Income tax 101: How to Master Corporate Tax – Part 1 : Revenue, Expenses and Financial Statements Items

A fundamental tax training programme that aims to help participants to learn and understand the basic corporate tax concepts, ways to maximize tax deductions and how to avoid common tax mistakes that are frequently identified by the Inland Revenue Board (IRB) Malaysia.

These include understanding the proper tax treatments of Provisions, Interest Restrictions, Deferred Revenue, Write-off of Bad Debts, Entertainment Expenses, Accruals, Loans or Advances Provided to Directors and many more.

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— Course Fee: RM 890.00 (Inclusive of 8% Service Tax) —

Understand basic concepts of Corporate Taxation under the Income Tax Act 1967;
Identify different types of income and expense and their accurate tax treatments;
Explore the most efficient way to maximize tax deductions while minimize tax liabilities;
Identify common tax mistakes/ pitfalls usually targeted by the IRB and ways to avoid them;
Learn how to fill-up and submit the relevant return Forms such as e-C, e-E and CP204 timely and accurately, while recognize the types of penalties and offences involved

Module 1: Business & Non-Business Income

–Introduction to Corporate Tax

[A brief & general introduction to the Income Tax Act 1967 and the various rulings involved]

–Classes of Chargeable Income;

S4(a) Business Income
S4(c), Interest & Dividend Income
S4(d) Rental Income,
S4(e) Royalty Income
S4(f) Other Income
[Identify the different classes of business & non-business income, their derivations and how to treat them accurately]

Module 2: Deductible & Non-Deductible Expenses

–Deductible Expenses under;

S33(1)- Adjust Income generally- Interests, Rentals & Repairs
S34- Special Provisions-
Bad & Doubtful Debts
S35- Stock in Trade
[Identify the different types of expenses under S33 – S35, the tax rules involved and the situations where they can and cannot be deducted, with practical scenarios and the reasons why]

–Deductions not allowed under S39 –

[Understand why certain expenses are specifically prohibited under S39 to be tax deductible such as entertainment expenses, professional & legal fees, private expenses, etc and those that are commonly audited by the IRB]

Module 3: Employment Income. Expenses and Penalties

–Introduction to Employment Income

[A brief & general overview to the employment income]

–S4(b) Employment Income

S13(1)(a)- Perquisites
S13(1)(b)- Benefit-in-kind
S13 (1)(c)- Living Accommodation
S13 (1)(d)- Contributions to Unapproved Funds
S13 (1)(e)- Compensation for loss of Unemployment
[Identify the key differences between perquisites vs BIKs, when should they be declared in the EA Form, CP58 and Form e-E, as well as the tax treatments of S13(1)(a) – S13(1)(e)]

–Tax Treatment on Leave Passage

[Learn the tax treatment of leave passages as well as local & overseas travelling expenses]

–Loan or Advances to Director

[Understand the tax implications for a loan or advances provided to the director and the situation where it could be taxable as a deemed interest]

–Professional Indemnity & Key Man Insurance

[Learn the types of insurances that can and cannot be tax deductible for a director and the reasons why]

Module 4: Returns, Payments & Offences

– Return Forms & Deadlines

[Learn and understand how to fill up and submit the return Forms e-C, e-E, CP204, etc, along with the deadlines involved]

– Payments & Refunds

[Identify the tax implications of payments and refunds under S107B, S107(c), S111, etc]

– Offences & Penalties

[Identify the types of penalties and offences under S107C(9), S107C(10), S112(3), etc]

– Open discussions, Q&A

Income tax 101: How to Master Corporate Tax – Part 1 : Revenue, Expenses and Financial Statements Items

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What Will You Learn?