MRMA APREA Joint Meeting


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Malaysian REIT Managers Association & APREA Malaysia Chapter Joint Meeting
Sunway Resort Hotel & Spa
Copacabana Room, Level 12 , Subang Jaya
24th June 2013
9.00 a.m.

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MRMA APREA Joint Meeting

  1. 1. Malaysian REIT Managers AssociationMalaysian REIT Managers Association&&APREA Malaysia ChapterAPREA Malaysia ChapterJoint MeetingJoint MeetingSunway Resort Hotel & SpaSunway Resort Hotel & SpaCopacabana Room, Level 12 , Subang JayaCopacabana Room, Level 12 , Subang Jaya2424ththJune 2013June 20139.00 a.m.9.00 a.m.mrmaMalaysian REIT Managers Association
  2. 2. • Welcome Speech by the Dato’ Jeffrey Ng Tiong Lip• Update on “Claim of Capital Allowance and/or Industrial Building• Allowance at REIT level and the application of s109D withholding tax”.• by Ms Leong Kit May CFO Axis REIT Managers Bhd• Q&A• Overview of APREA by Mr. Peter Mitchell CEO APREA• 2012 Launch of IPDs Pan Asia Returns by Kevin Swaddle- Director of IPDs servicesin Asia• Q&A• Close2Todays ProgrammrmaMalaysian REIT Managers Association
  3. 3. 3Welcome by Dato’ Jeffrey Ng Tiong LipmrmaMalaysian REIT Managers AssociationDato’ Jeffrey Ng Tiong LipCEO/ ED Sunway REIT Managers Sdn Bhd
  4. 4. 4MRMA UpdatesmrmaMalaysian REIT Managers AssociationMs Leong Kit MayCFO/ ED AXIS REIT Managers Bhd
  5. 5. 5mrmaMalaysian REIT Managers Association“Claim of Capital Allowance and /or IndustrialBuilding Allowance on the REIT level & theapplication of S109D withholding tax”1stUpdate
  6. 6. 6mrmaMalaysian REIT Managers Association1stUpdatePublic Ruling No. 9/2012 dated 26 November 2012 – sets out the IRB’s interpretationof the law, a REIT which owns hotel building is not allowed to claim industrialbuilding allowances (IBA) as it is not deemed to be an operator of the hotel andcannot be said to be running a hotel businessOn 29 May 2013, the MRMA (with the assistance from Ernst and Young TaxConsultants Sdn Bhd) had written to the IRB requesting them to re-examine theabove ruling with the relevant paragraphs within Schedule 3 pursuant to an IBAclaim, which stated the criteria to fulfill are that :The taxpayer must be the owner of the industrial building;The taxpayer must have incurred the expenditure on the purchase of the saidindustrial building; andParagraph 60, Schedule 3 allows an owner of an industrial building to claim IBA ifthe tenant uses the building as an industrial building.A copy of the said letter has also been copied to the Ministry of Finance.
  7. 7. 7mrmaMalaysian REIT Managers Association“Implementation of MRFS 10 ConsolidatedFinancial Statements “2ndUpdate
  8. 8. 8mrmaMalaysian REIT Managers AssociationMFRS 10 – Consolidated Financial StatementsEffective for annual reporting periods beginning on or after 1January 2013.MFRS 10 has revised the definition of CONTROL => focuses onthe need to have both power and variable returns.Trigger the need to examine the relationship between REITManager and the REIT on the potential implication of MFRS 10.2ndUpdate
  9. 9. 9Malaysian REIT Managers AssociationmrmaMalaysian REIT Managers AssociationQ&AQ&A
  10. 10. 10APREA Malaysia ChapterPresentation on APREAPresentation on APREAMr. Peter MitchellMr. Peter MitchellChief Executive OfficeChief Executive OfficeAPREAAPREA
  11. 11. 11MRMA and APREA Malaysian Chapter Joint MeetingPresentation by Dr. Kevin SwaddlePresentation by Dr. Kevin Swaddleonon2013 Launch of IPDs Pan Asia Returns2013 Launch of IPDs Pan Asia ReturnsmrmaMalaysian REIT Managers Association
  12. 12. 12mrmaMalaysian REIT Managers AssociationQ&AQ&AMRMA and APREA Malaysian Chapter Joint Meeting
  13. 13. 13mrmaMalaysian REIT Managers AssociationThank YouThank YouMRMA and APREA Malaysian Chapter Joint Meeting