TAXATION 2

About this Course

This course covers the aspects of corporate as well as advanced tax-related issues. These include estate under administration, trust, corporate tax, investment tax incentives, tax audit and tax investigation, tax planning for company, indirect taxes and current issues in taxation.

Course Learning Outcomes

1) Apply the relevant statutory and regulatory requirements in computing tax liability of chargeable person.
2) Demonstrate communication skills in tasks related to tax liability of chargeable person.
3) Perform relevant information in relation to advanced taxation.

Course Syllabus

+ Course Syllabus

1) Estate under Administration
-Responsibility of executor and deceased person
-Treatment of income and expenditure
-Tax computation for the deceased and executor

2)  Trust (Excluding Unit Trust)
-Resident status of a trust body
-Types of trust
-Tax computation and distribution to beneficiaries
-Application or non-application of S.61 (2) and its implication

3)  Corporate Tax
-Basis period of companies
-Resident status of a company
-Revenue vs capital income
-Determination of expenditures (allowable, disallowable, double deductions, specific deductions, prohibited) – section 33,
34, 34A, 34B, 39

4) Investment Tax Incentives
-Pioneer status
-Investment tax allowance
-Reinvestment allowance
-Nature of each incentive & eligibility
-Computation of tax payable and amount credited to exempt income account

5) Tax Audit & Tax Investigation
-Tax Audit
-Tax Investigation

6)  Tax Planning for Company
Commencement and cessation of business
-Treatment of current year loss and unabsorbed business losses
-Asset acquisition (leasing and hire purchase)
-Controlled Transfer
-Group Reliefs
-Group Restructuring, Merger and Acquisition

7) Indirect Taxes
Sales and Service Tax
-Concept and definition
-Scope of tax
-Taxable person
-Computation of Sales and Services Tax
-Exemptions

8) Current Issues in Taxation
-Taxation Of Specialised Industries
-Double Tax Relief
-Labuan as an Offshore Financial Centre

Frequently Asked Questions

Q1 : What are the three basic tax planning strategies?
A1 : To reduce income, increase deductions, take advantage of exemptions and incentives..

Q2 : How do you calculate Rental Income for a deceased person?
A2 : The calculation is based on time basis