Building Essential Tax Literacy for Financial Wellness by KP Bose Dasan

RM260.00

Date	29 June 2024
Time	9.00am – 5.00pm
CE/CPE/CPD	10 CE Points / 10 CPE Points / 8 CPD Points
Facilitator	KP Bose Dasan
Venue	Virtual

SKU: N/A Category: Workshops

The workshop aims to empower participants with fundamental knowledge and skills related to (the recent major changes in Malaysian taxation), enabling them to make informed financial decisions and enhance their overall financial well-being.

Learning Outcome

By the end of the course, participants will be able to:

Analyse the difference between current sources of income and the new capital gains from the disposal of capital assets.
Identify and differentiate the taxpayers who will be directly affected and those who are currently exempted, namely companies, limited liability partnerships, trusts, and cooperative societies.
Interpret the special provision under Section 15C as it relates to real property companies registered outside Malaysia and invested primarily in real estate in Malaysia.
Compute the Chargeable Income and tax from the disposal of capital assets as per the new Chapter 9 in the ITA 1967.
Analyse the impact of the new Section 4(aa) as it relates to foreign source income and the decisions and options open to taxpayers.
Analyse the changes to the taxation of unit trusts and what will happen and transpire after the exemption period is over in 2026.
Analyse and explain which is better; owning shares and investments in a personal name or through an investment holding company. To be able to balance and decide between paying the taxes due and utilise efficient vehicles for capital formation or to avoid capital gains tax.
Differentiate tax compliance with tax planning and direct taxes with indirect taxes. All have created a minefield in the interest of raising government revenue.

Learning Outline

8.30 – 9.00 am	Registration / Pre-Assessment
9.00 – 9.30 am	The scope of charge and the current sources of income under Section 4 and the introduction of a new classification of income from the disposal of capital assets. Definition of capital assets in the Act. The four tax entities identified for capital gains tax namely, companies, limited liability Partnerships, trusts, and cooperative societies.
9.30 – 10.30 am	Analysis of Capital Gains Tax as a separate source of income but within the Income Tax Act. The difficult interpretation of Section 15C and how the tax Is computed Computation of chargeable income under Section 4 (aa) Identification of chargeable assets and chargeable persons The tax rates applicable in different scenarios Who and What are taxable and exempted under Schedule 6 Analysis of Section 15C – investments in foreign registered controlled companies invested primarily in Malaysian real estate. Determination of acquisition and disposal price and the computation of chargeable gain.
10.30 – 10.45 am	TEA BREAK
10.45 – 11.45 am	Graphic description of the tax computation of capital gains tax as a separate return submitted for each disposal. Analysis of the main provisions under Chapter 9 computing the adjusted income from the disposal of capital assets. The tax treatment contained in the Real Property Gains tax applies almost verbatim to the disposal of moveable and immovable assets under the Income Tax Act. To evaluate if costs for shares and bonds behave in the same manner as properties. The determination of acquisition cost of a moveable asset like shares and bonds as distinguished from real properties and the incidental costs of acquisition and disposal. Determination of disposal value and the need for market valuation.
11.45 am – 12.30 pm	Return form submission is required for each disposal of capital asset within 60 days, with payment made on each disposal within 60 days. Analysis of its feasibility. Any dispute on disposal price will require a valuation done by a registered Valuer. How will valuation methods differ between properties, shares and bonds? How to establish an acceptable valuation? Analysis of valuation methods.
12.30 – 2.00 pm	LUNCH
2.00 – 3.00 pm	The taxation of unit trusts has changed drastically with the removal of tax exemption from the realization of investments in shares. An exemption from capital gains tax of 10% is given until the year 2026. What happens after that? Will the tax on unlisted shares and foreign equities impact the returns on unit trusts? Will the fund managers avoid foreign and private equity shares? Where will the unit holders turn to?
3.00 – 3.30 pm	Do you avoid capital gains tax by keeping all investments in personal names and mind your own business? Is private equity investment a taboo and to be avoided? Evaluate the cost and benefit analysis between investment in private equity and foreign shares versus just investing in Bursa Malaysia shares. How do we crunch the numbers?
3.30 – 3.45 pm	TEA BREAK
3.45 – 4.30 pm	Review of what we are learning about. Tax compliance. Tax Planning. Tax avoidance. There is a minefield of tax. We have an increase in direct and indirect taxes to raise tax revenue of the government. Some we can avoid but all avoidance cannot give you the wealth you yearn for. Tax literacy is important.
4.4.5 – 5.00 pm	Q&A Session

Facilitator

KP Bose Dasan,

Bose is a tax consultant and a Chartered Financial Consultant (ChFC), who had pioneered financial planning education in Malaysia.

