KUALA LUMPUR, Dec 3 (Bernama) -- Deloitte Malaysia successfully hosted its 2^nd Chinese Services Tax Seminar, a full day seminar led by Deloitte’s tax experts.  The seminar was held in partnership with InvestKL Corporation Berhad and Labuan IBFC was attended by nearly 200 finance and tax professionals from China owned companies based in Malaysia. The seminar discussed opportunities for Chinese investors in making Malaysia as the first choice of investment hub in the region.

A key highlight of the seminar was the Economic Forum 1 which discussed the enhanced diplomatic and business relationships between China and Malaysia which provides excellent investment opportunities for the Chinese investors and how these business relations will advantage Malaysia’s economic growth and community as a whole. Other headlines of the seminar included Highlights of Budget 2017 affecting personal and business tax and the implications to Chinese Businesses in Malaysia and Tax Planning Structures for outbound and inbound Investment.

“We want to advice Chinese investors on the best business models and structures to apply when they are considering to set up regional hubs. In contrast to multinational companies (MNC) from the west, the business model for Asian MNCs are controlled by head office, resulting slow-down in business decision making process. By comparing models, we aim to prompt these companies to consider changing their business model when setting up their regional hubs in Malaysia, said Deloitte Malaysia Country Tax Leader, Yee Wing Peng.

“Malaysia is a competitive location for investors and well-equipped for Chinese investments to set up Regional Hub. Malaysia’s long standing connections with China from economic and social aspects such as language proficiencies, availability of right talent provide the ease of doing business and establishes high chances to attract Chinese MNCs,” added Yee.
 
Mah Chun Wai, Director, InvestKL Corporation Malaysia echoed Yee’s positive comments on the attractiveness of Malaysia as strategic location for Chinese investors. Mah views Malaysia as the epicentre for China’s Go Global Strategy and act as the bridge into Southeast Asia. Multiple trade agreements signed between Malaysia and China both at government and businesses levels create great opportunities for both parties to tap on.
 
Chinese investors have also been contributing to development of talent in Malaysia through the transfer of technical know-how such as high skill technical knowledge on high speed rail engineering.  “Companies bring in highly technical staff force from country of origin who then train and pass the knowledge down to the next level of talent comprising Malaysia”, said Mah. 
 
Yee opined that foreign investments not just accelerate Malaysia’s growth ambitions, but also contribute significantly to the country’s talent development. A strategic example is the set-up of Xiamen University. Malaysia is the first foreign campus in the world for a university from China.  The university has been supplying talent to both Chinese and Malaysian companies especially to those who want to do business with and in China. As the university intends to open its campus to students from the ASEAN region, the university is supporting Malaysia’s agenda as a regional education hub.
 
Mah also mentioned a talent programme with Xiamen University, nearly 200-300 undergraduates intern at Chinese-owned companies in Malaysia, and subsequently upon graduation, majority of them are absorbed as permanent employees.
 
China Railway Dongfang Group Sdn Bhd, Chief Financial Officer, Hu Zhaojun sees Malaysia’s status as strong developing country and its strong ties with countries in the Middle East create a unique differentiating factor for Chinese investors to look at Malaysia compared to other ASEAN Countries.
 
In addition to Deloitte tax experts from Malaysia, Deloitte’s 2^nd Chinese Services Group Tax Seminar 2016 included Deloitte tax experts from Shanghai, Singapore, Thailand and Indonesia and other guest speakers such as Wei Aidong, General Manager, ICBC Malaysia, Li Xiaowen, Advisor to President, Xiamen University Malaysia Campus, Hiu Chee Fatt, Business Development Director, Labuan IBFC. 

About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about  to learn more about our global network of member firms.
 
Deloitte provides audit, consulting, financial advisory, risk advisory, tax and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and high-quality service to address clients’ most complex business challenges. To learn more about how Deloitte’s approximately 245,000 professionals make an impact that matters, please connect with us on Facebook, LinkedIn, or Twitter.
 
About Deloitte Southeast Asia
Deloitte Southeast Asia Ltd – a member firm of Deloitte Touche Tohmatsu Limited comprising Deloitte practices operating in Brunei, Cambodia, Guam, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam – was established to deliver measurable value to the particular demands of increasingly intra-regional and fast growing companies and enterprises.
 
Comprising 290 partners and over 7,700 professionals in 25 office locations, the subsidiaries and affiliates of Deloitte Southeast Asia Ltd combine their technical expertise and deep industry knowledge to deliver consistent high quality services to companies in the region.
 
All services are provided through the individual country practices, their subsidiaries and affiliates which are separate and independent legal entities.
 
© 2016 Deloitte Southeast Asia Ltd

SOURCE : Deloitte

FOR MORE INFORMATION, PLEASE CONTACT:
Name : Jennifer Lopez
Clients and Markets Director
Tel: +03 7610 8550 / +6012 3770318
Email: jenlopez@deloitte.com

--BERNAMA