Participants focus on the implementation of MTD as final tax.
MIRI: Some 125 participants attended an Inland Revenue Board of Malaysia (LHDNM) Malaysian Employers Federation-(MEF) seminar on ‘Implementation of Monthly Tax Deduction As Final Tax’ at Mega Hotel yesterday.
The seminar aimed to update employers on changes in the tax law as well as inform them on their roles and responsibilities in administrating the tax affairs of their employees.
Deputy director of LHDNM, Michael Remek started the ball rolling with the topic ‘Amendments of Monthly Tax Deduction Rules 2014: Towards Implementation of Monthly Tax Deduction (MTD) As Final Tax’.
Principal assistant director of Malaysian Tax Academy Kuching Edith Mason delivered the topics ‘Determination of Perquisite’ and ‘Determination of Benefits In Kind (BIK) and Value of Living Accommodation (Vola).
The last topic ‘Computation of MTD as Final Tax for Perquisite, BIK and Vola’ was presented by deputy director of LHDNM Bintulu Branch, Paul Sarip.
MTD as a final tax is an extension of MTD introduced in 2008. It is a simple and straightforward process to reduce the administrative burden of Malaysian taxpayers.
It will enable LHDNM to better allocate its resources to provide other tax services to enhance its public delivery system.
With the move into MTD as a final tax, LHDNM viewed it an opportunity for information technology (IT) companies to develop advanced software systems for payroll, so accurate amounts of tax can be deducted.