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TITLE: Welcome Address by Yang Berusaha Encik Salihin Abang, President, Malaysian Institute of Accountants at Malaysian Tax Conference 2019

DATE: 03/04/2019

WELCOME ADDRESS BY

YANG BERUSAHA ENCIK SALIHIN ABANG

PRESIDENT

MALAYSIAN INSTITUTE OF ACCOUNTANTS

AT

MALAYSIAN TAX CONFERENCE 2019

3 APRIL 2019 (WEDNESDAY), KUALA LUMPUR

Salutations:

  • YBhg Dato’ Sri Sabin Samitah, Chief Executive Officer, Inland Revenue Board of Malaysia
  • YBhg Dato’ Haji Abdul Aziz Abu Bakar, President of Malaysian Association of Tax Accountants (MATA)
  • Officers of Malaysian Institute of Accountants and Malaysian Association of Tax Accountants
  • Distinguished Panellists
  • Members of the Media
  • Ladies & Gentlemen

Assalammu’alaykum warahmatullahi wabarakatuh and Good Afternoon.

  1. Good morning and welcome to the Malaysian Tax Conference 2019, with the theme of Malaysia Baru’s Tax Reform Agenda – What’s Next. This Conference is co-organised by the Malaysian Institute of Accountants (MIA) and the Malaysian Association of Tax Accountants (M.A.T.A.).
  2. Today, we are joined by YBhg Dato’ Sri Sabin Samitah, Chief Executive Officer, Inland Revenue Board of Malaysia, who will give his keynote address shortly. This will give us insights into the direction of the tax sector and governance going forward. Thank you, Dato’ Sri for being with us today.
  3. This Tax Conference is one of the important events on MIA’s training calendar, because it covers the recent developments in taxation. Tax is critical to nation building as the money collected is used for national development and social wellbeing.
  4. Through this Tax Conference, MIA aims to build the capacity and competency of the profession and our members, to support our agenda of nation building.
  5. This Conference is also aimed at creating awareness on the Inland Revenue Board’s efforts to build a more business-friendly, inclusive and efficient tax ecosystem, to help enhance tax transparency, competitiveness and compliance.

    Ladies and gentlemen

  6. Today’s Conference focuses on Malaysia Baru’s Tax Reform Agenda – What’s Next?
  7. Our speakers will look at how the tax reforms will work to build a more business-friendly tax ecosystem, and how this will impact taxpayers. Also, very useful is the session on Co-operative Compliance, explaining how tax regulators are engaging with taxpayers to improve compliance.
  8. We can clearly see that this approach of co-operative compliance is producing success. Malaysia’s gross direct tax collection in 2018 broke previous records in terms of highest amount received.
  9. Early this year, Finance Minister YB Lim Guan Eng announced that the Inland Revenue Board had collected RM137.03bil last year – an increase of 11.13% from 2017 and breaking the record set in 2014, which amounted to RM133.7bil.
  10. He attributed the record tax collection to improved governance, that supported stronger compliance. YB Lim said: “The high level of integrity and transparency of the Pakatan Harapan government in spending every sen of tax collected from the rakyat also played a very important role in improving the level of compliance among taxpayers and led to this increase.”
  11. For greater ease of compliance, we will focus on how MIA is working with other regulators and stakeholders to align tax, accounting and financial reporting standards. Through alignment, we can simplify the tax system for the benefit of all stakeholders, to make documentation and processes easier, and make Malaysia an easier place to do business.

    Ladies and gentlemen

  12. MIA as the regulator and developer of the profession will continue to upskill our members and tax practitioners for an increasingly challenging world. Apart from regulatory changes and tax reforms, technology is also changing the tax ecosystem globally. MIA is committed to helping our members make this adjustment to digital technology through continuous education and updating. Through our MIA Digital Technology Blueprint and other digital initiatives, we are supporting tax professionals and the profession to adopt relevant technologies such as AI, automation, cloud and data analytics.
  13. I am also pleased to report that we are making good headway in combating the bogus accountants in the country. This is very important, as the practice of unqualified accountants can hinder the tax authorities from collecting the right amount of tax, thus causing the government to lose tax revenue. As such, MIA is committed to working closely with the IRB and all our fellow regulators in order to fight this menace of bogus accountants more effectively.
  14. At the same time, we are focusing very strongly on integrating governance across the profession and our stakeholders. We are advocating for good corporate, business and tax governance, cyber governance and data governance and data security, to reduce risks and enhance assurance. This is in line with our core values of accountability, integrity and trust, and our mission to protect the public interest.
  15. Before I end, on behalf of MIA, I wish to thank our joint organiser, M.A.T.A. and our sponsors, Gold sponsor – YYC, Silver sponsors – Public Mutual and SIS, all our supporters and Focus Malaysia as our Media Partner for working with us to ensure the success of this Malaysian Tax Conference 2019.
  16. On that note, I wish everybody a productive conference and a great two days ahead.

Thank you!