Taxation 1

FSPPP - UiTM Taxation

This document outlines the format for computing company tax in Malaysia. It lists items that are added and subtracted from net profit before tax to arrive at statutory income, including non-allowable expenses that are added back and special deductions that are subtracted. It then details the steps to calculate aggregate income, chargeable income, tax chargeable, tax credits, and final tax liability.

Taxation Answer Format

Company tax computation format (1)

sakura rena

This document outlines the format for computing company taxes in Malaysia. It lists items that are added to or subtracted from net profit before tax to calculate adjusted income or loss. These include adding back non-allowable expenses and subtracting non-business income and special or double deductions. Statutory income is then calculated and other income sources are added to determine aggregate and total income. For companies, the tax liability is 25% of chargeable income. For individuals, relief and rebates are subtracted from total income to determine the final tax liability.

Chapter 1

This document provides an introduction to Malaysian taxation. It defines taxation as a compulsory contribution levied by the government to support public services. The background of taxation in Malaysia began with the Income Tax Ordinance in 1947 and Income Tax Act in 1967. Taxation law comes from statutes, case law, and the Malaysian Inland Revenue Board. Taxes are either direct, paid directly by taxpayers, or indirect, collected by third parties. The document outlines the types and purposes of taxes in Malaysia and distinguishes between tax avoidance, which uses legal means to reduce taxes, versus tax evasion, which uses illegal means.

Chapter 6; business income students

This document provides an overview of business income taxation for individuals under Malaysian law. It defines what constitutes a business, including professions, trades, vocations, and manufacturing. It outlines the badges of trade used to determine whether gains are taxable business income or non-taxable capital gains. It also discusses principles like derivation of income, commencement of a business, capital versus income, and determining gross income from sales and services. The key aspects covered are the definition of business and principles for taxation of business income in Malaysia.

Malaysian Taxation (PTX1013)

Noryati Abdul Majid

To qualify as a tax resident in Malaysia, an individual must be physically present for a minimum of 182 days in a calendar year. This 182 days can be a single period within the year or over multiple periods within 3 years, with allowed temporary absences such as for conferences, illness, or brief social visits. Residency can also be determined over 3 consecutive years, with at least 90 days of presence in each of the 3 preceding years. Benefits of resident status include lower personal tax rates, eligibility for personal reliefs and rebates, and certain income exemptions.

Chapter 6; business income students (1)

The document discusses business income taxation for individuals under Malaysian law. It covers key topics like the definition of a business, badges of trade used to distinguish between business and investment activities, derivation of business income, and allowable business deductions. Specifically, it examines how income from a Malaysian company providing computer services to a client in Indonesia would be treated for tax purposes.

Income Tax Act - Kenya

Lydia ndiema

This document is Kenya's Income Tax Act which outlines the following: 1) It establishes an income tax and defines key terms such as income, employment, business, deductions, assessments and tax rates. 2) It specifies what types of income are taxable including employment income, business income, rental income, pension income, and dividend income. 3) It provides rules for calculating taxable income such as allowed deductions, accounting periods, treatment of losses and exemptions. 4) It establishes procedures for filing tax returns, assessments, objections, appeals and penalties for non-compliance. 5) It addresses administration of the tax including collection, repayment, offences and penalties.

Malaysian Taxation 2 42 Example (bad debt) Runny is a building contractor. He has lent a sum without any security to Lee a family friend who is also a contractor. Lee has gone bankrupt and the debt has become bad. Can Runny claim the bad debt as a deduction? Answer: No, the debt to Lee cannot be claimed as a bad debt deduction as the loan was not made in the course of Runny's business as a building contractor but was a personal/private loan to a friend. Malaysian Taxation 2 43 Example (stock in trade) Amal Bhd is a manufacturer of

Chapter 1

This document provides an introduction to Malaysian taxation. It defines taxation as a compulsory contribution levied by the government to support public services. Taxation in Malaysia originated from the Income Tax Ordinance of 1947 and is now governed by the Income Tax Act of 1967. The three sources of Malaysian tax law are statutes, case law, and the practices of the Malaysian Inland Revenue Board. The main purposes of taxation are to generate government revenue and promote economic growth. The key taxes in Malaysia include direct taxes like income tax, and indirect taxes like sales tax. The document also distinguishes between tax avoidance, which uses legal means to reduce tax liability, and tax evasion, which uses illegal means.

Chapter 4 (b)employment income

This document discusses types of gross employment income that are taxable under Malaysian tax law. It covers various types of monetary income like wages, salary, bonuses, and allowances. It also discusses benefits in kind such as company cars, mobile phones, interest subsidies, and furnished accommodation. Various examples are provided to illustrate how different types of income and benefits are treated, such as share options, reimbursements, leave pay, gratuity, and car benefits including the prescribed value method.

