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Taxation of Insurance Agents - Maximising Deductions

Introduction

 

It is the time of the year to close your accounts and submit your tax returns. Are you still in the dark on how to submit your tax returns?

 

Forgetting to submit your tax return form, omission of income, allowing a non-deductible expenditure and paying your taxes is a risky game, you will penalised. This seminar also covers tax tips for insurance agents as well as for their clients.

 

Course contents

 

·         Taxability of income

·         Deductibility of  Expenses

·         Capital expenditure claims

·         Recording accounting transactions

·         Personal reliefs claims

·         The tax computation

·         Deadlines, deadlines

 

Duration

4 hours

UNDERSTANDING THE MALAYSIAN INCOME TAX SYSTEM (Basic) – 16 Hours

-Determination of basis period for a year of assessment

-Sources of income

-Badges of trade

-Business Income and deductions

-Capital Allowances

-Industrial building allowances

-Employment income

-Rental and Interest income

-Tax Computation

-Tax administration and compliance

REAL PROPERTY GAINS TAX IN MALAYSIA – 8 Hours

-Scope of charge

-No gains no loss situations

-Market value

-Exemptions

-Administration and compliance

-Real Property Companies

-RPGT Computation

SELF ASSESSMENT FOR COMPANIES - 12 Hours

A review of the new Self Assessment System for companies in Malaysia.

SELF ASSESSMENT BASICS

-Administration

-Scope of charge

-Residence status of a company

-Determination of basis period for a year of assessment

-Sources of income

-Badges of trade

-Business Income and deductions

-Double deductions

-Capital Allowances

-Industrial building allowances

-Tax computation

FORECASTING THE FUTURE

-Estimation of tax payable –

-Cash budget and forecasting


Tax Planning for Individuals

Introduction

“Any man is entitled if he can to order his affairs so that the tax attaching under the appropriate Acts is less than it otherwise would be.”

This course explores the critical taxation issues surrounding individuals and effective planning strategies for minimizing tax. It also covers tax efficient remuneration package and basic tax areas relevant to the individuals in employment and business, including the efficient use of deductions and reliefs.

It will enable participants to more fully appreciate the basics Malaysian Taxation planning points and the pitfalls involved.

The essential topics to be covered:

1.Individual Resident Status

2.Employee and Employer relationship

3.Are you employed or self-employed?

4.The difference between employment income and business income.

5.Taxability of employment income

6.Overseas employment income

7.Business Income

8.Tax Computation of Individuals

9.Tax effective remuneration package

10.Minimising taxable income