How accurate are your Monthly Tax Deduction (“MTD”) computations? Can your employees rely on the MTD computed and elect not to file income tax returns pursuant to subsection 77C(1) of the Malaysian Income Tax Act, 1967 (“MITA”)?
The process of computing MTD may be considered as trivial and routine for the Human Resource (“HR”) or payroll personnel. However, are you aware that if an employer is selected for an employer’s audit and if the Malaysian Inland Revenue Board (MIRB) discovers that the MTD has been incorrectly computed, the employer may face a compound under section 124 of the MITA?
This course aims to provide guidance to employers in computing the MTD for the employees. We will guide you in detail by sharing some simulations of the MTD calculations and the common mistakes made by employers in determining the remuneration items that are subject to MTD. It will also emphasize on the tax treatment on the final tax based on the practice note that the MIRB recently issued.
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