Malaysia Tax Budget 2021: A Budget for the New Normal? 16 - 17 November 2020
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Malaysia Tax Budget 2021: A Budget for the New Normal? 16 – 17 November 2020 A Zoom Webinar Audit / Tax / Advisory Smart decisions. Lasting value.
Introduction
Seven months have passed since the
World Health Organization (WHO)
declared the Covid-19 pandemic on
March 11, 2020. We are now in the midst
of the CMCO.
Meanwhile, businesses have weakened
due to reduced sales while income and
balance sheets have been strangled.
Unemployment has accelerated and full
recovery is not in sight. Despite that,
people are moving on and adapting to the
“New Normal”.
The New Normal is not merely a cliché How will all these impact us and what
but a new style of survival that involves can the government do to ameliorate the
many changes, especially in technology, effects? Do they have the magic wand or
lifestyle and spending habits. Work, the silver bullets? Do we need to dig
home, social life and much of what we deep and if so, where and how? In short,
know, will transform from face-to-face into what can the government do for us? Is
virtual and digital experiences more than this a budget that is shaped by the New
ever. Businesses need to transform too to Normal, for those in the New Normal and
reset, reimagine and reinvent themselves. to solve the problems in the New
Governments are not spared. They have Normal?
to unearth new revenues, discover new
opportunities and redeploy their resources We expect this year’s budget
in more innovative ways. announcement by the Malaysian
government to be unparalleled. Together
with the IRBM, we are excited to bring to
you our 2-Day Malaysia Tax Budget
2021 webinar and we hope that you will
join us for an insightful discussion on the
2021 Government Budget in the time of
Covid-19.Speakers Profile
Malaysia Tax Budget 2021
Poon Yew Hoe Foo Meng Huei
Managing Partner Executive Director
Crowe Malaysia Crowe Malaysia
En. Hisham Rusli
Director Chong Mun Yew Wong Man Yee
Multinational Tax Branch Executive Director Executive Director
Inland Revenue Board of Malaysia Crowe Malaysia Crowe Malaysia
Dr. Voon Yuen Hoong Mervyn Ong
Executive Director Executive Director
Crowe Malaysia Crowe Malaysia
En. Mathan Kaliappan
Director
Song Sylvia Norhayati Ruslan Special Division
Executive Director Manager Large Tax Payer Branch
Crowe Malaysia Crowe Malaysia
Inland Revenue Board of Malaysia
Kenny Chong Patrick Wong
Partner Partner
Crowe Malaysia, Kuching Crowe Malaysia, Melaka & JBProgramme
Day 1 – 16 November 2020
8:30 am Registration
9:00 am Budget Changes
The Covid-19 pandemic is an unprecedented event. Unprecedented events require
unprecedented solutions. Expectedly, the government will introduce measures to alleviate the
burden of the public whilst stimulating the environment for businesses. Unfortunately, the
options are slowly narrowing as the government has to borrow from the future to finance the
present. Nonetheless, what are the tax and other measures that we can look forward to and
what are their implications on all of us?
Speakers:
Poon Yew Hoe Patrick Wong
Managing Partner Partner
10:30am Q&A
10:45am Latest and Hottest Tax Incentives and Grants
Tax incentives are given to encourage local and foreign businesses to invest or reinvest in
Malaysia. Amongst the common tax incentives given by the Government are income tax
exemptions, enhanced tax deductions and additional allowances. Recently, the Malaysian
Investment Development Authority had issued revised Guidelines on tax incentives for green
technology which now includes solar leasing activities. Further, manufacturers embarking on
automation projects can enjoy additional tax incentives. With such a wide plethora of tax
incentives, what incentives are applicable to a specific business, which gives the best benefits
and what are the conditions for applying?
