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According to Cambridge Dictionary (2019), taxation is the process by which the government of a country obtains money in order to pay for its expenses.
According to Cambridge Dictionary (2019), taxation is the process by which the government of a country obtains money in order to pay for its expenses. Interestingly, the ways in which governments raise money through taxation vary widely. Such differences reflect national choices with regard to taxation which in turn are determined by economic and social priorities. Required: a) Explain the following classes of income and provide ONE (1) example for each class of income (explanation and the tax treatment). i. Section 4 (c) of Income Tax Act 1967 ii. Section 4 (d) of Income Tax Act 1967 iii. Section 4 (e) of Income Tax Act 1967 (15 marks) b) Explain any TWO (2) types of taxation systems other than what have been applied in Malaysia
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