He graduated from University Malaya in 1975 with a Bachelor of Economics (Hons), degree (Business Administration) and an MBA from Cranfield School of Management, England.

He entered the tax field in 1976 as an Assessment Officer with the Inland Revenue Board Malaysia. Subsequently, he became a Tax Consultant and Tax Manager with an international accounting firm, Hanafiah Raslan Mohamad, advising clients on taxation. He also served as a Lecturer in Taxation in University Malaya.

He was a pioneer financial planner in Malaysia, by obtaining the prestigious Chartered Financial Consultant (ChFC) designation in 1995 from The American College, in Bryn Mawr, Pennsylvania, USA.

He was a Manager with Kassim Chan Management Training Sdn Bhd taking charge of the Henley MBA program and the Dublin University Master’s degree in Management program. He served as the Academic Chair of The Malaysian Insurance Institute (MII), preparing students for the ChFC Professional designation with The American College, USA.

In 2016, he pioneered a course in Applied Financial Planning for second year students at the Faculty of Business and Accounting, University Malaya. He was also the Subject Matter Expert on tax and financial planning with Securities Industry Development Corporation, (SIDC) for the award of Continuing Professional Education (CPE) points.

Bose is a CFP Professional and has lectured in CFP certification programs with PNB Investment Institute and Kasturi College from 2002 to 2018. He is also known for his signature training program, Wealth Maximization through Tax Planning delivered all over Malaysia.

Bose is well sought-after as a corporate trainer and has trained branch managers and relationship managers of numerous banks including Maybank, CIMB, OCBC, HSBC, East West Bank – Philippines, and for the Asia Pacific Centre for Management Education in Singapore.

Bose had conducted the Financial Planning Capstone course for MBA students at The Institute of International Management, New Delhi. India. He was commissioned to author the Tax Manual for MFPC and FPAM and was the co-author of the manual for Investment-linked Insurance at MII.

Bose has authored more than 80 articles on tax, investment and financial planning that have appeared in major magazines, including Personal Money, Smart Investor and The Edge. During the Covid-19 era he started writing in social media, a Personal Finance series that has reached 112 posts. He is currently focused on being an author, coach and trainer in Tax and Personal Finance.

Terms & Conditions

Registration is on a first-come-first-served basis, only 30 seats are available.
Participants need to sit in for the workshop throughout the day to receive the certificate and to fulfill the endorsement of points.
Confirmation is subject to receipt of payment before the workshop.
FPAM reserves the right to amend the program, speaker, date, venue, etc, without prior notice.

Frequently Asked Questions

1. How long will each physical program take?

Each physical program is the equivalent of a day’s CE Workshop training for approximately 8 hours with the morning & afternoon coffee break and lunch in between. The duration of the program excluding the break is 6 hours.

2. Can I attend only half the sessions of the training?

You will need to sit in for the session throughout the day unless you have a valid reason or a copy of proof.

3. Mode of payment?

We accept payment by credit / debit card (VISA / MasterCard / AMERICAN EXPRESS / Discover), by FPX (Affin Bank, Alliance Bank, AmBank, Bank Islam, Bank Muamalat, Bank Rakyat, BSN, CIMB Clicks, Hong Leong Bank, HSBC Bank, KFH, Maybank2E, Maybank2U, OCBC Bank, Public Bank, RHB Bank, Standard Chartered, UOB Bank).

4. How secure is shopping? Is my data protected?

Your data will be handled confidentially and encrypted with SSL (Secure-Socket-Layer) secure server software. The encrypted information of your order, your name, address, credit card, and bank details cannot be retrieved by any third party. Credit card payments will also be verified through the 3D secure procedure.

5. Who should I contact if there is any transactional issue or problem purchasing any product/service?

Kindly drop a message below with the problem statement, and we will get back to you as soon as possible.