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Income Tax / PCB + EPF ACT 1991, SOCSO ACT 1969 & EIS (2018) Calculations, Contributions and Benefits

22-23 Nov, 2021, Virtual Classroom Training

IPA Training is Registered with

Venue Details

Virtual Classroom Training


Contact us

FOR COURSE DETAILS

Juliany,

Office: 03 2283 6109

Mobile: +60 122281247

juliany@ipa.com.my

Phoebe,

Office: 03 2283 6100

Mobile: +60 193637822

phoebe@ipa.com.my

Bee Teng,

Office: 03 2282 6112

Mobile: +60 172566121

beeteng@ipa.com.my

FOR CUSTOMISED IN-HOUSE TRAINING

Jane,

Office: 03 2283 6101

Mobile: +60 129418251

jane@ipa.com.my

Keith,

Office: 03 2283 0000

Mobile: +60 162272735

keith@ipa.com.my

ADDRESS

A-28-5, 28th Floor, Menara UOA Bangsar,
No.5, Jalan Bangsar Utama 1,
59000 Kuala Lumpur

FOCUSING ON
  • EPF: Contributions & Deductions
  • EPF: Benefits & Claims
  • SOCSO: Contributions & Deductions
  • SOCSO: Benefits & Claims
  • Employment Insurance Scheme 2018 (EIS)
  • Income Tax Remuneration
  • Tax Residency
  • MTD / PCB
  • Withholding Tax
  • Tax Treatment for Gratuity and Compensation Payments
  • Benefits-in-kind and Perks & Others
  • Key Public Rulings by LHDN
  • Tax on Shares Offered by Employer
  • Preparing the EA Form & Other Documentation
OVERVIEW

Purpose of EPF, SOCSO and Employment Insurance Scheme 2018.
The EPF Act 1991 is a compulsory retirement scheme for employees. The SOCSO Act 1969 is a compulsory insurance scheme for employees for employment injury or invalidity. The Employment Insurance Scheme2018 is a compulsory scheme for retrenched employees.


Both employer and employee are required by law to contribute to EPF, SOCSO and EIS. All the schemes have benefits for employees and there are rules on how to avail of them.


Obligations of Employer for ‘PCB’
The Monthly Tax Deduction (MTD/PCB) scheme is a compulsory pay-as-you-earn (PAYE) scheme whereby employers are required to deduct employees’ tax on a monthly basis using the schedule, formula, and approved vendor software or e-calculator methods.


Benefits
There are many workshop sessions for participants to master the PCB & Employee Tax Issues and EPF 1991 & SOCSO 1969 Acts and EIS (2018).


Highlights
The Step-by-Step Benefit of the Experiential Workshop Session on the PCB Monthly Tax Deduction.


The workshop also demonstrates how the MTD/PCB is computed step-by step using the manual formula method so that you are able to explain to other employees the process; and answer the golden question: ‘why does MTD / PCB vary from month to month?’

WHO SHOULD ATTEND
  • Paymasters
  • Payroll Executives
  • Payroll Administrators
  • HR Executives
  • HR Assistants
METHODOLOGY
  • Interactive Presentations, Discussion, Workshop Sessions & Case Studies.
COURSE LEARNING OUTCOMES (CLO)
  1. Conform to all documentation requirements for EPF, SOCSO, EIS, EA form for tax
  2. Distinguish wages for EPF, SOCSO, EIS and Income Tax
  3. Computing MTD / PCB deductions and contributions using the schedule and formula methods.
  4. Report tax for benefits, perks, renumeration
  5. Explain how to calculate tax on gratuity and compensation payments
  6. Explain the requirements for categorising of residents and non-residents for tax purposes
  7. Preparing the EA form correctly.
DAY 1
9:00

EPF: CONTRIBUTIONS & DEDUCTIONS

  • Who must contribute?
  • Definition of wages for EPF contributions
  • Rate of contributions under Parts A, B, C, D
  • Rate of contribution by non-citizens & employers
  • Rate of contribution for employees below and above 60 years of age
  • Maximum age for contribution
  • Documentation
10:45

EPF: BENEFITS & CLAIMS

  • Withdrawal on reaching 50 & 55 & 60 years of age and for other reasons
  • Re-contribution to EPF after full withdrawal
  • Full and partial and periodic withdrawals
  • Additional payments for death and permanent disablement
  • Maximum age for withdrawal
 

SOCSO: CONTRIBUTIONS & DEDUCTIONS

  • Who needs to contribute and under what categories?
  • Definition of wages for SOCSO
  • Penalties for non-contribution
  • Who is responsible for contribution?
  • Maximum ages of contribution under Employment Injury Scheme and Invalidity Schemes
  • Documentation
12:00

SOCSO: BENEFITS & CLAIMS

  • Temporary and Permanent Disablement Benefit
  • Total and Partial Disablement
  • Occupational Diseases
  • Invalidity Grant
  • Pension Schemes
  • Contribution qualification for benefit
  • Survivors’ / dependents’ pension
  • Constant Attendance Allowance
  • Medical Benefit
  • Funeral Benefit
  • Education Benefit
  • Accidents while traveling
  • Procedures in claims
1:00 Lunch

2:00

EMPLOYMENT INSURANCE SCHEME 2018 (EIS)

  • Contributions
  • Benefits
2:00

INCOME TAX REMUNERATION

  • Definition of wages for income tax deductions
  • Minimum income level for income tax deduction
  • Normal vs additional remuneration
3.45

TAX RESIDENCY

  • Who is a tax resident?
  • Qualifying period of stay in Malaysia for tax residency
  • Tax rates for resident & Non-residents
5:00 End of Day 1
DAY 2
9:00

MTD / PCB

  • Using the schedule and formula methods to compute MTD/ PCB
  • Compulsory and optional deductions
  • Rebates after tax
  • Deductions for previous years
10:45

WITHHOLDING TAX

  • Types of income
  • Quantum of tax
  • Categories of personnel
 

TAX TREATMENT FOR GRATUITY AND COMPENSATION PAYMENTS

  • Definition of gratuity and compensation
  • Conditions for Tax free gratuity and compensation
  • Rate of tax for qualified exemptions
12:00

BENEFITS-IN-KIND AND PERKS & OTHERS

  • What are benefits-in-kind and perks
  • Formula and prescribed value methods of determining values for VOLA and perks
  • Double Taxation Agreement
1:00 Lunch
2:00

KEY PUBLIC RULINGS BY LHDN

  • Perks and benefits
  • Seconded employees
  • Foreigners in Regional Offices in Malaysia
  • Double Taxation Agreements (DTA)
 

TAX ON SHARES OFFERED BY EMPLOYER

  • Local shares
  • Cross-border shares
  • ESOS
3:45

PREPARING THE EA FORM & OTHER DOCUMENTATION

  • Exemptions from tax
  • Salary and allowances
  • CP38
  • Other documentation
5:00 End of Course