Tax practitioners and boards of directors today face numerous tax challenges as the tax environment evolves at a breath-taking speed. The Malaysian Tax Conference 2022 jointly organised by MIA and Malaysia Association of Tax Accountants (MATA) virtually from 21 – 22 June will explore the key global developments that are projected to materially affect tax policy, and hence affect how organisations respond.
A key development on the local front relates to improving tax transparency and tax governance to support fiscal health and sustainable nation-building. In his keynote address at the Tax Conference, the CEO of the Inland Revenue Board Malaysia (IRBM) will be speaking on the direction of tax regulations and the government’s expectations of taxpayers in the COVID-19 endemic environment.
To improve compliance under the new Framework, practitioners are advised to refer to MIA and MICPA’s joint Tax Governance Guide which advocates for tax transparency and good reporting practices amongst listed issuers. This Tax Governance Guide is available on Bursa Malaysia’s Sustain Platform and is intended to provide guidance to the directors of listed issuers in reporting the management of tax matters affecting corporations in their annual reports, in line with international developments related to the Environmental, Sustainability and Governance (ESG) agenda. Such improvements in tax transparency will promote trust and credibility in the tax practices of listed issuers and enable investors and stakeholders to make informed decisions.
Being proactive on tax governance and tax compliance is also aligned with the government’s stance on fiscal reforms and fiscal responsibility. At the recent MIA International Accountants Conference 2022, guest of honour YANG BERHORMAT SENATOR TENGKU DATUK SERI UTAMA ZAFRUL TENGKU ABDUL AZIZ, MINISTER OF FINANCE MALAYSIA in his keynote address announced that the Ministry of Finance is looking to table the Fiscal Responsibility Act in the upcoming Parliament session. The Fiscal Responsibility Act will be a key driver for tax governance and compliance as the Act will include efforts to broaden the Malaysian tax base – including taxing the shadow economy – and improve tax compliance and administration towards helping boost tax collection. This is a key regulatory development that will affect tax practitioners and organisations, and greater discussion on this is expected at the Tax Conference.
In addition, the following are among the key session highlights of the Conference that will support delegates in optimising their organisations’ tax functions to support strategy and growth creation, while strengthening trust and tax governance for fiscal health and national development.
BUILDING TRUST, RAISING TAX REVENUE – focuses on fighting tax avoidance and evasion to create public trust which is vital to the effectiveness and sustainability of any tax system. This session looks at how to design and operate systems that earn public trust by understanding public perceptions and expectations.
IMPROVING TAX GOVERNANCE FOR HIGHER PERFORMANCE – looks at governance from the regulatory perspective by discussing the implementation of tax governance initiatives by the authorities and good tax governance practices recommended for enhanced compliance to minimise tax risks.
TAX FUNCTION OF THE FUTURE – discusses the pivotal role of tax functions in the strategy of organisations to help them bounce back and create new opportunities. Explore the factors that will drive tax function change, how new international tax policies will add to the challenges, and how deploying technological tools can enhance tax compliance efficiency.
TAX AUDIT AND DISPUTES – Guides practitioners and organisations on the key areas of tax risk, the information expected by the tax authorities and the appropriate responses in the event of a client review or audit.
TAX CASES ROUND-UP – Lessons and tips from the latest key tax cases relevant to taxpayers, outlining the facts of cases, contentions, and judgments.
Other highlights include sessions on:
- Economic Outlook: Impact on Tax Policy
- Global Minimum Tax: Are the MNCs Ready?
- Carbon Tax Policy: Making Malaysia a Carbon Neutral Country
- Taxation of the Gig Economy
- Developments in Indirect Tax: Issues and Prospects
For more information on the Malaysian Tax Conference 2022, please click here.