Monthly Tax Deduction (“MTD”) has been introduced by the Inland Revenue Board of Malaysia (“IRB”) for an efficient collection of tax derived from employment income. A newly introduced Section 77(C) of the Income tax Act 1967 where an employee fulfils certain condition, is given the option to treat MTD as final tax. This provides employee who fulfils such conditions the option not to submit their return form. However the burden of proof for correct and accurate MTD computation lies with the employer.
The key objective of this workshop is to discuss the scope of MTD, recent IRB approach to MTD Audit and understanding the impact of GST Transition towards Human Resource. This includes understanding the MTD formula and computation towards guiding employers in designing an attractive and tax efficient remuneration package.