Speaker:
Mervyn Ong
Executive Director
11:30am Q&A
11:45am Corporate Tax: Recent Changes in Tax Treatments due to Law, IRB Practice and Court
Cases
The Malaysian Government has introduced various fiscal and non-fiscal policies under the
recent Economic and Stimulus Packages (ESPs) and the Short Term Economic Recovery Plan
(STERP). Some of the policies have yet to be gazetted although announcements have been
made months ago. This has resulted in difficulties with tax compliance. The speakers will
review the latest changes and conditions of eligibility that affect especially corporate and
individual taxpayers.
In addition, an increasing number of taxpayers have been aggrieved by recent tax
assessments. They have now opted to seek dispute resolution through the appeal process by
bringing their cases before the Dispute Resolution Panel, Special Commissioners or the courts
of law. Such appeal processes allow for fair and just decisions to be made between the
taxpayers and the government. The courts have also concluded in the past year some tax
disputes with decisions that may have ramifications for all taxpayers. The speakers will provide
clarity on these decisions.
Speakers:
Chong Mun Yew Dr Voon Yuen Hoong
Executive Director Executive Director
12:45pm Q&A
1:00pm End of Session
© 2020 Crowe Malaysia PLTProgramme
Day 2 – 17 November 2020
8:30 am Registration
9:00 am Tax Audits & AEOI: Impact on you and mitigation measures
In the second quarter of 2020, direct tax collections by the IRB decreased by 40.8% to RM18.6
billion (Q2 2019: RM31.4 billion) mainly due to lower collections from corporate income taxes
and petroleum income tax. Although the IRB has revised downwards their targeted tax
collections for 2020, the revised targeted tax collections are still more than RM100 billion. With
tax collections plummeting, tax audits and investigations are effective alternative avenues for
the IRB to achieve their goals, especially with the information received through AEOI. How will
this impact you and what mitigating measures can be taken? In addition, what are the focus
areas adopted by the IRB and how can you manage tax audits and investigations in the
current environment?
Speakers: Guest Speaker:
Wong Man Yee Kenny Chong En. Mathan Kaliappan
Executive Director Partner Director, IRBM
10:00am Q&A
10:15am Transfer Pricing: TP challenges that keep taxpayers awake at night
Transfer pricing is a key area of focus when the IRB audits groups of company as these
taxpayers have a high tendency to “mis-price” related party transactions due to various
complications. In circumstances where taxpayers are not able to defend their TP positions
when subjected to scrutiny by the IRB, the amount of TP adjustments and resultant additional
tax can cause significant financial damage to the taxpayers.
Speakers:
Foo Meng Huei Song Sylvia
Executive Director Executive Director
11:00am IRB’s Responses to Taxpayers’ latest TP challenges
During the interactive session between our experts and the IRB, we will shed light on day-to-
day practical TP challenges that taxpayers are facing and the nature of the common pitfalls.
Guest Speaker:
Encik Hisham Rusli
Director, IRBM
11:45am Q&A
12:00pm Indirect Tax: Contentious Service Tax, Sales Tax and Legacy GST issues
Twenty six months have passed since the Sales Tax and Service Tax (SST) officially came into
effect on 1 September 2018. With the ongoing and fast-paced evolution of the SST system,
businesses have no choice but to adjust to the changes. To smoothen implementation and to
provide clarity, the Royal Malaysian Customs Department (RMCD) have issued many
guidelines. Simultaneously, legislation continues to be refined and expanded, whilst
procedures are introduced and adjusted. Meanwhile, it is important to be reminded that the
RMCD still has 4 years to review the GST returns and positions which taxpayers have
adopted. Given the myriad of technical difficulties, it would be beneficial for businesses to
understand the contentious issues of Service Tax, Sales Tax and legacy GST. What are these
issues and how should taxpayers be better prepared to face the RMCD?
Speakers:
Chong Mun Yew Norhayati Ruslan
Executive Director Tax Manager
12:45pm Q&A
1:00pm End of Session
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Managing Partner Malaysia and the Public Company Accounting Oversight
yewhoe.poon@crowe.my Board in the US.
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Foo Meng Huei
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