own practice providing taxation consultancy services focusing on Tax Audits and Investigations, Appeals, and MIDA applications for Investment Incentives. 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 for eight years.