KPMG holds tax and business summit
KOTA KINABALU: KPMG Kota Kinabalu held its annual Tax and Business Summit 2017 at the Hyatt Regency Kinabalu on November 13 to brief its valued clients and the public on the recent tabling of 2018 Budget, Transfer Pricing Audits and Goods and Service Tax (GST) updates.
Attended by 120 participants, the half-day session generated much interest on practical issues faced by
both corporate and individual taxpayers, particularly on Transfer Pricing and GST issues.
Tai Lai Kok, head of Tax of KPMG Malaysia and Titus Tseu Khen Fong, executive director of KPMG Tax Kota Kinabalu both spoke of the implications of the latest budget and amendments highlighting the reduction of individual income tax rate by 2% for chargeable income bands be- tween RM20,000 to RM70,000, tax exemption on rental income from residential homes and extension of various tax incentives.
Amongst the topics discussed on Transfer Pricing (TP) are the TP audit processes and methods used in the development of tax-efficient structures which ensures compliance with domestic Transfer Pric- ing requirements and resolution of Transfer Pricing disputes with the Inland Revenue Board.
KPMG also covered and shared some of the proposed changes to the GST Act 2014 and GST reliefs as well as highlighted the power of the authority to raise assessment and few additions in public rulings on GST.