Employer and Employee Tax Responsibility & Obligation

  • 11-03-2024
  • Eastin Hotel Kuala Lumpur

INTRODUCTION

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 comfort and satisfaction for both employers and employees. A ‘Win-Win’ tax benefit model is the solution. The program will cover the latest tax developments and their impact on the employer and employee.

 

COURSE OBJECTIVE

  • Types of Benefits in Kind (BIK) and perquisites that attract tax for employees
  • Can the employer claim full tax deductions for all monetary and non-monetary benefits?
  • Knowing the duties and responsibilities of both employer and employee with regard to tax
  • Identify and explore the various tax benefits for employees
  • Planning a tax efficient remuneration package for executives
  • Knowing the various tax reliefs and rebates given to employees
  • Tax treatment of gratuity and compensation paid to employees
  • Knowing how to compute personal income tax
  • Latest tax developments and case laws relevant to treatment of income tax

 

WHO SHOULD ATTEND?

CEO’s, Directors, Senior Managers, HR Managers & Executives, Tax Agents/Advisors, Tax Specialists, Tax Accountants, Finance and Administrative Managers, Financial Controllers Company Secretaries Bankers Financial Planners Advocates & Solicitors, Business Entrepreneurs

 

METHODOLOGY

PowerPoint presentations, discussions and case studies.

 

COURSE OUTLINE

Responsibility of Employer

  • Register E File after registering C/OG/D File or others
  • Complete Form e-E
  • Submit Form e-E via e-Filing before/on 31st March
  • Declare employee’s income (cash or non-cash) in the Statement of Remuneration (EA/EC)
  • Update details and address of employee
  • Keep records and documents for 7 years for LHDNM’s audit purposes
  • Deduct Monthly Tax Deduction (MTD) and remit before/on 15th of the following month (use e-PCB/Kalkulator PCB)
  • Inform of any new employee within 30 days
  • Inform the resignation of an employee within a month and withhold payments (any tax):
  • Employee who will be retiring
  • Death of employee
  • Employee intending to leave Malaysia (if more than 3 months)
  • Employee who is subject to MTD scheme but fails to remit MTD
  • Hold payment to employee (if any) until a Tax Clearance Letter is issued
  • Notify employees to submit:
  • Form TP1: claim of deduction and rebate for individual (at least twice a year)
  • Form TP3: Information regarding previous employment in the current year

 

Responsibility of Employee

  • Obtaining and forwarding Income Tax Return Form (ITRF)
  • Declaring income and claiming expenses
  • Computing income tax payable
  • Keeping records for audit purposes
  • Paying the income tax payable

 

Employee Remuneration subjected to MTD (All types of employment remuneration)

Section 13(a)

  • Salary, Wages, Overtime, Commission, Tips, Allowance, Bonus, Incentive, Director’s fee, Perquisite, Tax borne by employer, Gratuity, Employees Share Option Scheme (ESOS)

Section 13(b)

  • Benefits in Kind – with effect from year 2015

Section 13 (c)

  • Value of Living Accommodation (VOLA) – with effect from year 2015

Section 13 (d)

  • Contribution made by employer to the approved pension or provident fund

Section 13(e)

compensation

 

Form

  • Submission of Form before or on 30th April
  • Amendment after Submission of Form

 

Penalties/Fines

 

Worked example

Worked Example/Scenario of Tax Computation for individual

 

CERTIFICATE OF PARTICIPATION

 

LINKS

Register Here
Download Brochure

 

Organizer:

Hari Ramulu Munusamy

  • Time : 9:00 am - 5:00 pm (Asia/Kuala_Lumpur)

Registration Deadline Expired!!

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