Malaysia Tax Budget Conference 2023 | Crowe | 26 October 2022 | Virtual

The country fretted about the pandemic at the time of the last Budget Speech. Many had looked forward to a full vaccination of the entire Malaysian population that will release them from forced home quarantine and give them back their normal life. The government provided some relief measures then. More are expected as restrictions have eased greatly since, and movement is generally free and easy. Nevertheless, many men on the street have to cope with inflation caused by supply chain issues, the war in Ukraine, and sanctions imposed by certain countries.

On the business front, many companies need to reorganize to cope with the digital transformation paradigm lest they become out-competed by their competitors. They also need to consider business expansion to take advantage of the growth in the market due to the lifting of pandemic restrictions. What will the government introduce this year to fill their treasury with sufficient taxation proceeds while providing for the needs of the Rakyat?

Here’s why you should attend our Budget Conference.

• HRDC claimable – participants who are HRDC contributors can claim the event fee directly from the HRDC.
• CPD hours – participants who have professional qualifications will be able to claim their CPD hours to the awarding bodies such as CTIM, MIA, etc.
• An exciting lineup of invited speakers and moderators will share with you interesting insights into the Government Budget as well as new perspectives of the tax landscape.

Session 1: Budget Changes: Overview, Winners, Losers and Opportunities
The world is currently in a dilemma. Inflation and food shortages caused by the war in the Ukraine are ravaging economies. The impact on citizens is causing world leaders to rethink their policies. Malaysia is not in a much better position although the sharp rise in crude oil prices has fattened government coffers. Hopefully, the wealth will trickle down to the general economy as companies grapple with digitalisation and business expansion in the Post Covid era. Perhaps more grants, tax incentives and fiscal changes will stimulate the economy while providing the government with sufficient taxes.

Through it all, we will see winners, losers and opportunities. Who are they and what they should do will be intriguing. Let’s hear from our speakers.

Session 2: Grants & Incentives: What not to miss
One way that businesses can gain competitive advantage is through reduced costs of doing business. In supporting targeted business activities which are deemed synergistic and vital to the Malaysian economy, the Government has been providing financial aid to help businesses to reduce their cost of doing business and thus making these businesses more competitive. Government grants and tax incentives are a means of channeling such direct and indirect cash aid by the Government to eligible businesses.

Interestingly, there are numerous types of grants and tax incentives offered by the Government to small, medium and even large companies, operating in multiple industry sectors ranging from manufacturing, trading, healthcare, education, renewable energy, and ICT services. Let our expert share with you on the list of common grants and tax incentives, and how your business can be eligible and can benefit from such financial support from the Government.

Session 3: Transfer Pricing Updates & Defending a TP Audit
TP-focused tax audits have been the current trend for groups of companies, whether domestic or multinational. The TP issues on inter-company transactions often revolve around inter-company sales and purchases of tangible and intangible goods, provision of services and provision of financing. Despite the numerous guidelines available from the OECD and IRB, taxpayers can still step on tax landmines due to the complexity of the subject. As a result, hefty tax costs and penalties shall be awaiting taxpayers due to TP adjustments made by the IRB in a TP audit. To defend a TP audit successfully, both technical and non-technical skills come in handy. Learn about the IRB’s latest audit practices, latest case law, current TP audit issues, best practices in handling a TP audit, as well as some practical case studies.

Session 4: Tax Audits & Investigations: Tips for effective settlements
In the last two years, our Government has announced eight stimulus packages valued at RM530 billion and two expansionary budgets in 2021 and 2022. Hence, boosting tax collection is crucial to replenish the nation’s coffers to finance the nation’s developmental and longer-term reform plans. In order to gain confidence from the public, an announcement has been made by the Government that no new taxes are envisioned until Malaysia’s economic recovery is firmly on track. Therefore, strengthening tax audits and investigations could be the effective alternative avenue for the IRBM to address the issues of revenue leakages, improve tax compliance and boost tax collection. What are the current common tax issues and focus areas by the IRBM that you should aware of? What mitigating measures can be taken to avoid the pitfalls? How can you manage tax audits and investigations to reach amicable resolution.

Session 5: Landmark tax court cases in 2022 and Indirect Tax Updates
Tax cases are the results of the battles fought in the courts between the IRB and taxpayers on tax contentions. Understanding the salient points of landmark tax cases will help one to identify tax problems and tax opportunities. The astute taxpayer can then deal with realistic fact situations that will benefit him by being able to understand what his business can or cannot do. Indirect taxes such as Sales Tax, Service Tax and import duties are still a major part of the tax burden of many taxpayers especially manufacturers and service providers. Relying solely on past fact situation will not ensure compliance with these business taxes. The way forward is to keep abreast of the latest indirect tax updates because the latest updates may be those that will impact your next business plan.

2022 Speakers

MODERATOR:

Foo Meng Huei
Executive Director, Tax, Crowe Malaysia

GUEST SPEAKERS:

Datuk Zaiton binti Mohd Hassan
CEO, MyPAC; Sr. Independent Non-Executive Director, Sime Darby Plantation

En. Mathan A/L Kaliappan
Director, Inland Revenue Board of Malaysia (IRBM)

Jason Tan
Partner, Lee Hishammuddin Allen & Gledhill (LHAG)

SPEAKERS:

Poon Yew Hoe
Managing Partner, Crowe Malaysia

Dr. Voon Yuen Hoong
Executive Director, Tax, Crowe Malaysia

Sylvia Song
Executive Director, Transfer Pricing, Crowe Malaysia

Wong Man Yee
Executive Director, Tax, Crowe Malaysia

Chong Mun Yew
Executive Director, Tax, Crowe Malaysia