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April 24, 2018 -Tuesday

 
  MALAYSIAN TAX CONFERENCE 2018 : FOSTERING COMPLIANCE, BUILDING CAPACITY

Tuesday 17/04/2018



KUALA LUMPUR, April 17 (Bernama) --  One of the most prominent annual events on MIA’s professional development and training calendar, the Malaysian Tax Conference 2018 focused on enhancing compliance and capacity in order to support nation building.

Guest of honour YBhg Dato’ Sri Sabin Samitah, Chief Executive Officer, Inland Revenue Board of Malaysia (IRBM) spoke at length on how the IRBM is working to enhance tax governance and tax compliance. “Our compliance approach is to make compliance easy and non-compliance difficult”. It is our intention to preserve a tax system that is fair and equitable to law-abiding and responsible taxpayers, and at the same time, ensure that appropriate and necessary actions are taken against those who wilfully evade and avoid paying taxes.”

Dato’s Sri Sabin also clearly emphasised; ‘we will be totally against unethical methods employed by individuals or companies, who take advantage of loopholes or ambiguities in the law to avoid fulfilling their tax obligations’.

He further stressed that IRBM will continue with the drive to counter the threat of aggressive tax planning, base erosion and profit shifting, and tax evasion practices that cause tax leakages.  ‘Curbing tax leakages through these methods will require enhanced cooperation between the various local agencies, especially for information sharing on a timely basis, explained Dato’ Sri Sabin.

Key challenges in tax governance and compliance are digitalisation and technology, which are disrupting businesses and the taxation landscape tremendously. To mitigate these, the IRBM adopts a multilateral strategy in developing the best solutions for contemporary challenges. “The IRBM is in collaboration with other reputable international bodies such as the Organisation for Economic Cooperation and Development (OECD), to find the best or the most suitable methods to tackle issues relating to digital economy, sharing economy, cryptocurrency, technologies used for delivering goods and services across different platforms, and storing business documents using cloud technology,” explained Dato’ Sri Sabin.

Malaysia is also part of the Global Forum on Transparency and Exchange of Information, and the IRBM is committed to ensuring that the international standards with regards to the implementation of the Automatic Exchange of Information initiative are duly met, beginning this year, said Dato’ Sri Sabin. 

In his welcome remarks, MIA President Encik Salihin Abang emphasised the importance of this Tax Conference in terms of capacity building and compliance. “Through this Tax Conference, we intend to build the capacity and capabilities of tax accountants and tax practitioners, hence developing the profession and our members.”

As tax accountants and practitioners are a vital part of the taxation compliance ecosystem, it is imperative for MIA to create awareness and educate its members and the profession on new and amended regulations to drive compliance. “Better compliance will help the IRB collect the right amount of tax to enable the delivery of public goods and services and supports national development. This is in line with MIA’s point of view, that it is a duty of every eligible Malaysian tax payer to pay the right amount of tax for the purpose of nation building,” concluded Encik Salihin.

In line with the Conference theme of ‘Embracing the Challenges of Tomorrow’, the expert speakers invited by MIA will speak on the latest developments in global and local tax, such as BEPS (base erosion profit shifting), earnings stripping rules, and taxation for ecommerce and cryptocurrency. Specifically, the narrative of the Conference touches on how technology and digital disruption are reshaping business models and subsequently the tax landscape.

Encik Salihin highlighted the overriding issues affecting the profession right now, which relates to emerging new technologies, digital economy, and the Fourth Industrial Revolution. MIA has been conducting research in these areas to support all its members and accountancy professionals working in Malaysia, and it is in the process of drafting its Digital Economy Blueprint and its Technology Blueprint which will focus on the profession’s gamechangers: Artificial Intelligence and Data Analytics.

The Tax Conference 2018 is jointly organised by the Malaysia Institute of Accountants (MIA) and the Malaysian Association of Tax Accountants (M.A.T.A), who was represented by YBhg Dato’ Haji Abdul Aziz Abu Bakar, President of M.A.T.A and Encik Saizol Ismail, Vice President of M.A.T.A.
 
NOTE TO EDITOR:

Malaysian Institute of Accountants (MIA)

Established under the Accountants Act 1967, MIA is the national accountancy body that regulate, develops, supports and enhances the integrity, status and interests of the profession in Malaysia.  MIA accords the Chartered Accountant Malaysia or “C.A. (M)” designation. Working closely alongside businesses, MIA connects its membership to an unmatched range of information resources, events, professional development and networking opportunities.

Presently, there are more than 34,000 members making their strides in businesses across all industries in Malaysia and around the world.

MIA’s international outlook and connections are reflected in its membership of regional and international professional organisations such as the ASEAN Federation of Accountants (AFA), and the International Federation of Accountants (IFAC). For more information on MIA, visit www.mia.org.my
 
Malaysian Association of Tax Accountants (M.A.T.A)

The Malaysian Association of Tax Accountants (M.A.T.A) was established and registered on 7 July 1988.  M.A.T.A is a professional body, patronising tax agents under Section 153 (3) of the Income Tax Act 1967.

The main objective of M.A.T.A is to provide support to its members to enhance the quality, enabling good practices and uplifting the standards of the Tax Consultants.  M.A.T.A is accredited by the Ministry of Finance Malaysia to issue CPD points in every taxation related courses and seminars.

Apart from that, M.A.T.A plays a part in assisting the government in enhancing the awareness of taxation and accounting knowledge to the public especially to entrepreneurs.  M.A.T.A also patronises GST Agents, Company Secretaries, and Zakat Collectors.

SOURCE : Malaysian Institute of Accountants (MIA)
 
FOR MORE INFORMATION, PLEASE CONTACT : 
Name : Thane Meyyappan              
Tel: +603 2722 9184   / +6012 248 9534
Email: communications@mia.org.my

Name : Nurul Nadira Muhammad Shaharudin
Tel : +603 2722 9185 /  +6019 261 9708
Email: communications@mia.org.my

--BERNAMA 

 

 
 
 

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