Taxation Course 2022: Module 2- Category of Tax Payer: Partnership and Its Tax Treatment in Malaysia & Taxation of Limited Liability Partnership (LLP) (In Collaboration With MAICSA)

COURSE OUTLINE

Partnership and Its Tax Treatment in Malaysia

1. Definition of partnership
2. Existence of a partnership
3. Types of partners
4. Commencement of partnership
5. Assessment of partnership
   – The concept of chargeable person
   – Computation of taxable income, provisional adjusted income/loss and divisible income/loss
   – Computation of partners’ adjusted income
   – Change in profit sharing agreement
6. Change in partnership and its implication
7. Implication on sole proprietor business becoming a partnership
8. Partnership is a partner in another partnership
9. Treatment on partnership losses
10. Treatment on capital allowances, balancing charge and balancing allowance

Taxation of Limited Liability Partnership (LLP)

1. Definition of Limited Liability Partnership (“LLP”)
2. Salient features of LLP and its target groups
3. Determination of residence status of LLP
4. Imposition of tax
5. Treatment on partners’ remuneration
6. Treatment on incorporation expenses
7. Treatment on distribution of profits to partners
8. Treatment on adjusted loss
9. Treatment on capital allowances
10. Treatment on foreign source income received in Malaysia
11. Preparation of financial statement and keeping of accounting records

PROFILE(s)

Wong Yoke Lin is a dedicated tax advisor with more than 24 years which includes a 14-year with major taks professional firms and 10-year with the local conglomerate and the established large multinational corporations. She has been involved in tax compliance for ASEAN countries, advising multinationals on tax planning, tax incentives claims, corporate and business restructuring, merger and acquisition, tax due diligence review, international tax projects (such as permanent establishment, BEPS, cross border taxes and the application of double tax treaties), transfer pricing projects and risk management, tax audit and investigation problem solving, GST/VAT, Customs’ duties appeal and valuation and tax reporting (such as year end tax provision, deferred tax provision and Fin 48/ASC-740 disclosure and reporting). In addition, Yoke Lin has substantial experience in advising tax aspects of supply chain planning and execution for the establishment corporations located in ASEAN countries and China.