As the regulator and developer of the accountancy profession, MIA emphasises strongly on tax governance, tax compliance and “paying the right tax” to support sustainable nation building.
As such, MIA is organising the inaugural virtual Indirect Tax Conference 2022 which will focus on the Voluntary Disclosure and Amnesty (VA) Programme and Impact on Risk Management for Businesses.
The VA Programme was announced by the Royal Malaysian Customs Department (RMCD) in December 2021 to take effect from 1 January 2022. VA is intended to encourage businesses to come forward and declare any indirect taxes, duties, or levies that have been underpaid or inaccurately reported, as well as to voluntarily settle any outstanding debts without dispute with the RMCD, thereby improving tax compliance and governance.
The Conference will also cover the guidelines and frequently asked questions (FAQ) that have been issued to guide businesses on managing their indirect tax liabilities i.e. sales tax, service tax, import duty, export duty, excise duty, GST, tourism tax and departure levy.
Tax practitioners, directors and senior finance and accounting personnel are encouraged to join this Conference, which will highlight the common issues shared by various sectors in relation to the VA programme and the VA’s projected impacts on risk management and ESG implementation.
The following are the highlights of the Conference:
OVERVIEW OF VA PROGRAMME ON INDIRECT TAXES – RMCD representatives will explain the VA Programme on Indirect Taxes, including its scope and benefits
WHAT SHOULD BUSINESSES DO BEFORE, DURING, AND AFTER AN RMCD AUDIT? – Looks at the different opportunities offered by the VA programme for businesses that have not undergone a tax audit as opposed to businesses that have been audited and those that are presently undergoing an audit. This session applies the rules to these different scenarios so that participants can better understand the benefits and application of the VA programme.
IMPACTS ON BUSINESSES AND THE WAY FORWARD – This panel discusses how businesses could benefit from the VA programme, and what to expect post-VA.
MANUFACTURERS, BE READY: COMMON ISSUES FACING THE INDUSTRY – Assesses the potential issues that could affect manufacturing companies in complying with the VA Programme and how to mitigate them.
SERVICE SECTORS, TAKE HEED: COMMON ISSUES FACING THE SEGMENT – Highlights the changed scope of taxable services since the introduction of service tax in 2018 along with common compliance issues for service businesses and their possible solutions.
ATTENTION, INTERNATIONAL BUSINESSES: COMMON ISSUES FACING IMPORTERS AND TRADERS – Shares insights on the issues posed by the VA Programme for international businesses, especially in connection with importing and trading
COMMON PITFALLS IN MEETING EXEMPTIONS CRITERIA, AND OPPORTUNITIES FOR RECTIFICATION UNDER THE VA PROGRAMME – Highlights the common oversights in the use of exemptions and the solutions. Given the transactional nature of indirect tax regimes, exemptions are used on a daily basis by many businesses not as a tool for relief but as a mechanism for tax to operate. Interestingly, the criteria to qualify for many of these exemptions are not stated in the approval letter but in the law, hence causing many businesses to overlook them.
ACTION PLAN FOR BUSINESSES: HOW DOES THE VA PROGRAMME FIT INTO RISK MANAGEMENT AND ESG? – discusses how the VA Programme could enable companies to integrate risk management and the ESG agenda into their business for improved long-term sustainability.
To find out more on the Indirect Tax Conference, click here.