Taxation

Managerial Accounting Garrison Noreen Brewer Chapter 13

Asif Hasan

This document discusses relevant cost analysis and identifying relevant costs for decision making. It provides an example of a student, Cynthia, deciding whether to drive or take the train to visit a friend. It identifies which of Cynthia's costs are relevant to the decision and which are not. Driving would result in costs of $114.86 while taking the train would cost $104. It then summarizes that from a financial perspective, Cynthia would be better off taking the train. The document also provides an example of using total and differential cost approaches to evaluate a new machine for a company.

Chapter 7; capital allowances students

This document provides an overview of capital allowances under Malaysian tax law. It discusses how capital allowances provide tax relief for capital expenditures on qualifying plant and machinery. It outlines the eligibility criteria for claiming capital allowances and the types of qualifying expenditures. It also explains the different types of capital allowances (initial allowance, annual allowance, notional allowance), how to calculate them, and how disposals of plant and machinery are treated for tax purposes.

SPM - Bahasa Malaysia Struktur Karangan

Chapter 1 basis period

The document discusses the basis period concept in company taxation. It begins by explaining Malaysia's migration from an imputation system to a single-tier system of taxation effective from 2008. It then defines the key concepts of basis period, which is the period relative to a year of assessment used to determine a company's taxable income. It discusses how basis periods are determined based on accounting periods and dates, and the rules around commencement of business and changes in accounting dates. Specifically, it addresses scenarios where the normal or new accounting period ends on December 31st versus other dates, and periods that are less than or more than 12 months.

Real Property Gains Tax (RPGT)

UiTM

RPGT is a tax on gains made from the disposal of real property in Malaysia. It is levied on the difference between the disposal price and the acquisition price of the property. The tax rate is a fixed 5% for disposals made within 5 years of purchase, with no tax for disposals after 5 years. Exemptions are available for individuals' primary residences and for certain transactions like transfers between spouses. RPGT is administered by the Inland Revenue Board and applies to both residents and non-residents of Malaysia.

Personal Income Tax 2016 Guide Part 6

Personal Income Tax 2016 Guide Part 7

Chapter 8

This document discusses Malaysia's withholding tax provisions for non-resident persons. It covers: 1) The scope of withholding taxes, which apply to contract payments, interest and royalty payments, public entertainers, and other services. Rates are typically 10-15%. 2) Exceptions and exemptions based on double tax agreements and payments to residents. 3) Requirements for contractors to file annual tax returns and reconcile taxes withheld versus actual tax owed.

Chapter 4 (a)employment income stds (1)

Independent distributor shaklee-Universiti teknologi mara

This document provides an overview of employment income taxation in Malaysia. It defines employment and related terms like employee and employer. It discusses the differences between employment and business income. It also explains various sections of the Malaysian Income Tax Act 1967 that are relevant to the taxation of employment income, including sections 13(2), 13(3), and 25. Section 13(2) and 13(3) cover the derivation of employment income from Malaysia. Section 25 covers the basis of assessment for employment income, including how overlapping, lump sum, and leave payments are treated. The document provides examples to illustrate the application of these key sections.

Computation of income tax

Marvin Morales

This document provides an example computation of income tax for Mr. De Castro, a professor with a monthly salary of 85,000 pesos. It calculates his monthly and annual tax under two scenarios: as a single filer and as married with 4 dependents. As a single filer, Mr. De Castro's tax due is 270,792 pesos resulting in an overpayment of 55,608 pesos. As married with 4 dependents, his tax due is 238,792 pesos resulting in an overpayment of 87,608 pesos.

Malaysian Development Policies

suraya izad

The document discusses Malaysia's economic development policies and frameworks from the colonial period to modern times. [1] It outlines key policies and plans such as the New Economic Policy (NEP) introduced in 1970 to address socioeconomic imbalances, the National Development Policy (NDP) of 1991, and Vision 2020 which aimed to make Malaysia a developed nation by 2020. [2] It also summarizes the goals and strategies of these policies in developing the economy, improving living standards, and promoting national unity.

Chapter 1 introduction

This document provides an introduction to managerial accounting and cost concepts. It defines key terms such as direct costs, indirect costs, product costs, period costs, cost drivers, cost behavior, and classifications of costs as either variable or fixed. Cost behavior is explained as how costs are affected by and change with business activity levels. Cost drivers are the specific activity measures that cause costs to change, such as labor hours or machine hours. Variable costs change directly with changes in the cost driver, while fixed costs remain unchanged within the relevant range of activity.

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