Tax Planning For HR Managers

Tax Planning For HR Managers


Date : 24 - 25 May 2021
Time : 09:00 am - 05:00 pm
Venue : Novotel Kuala Lumpur City Centre


Introduction
Employment Taxable Income, and having a sound knowledge on associated or related matters in the form of allowances, benefits in kind, exemptions, and deductions are crucial for the employer. Understanding and taking advantage of the various tax provisions can create additional value by optimizing tax savings for both employers and employees. Any tax efficient remuneration package should provide ‘taxable benefit’ for both employers and employees.

 

Objective 

  • Gross Employment Income & Taxable Benefits for Employees
  • Duties and Responsibilities of Both the Employer and Employee
  • Treatment of Employment Income
  • Tax Implication on Benefits In Kind (BIK) Provided to Employees
  • Perquisites Provided to Employees
  • Living Accommodation Benefit Provided by the Employer         
  • Compensation for Loss of Employment

 

 

Methodology

Power-point presentation, Lectures, Interactive Discussions

 

Who Should Attend?

Directors, Accountants, Managers, Executives

Time

Topic

Day One

 

09.00 AM

GROSS EMPLOYMENT INCOME & TAXABLE BENEFITS FOR EMPLOYEES

• Gross salaries/wages/leave pay
•Fees/commission/bonus/allowances/overtime/gratuity
• Perquisites
• Benefits in kind (BIK)
• Living accommodation provided by employer
• Refunds from unapproved pension funds
• Compensation for loss of office

10.30 AM

BREAK

10.45 AM

DUTIES AND RESPONSIBILITIES OF BOTH THE EMPLOYER AND EMPLOYEE

• Recruitment/Retirement of employees
• Monthly tax deductions scheme (PCB)
• Dealing with foreign workers/non-residents
• Determining resident status for employees
• Procedures for withholding payments
• Types of return forms & how to fill up the forms - Form E/EA/BE/B
• Non-compliance consequences
• Overview of Self-Assessment System (SAS) for individual taxpayers
• Tax audit & tax investigation

1.00 PM

LUNCH

2.00 PM

TREATMENT OF EMPLOYMENT INCOME

• Planning for tax efficient remuneration package
• Pitfalls/traps to be avoided when planning remuneration for executives/directors
• Valuing non-monetary and monetary benefits provided to employees
• Maximizing tax reliefs and rebates given to employees
• Tax treatment of gratuity and compensation paid to employees
• Designing an effective tax computation system

 

BREAK

3.30 PM

TAX IMPLICATION ON BENEFITS IN KIND (BIK) PROVIDED TO EMPLOYEES

• What is meant by BIK?
• Ascertainment of the value of BIK
• Computing value of BIK (formula method and prescribed value method)
• Company car and other related benefits (driver, petrol)
• Household furnishings, apparatus & appliances
• Other taxable benefits
• Tax exempt benefits
• Treatment of mobile telephone/leave passage

3.45 PM

TAX IMPLICATION ON BENEFITS IN KIND (BIK) PROVIDED TO EMPLOYEES

• What is meant by BIK?
• Ascertainment of the value of BIK
• Computing value of BIK (formula method and prescribed value method)
• Company car and other related benefits (driver, petrol)
• Household furnishings, apparatus & appliances
• Other taxable benefits
• Tax exempt benefits
• Treatment of mobile telephone/leave passage

5.00 PM

End of Day 1

Day Two

 

9.00 AM

PERQUISITES PROVIDED TO EMPLOYEES

• The distinction between perquisites and BIK
• Types of perquisites and the tax treatment

- Employees pecuniary liabilities
- Credit card facilities
- Loan interest
- Recreational club membership
- Tuition or school fees of child
- Insurance premiums
- Gardener, driver, domestic help or guard
- Scholarship
- Waiver of loan or advance
- Assets provided free of charge or sold at discounted prices
- Gift vouchers
- Gift of personal computers
- Excellent Public Service award
- Professional subscriptions
- Income Tax of the employee borne by the employer

10.30 AM

BREAK

10.45 AM

LIVING ACCOMMODATION BENEFIT PROVIDED BY THE EMPLOYER

• Tax treatment of living accommodation benefit provided to employees and service directors
• Computation of value of living accommodation
• Circumstances in which the value of benefit can be reduced.

1.00 PM

LUNCH

2.00 PM

COMPENSATION FOR LOSS OF EMPLOYMENT

• Under what circumstances compensation for loss of employment arises
• Distinction between payment for compensation and payment for gratuity
• Computation of taxable benefits

3.30 PM

BREAK

3.45 PM

BUDGET 2019

5.00 PM

End of Day 2 & Course

H

Hari Ramulu Munusamy


Hari Ramulu Munusamy is a Chartered Certified Accountant, with wide experience in private practice and in financial/management/public sector accounting, auditing [internal and external] and taxation, practical and educational process, having been in the profession and industry since October 1976.

 

Over the years, he gained knowledge, experience, skills and expertise in accounting, auditing and taxation services including tax investigation, forensic accounting, company floatation and business acumen. He is deemed to be a prolific speaker/presenter with excellent commendations from participants, at seminars, workshops and conferences. He has several public appearances relating to internal and external auditing [including enterprise risk management], taxation [including corporate taxation, GST], costing, budgeting, financial statements analysis and interpretation, accounting standards, preparation of financial statements, financial statements fraud, forensic accounting and business acumen.

 

Professionally, he is a Fellow member of the Association of Chartered Certified Accountants of UK, a Chartered Accountant of the Malaysian Institute of Accountants, an Associate member of the Malaysian Institute of Taxation, a Chartered member of the Institute of Internal Auditors of Malaysia (affiliate of USA), and an Associate member of the Association of Certified Fraud Examiners of USA. His academic excellence, are in the form of Diploma in Accountancy (Newcastle-Upon-Tyne, England), and Master of Business Administration (Accounting) from University of Newcastle, USA.



Early Bird

MYR 1378.00

Normal Price MYR1590.00

Inclusive of 6% SST

24

2 Day/s

Public Class

HRDF SBL Claimable

CPD Points & Certificate of Attendance Will be Provided

Lunch & Refreshment Provided