In Malaysia, the Government Body Entrusted to Govern Various Forms of Indirect Taxation is the Royal Malaysian: Taxation Assignment, INIT, Malaysia

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University INTI International University Malaysia
Subject Taxation
  1. Explain the rules of the determination of basis period for the year of assessment when
  • Accounts prepared for less than or more than 12 months and not ending on 31st December
  • Basis period of a person other than a company under Section 21 of the Income Tax Act 1967
  1. In Malaysia, the government body entrusted to govern various forms of indirect taxation is the Royal Malaysian Customs Department.

Describe the various types of taxes that the body is entrusted to collect.

  1. Explain the form of company which is recognized as a Small and medium enterprise (SMEs) as stated in the Accelerated Capital Allowance (Plant and Machinery) Rules 2008
  2. Explain the following
  • “Non-resident contractor”
  • “Services under a contract
  • “Professional services”
  • “Contract project”

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  1. Although the Income Tax Act, 1967 does not provide any definition of the term “plant and machinery”, the definition given by case law stands as its legal definition.

Describe how “plant and machinery” are identified in case law.

  1. Mr. Bo Kau Looi a manager at HWoutM earns RM10,000 salary per month. He has been working in the same company for the past 20 years. As an appreciation for his long service, he is provided with the following benefits:
  • An unfurnished condo at 1 Persiaran Gurney. The rental of RM4,000 per month is paid by Roti Kayas
  • The employer’s portion of the Employee’s Provident Fund, 12% of his monthly salary
  • A new Sports Utility Vehicle (SUV) costing RM150,000 was given to him in 2018. Since this car is a hybrid, the company does not provide him with any petrol allowances.
  • A gardener who is paid RM400 per month.
  • A half-day maid who is paid RM500 per month.
  • The company paid RM10,000 worth of airfare for Mr. Bo and his family to go for a holiday to see Elton John in Bangkok in January 2020.
  • RM2,000 medical and dental benefits

Mr. Bo  apart from his work receives the following additional income

  • RM3,500 single-tier dividend from Maybank  Berhad
  • Net dividend income of RM12,750.
  • Interest income of RM2,000 from Bank Simpanan Nasional.
  • Mr. Bo writes songs for Radio Malaysia. Royalties of RM22,500 from the publishing of his songs.
  • Rental income of RM2,200 per month. He pays interest of RM560 a month to Public Bank. He paid assessment and quit rent of RM1,350 a year. That year he repainted the house for RM1,000 and extended the kitchen for RM4,500.

Mrs. Bo is a full-time housewife since she lost her job two years ago. They have two children

  1. Stanley, 20 years old, is studying at Universiti Sains Malaysia. The university fees for 2020 amounted to RM18,000.
  2. Josie, 15 years old, is studying SMJK(C), Ping Wah. The cost of her education is RM4,500 in 2020.

During the year, Mr. Bo incurred RM10,000 on the treatment of diabetes in respect of his father. He pays a year takaful premium of RM1,400 to BSN Prudential.

Required

Compute the tax payable by Mr. Bo Kau Looi for the year of assessment 2020.

  1. Bubble Tan bought the following assets during the year 2016 for his retail business. The Inland Revenue has sent a notice to him that he is being audited for the years of assessment 2017 to 2020
  • A van costing RM30,000
  • Air conditioner costing RM3,000
  • Table and chairs costing RM2,000
  • Computer costing RM4,000

Required:

Prepare the capital allowance and residual expenditure schedules for the above assets for the years of assessment 2017 to 2020.

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