1. A Company resident in Malaysia carried on a consultancy business in Malaysia and reported revenue of RM2 Million This included consultancy fees of RM100,000 earned by the company in Africa and remitted back to Malaysia. REQUIRED: Explain how the company is chargeable to tax under the Income Tax Act 1967 in relation to the income mentioned in the scenario. 2. Mr Koo, a Hong Kong citizen and a resident in Malaysia in 2019 has the following sources of income: RM200,000 earned from designing a logo for a Malaysian company A dividend of RM5, 000 from a Hong Kong company credited to his bank account in Hong Kong. REQUIRED: State with reasons whether or not these sources of income are chargeable to Malaysian tax. 1 Mr Lim, an employee of a textile company and Mr Bean, a banker made some profits on the purchase and sale of seven units of cotton spinning plant. This was the only occasion that Mr Lim and Mr Bean undertook a transaction of such nature. The units of the cotton spinning plant were sold to different purchasers. Expenses such as commission, advertising, repairs, insurance and travelling were incurred to facilitate the sale. REQUIRED: Explain with reasons, whether the profit arising from the above transactions, are subject to Income Tax. + Yee Doo is a lawyer by profession in Kuala Lumpur. In 2019, he developed a special interest in the stock market where he spent most of his time. During the period, he was actively involved in the purchase and sale of shares in Bursa Malaysia and made a total gain of RM150,000 out of the 28 transactions he entered into REQUIRED: Explain, with reasons, whether the gain RM150,000 is liable to income tax. 1. Discuss the advantages and disadvantages of the self-assessment tax system. 2. Describe the following under the Income Tax Act 1967: a. Responsibility of a taxpayer b. Responsibility of an employer 3. Discuss the role of Inland Revenue Board of Malaysia under the self-assessment system. 4. Discuss the rights of a taxpayer and the rationale for these rights. s. Describe the options available to a taxpayer who has made an error or mistake in his annual return. 6. Describe and explain the seven types of assessments. Page 1 of 1 1. A Company resident in Malaysia carried on a consultancy business in Malaysia and reported revenue of RM2 Million This included consultancy fees of RM100,000 earned by the company in Africa and remitted back to Malaysia. REQUIRED: Explain how the company is chargeable to tax under the Income Tax Act 1967 in relation to the income mentioned in the scenario. 2. Mr Koo, a Hong Kong citizen and a resident in Malaysia in 2019 has the following sources of income: RM200,000 earned from designing a logo for a Malaysian company A dividend of RM5, 000 from a Hong Kong company credited to his bank account in Hong Kong. REQUIRED: State with reasons whether or not these sources of income are chargeable to Malaysian tax. 1 Mr Lim, an employee of a textile company and Mr Bean, a banker made some profits on the purchase and sale of seven units of cotton spinning plant. This was the only occasion that Mr Lim and Mr Bean undertook a transaction of such nature. The units of the cotton spinning plant were sold to different purchasers. Expenses such as commission, advertising, repairs, insurance and travelling were incurred to facilitate the sale. REQUIRED: Explain with reasons, whether the profit arising from the above transactions, are subject to Income Tax. + Yee Doo is a lawyer by profession in Kuala Lumpur. In 2019, he developed a special interest in the stock market where he spent most of his time. During the period, he was actively involved in the purchase and sale of shares in Bursa Malaysia and made a total gain of RM150,000 out of the 28 transactions he entered into REQUIRED: Explain, with reasons, whether the gain RM150,000 is liable to income tax. 1. Discuss the advantages and disadvantages of the self-assessment tax system. 2. Describe the following under the Income Tax Act 1967: a. Responsibility of a taxpayer b. Responsibility of an employer 3. Discuss the role of Inland Revenue Board of Malaysia under the self-assessment system. 4. Discuss the rights of a taxpayer and the rationale for these rights. s. Describe the options available to a taxpayer who has made an error or mistake in his annual return. 6. Describe and explain the seven types of assessments. Page 1 of 1
