INTRODUCTION
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 Malaysian employees for employment injury or invalidity. The Employment Insurance Scheme2018 is a compulsory scheme for retrenched employees
Both employer and employees 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, approved vendor software or e-calculator methods
Benefits of the Programme
There are many workshops for participants to master the PCB & Employee Tax Issues and EPF 1991 & SOCSO 1969 Acts and EIS (2018)
HIGHLIGHT OF THE PROGRAMME: The Step-by-Step Benefit of the Experiential Workshop 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?’.
LEARNING OBJECTIVES
Participants will learn the following:
- Identify wages and remuneration for SOCSO , EPF and EIS contribution; and the conditions to avail of their benefits.
- Compute MTD / PCB deductions and contributions using the manual formula method
- Compute VOLA and value of benefits –in-kind (BIK) and perks for income tax using the prescribed value and formula methods; Compute tax for gratuity and compensation payments
- Compute tax for non-residents and those on secondment and regional offices under the Double Taxation Agreement (DTA)
- Prepare the EA form correctly
