The COVID-19 pandemic in the year 2020 cut a swathe through the Malaysian economy, resulting in a health, socioeconomic and humanitarian crisis. Yet, it also helped accelerate global digital adoption and buoyant growth in e-commerce. To ensure Malaysia’s relevance and competitiveness in the global digital economy, the government recently announced the MyDigital and the Malaysia Digital Economy Blueprint. While these initiatives are highly welcome to help boost the country’s economy, they also require funding from tax revenues. This will place a heavier burden of tax compliance, tax risks, and tax governance on businesses, particularly in a still fragile economic environment.
MIA President, Dr Veerinderjeet Singh, has stressed on the importance of enhancing tax governance and compliance to better manage tax risks amidst strengthening enforcement of the tax legislation, as the tax authority strives to meet collection goals to support heavier government stimulus and welfare spending. In light of global tax regulation reforms through multilateral frameworks such as the OECD/G20 Inclusive Framework on base erosion and profit shifting (BEPS) and ‘blueprints’ on Pillar One and Pillar Two, he has also advised organisations to rethink their tax policies strategically to reduce risks, strengthen business continuity and gain trust as model taxpayers and good corporate citizens which act in the public interest.
The upcoming Malaysian Tax Conference 2021 will feature Dr. Veerinderjeet Singh in an in-depth session on tax governance. The Conference will also focus on the salient risks as well as the key global and local developments in taxation affecting businesses, where an expert panel of speakers will share best practices to aid businesses in understanding and implementing tax transparency and tax governance policies and strategies.
Delegates can expect to hear from Malaysian tax experts and representatives from the Ministry of Finance, Inland Revenue Board of Malaysia and the Royal Malaysians Customs Department on the following:
- The latest taxation landscape and the Malaysian economic outlook for 2021 and 2022
- Current tax reforms and how these will benefit organisations in the long run
- Emerging drivers and tax audit risks and the sound knowledge and rules to help navigate them
- Value-added opportunities, as well as the crucial and fundamental need for tax transparency and tax compliance among corporations
- New developments geared towards preparing businesses to embracing a fully-digitalised economy in the near future
The Malaysian Tax Conference organised virtually will take place from 6 to 7 April 2021 and is the collaborative effort of the Malaysian Institute of Accountants (MIA) and the Malaysian Association of Tax Accountants (M.A.T.A). The conference carries 14 CPE hours and is HRDF claimable. Also, 20 CPE points is awarded whereby the points qualify for the purposes of application or renewal of tax agents under Subsection 153(3), Income Tax Act 1967.