Eugene, CFO of Burlington Pte Ltd (BPL), a Singapore incorporated and tax resident company, has performed a review of BPLs filing position. He noted that the following positions have been taken for the year of assessment 2021:

a) BPL recorded a credit in its statement of profit or loss amounting to $500,000, arising from the waiver of a loan, extended to BPL by its parent company. BPL has treated this waiver as taxable.

b) BPL repatriated the net profit of $50,000 from its branchs trading operations in Malaysia. The branch profit was not brought into tax in BPLs tax computation. The corporate tax rate in Malaysia is 24%.

c) BPL received the sum of $12,000 for Senior Employment Credit. BPL has claimed a tax deduction on the total wage cost and the amount received for Senior Employment Credit was treated as not taxable.

d) BPL received the sum of $8,000 for an insurance claim on equipment that was destroyed in a fire last year. Capital allowances have been fully claimed on the equipment. The insurance proceeds received were netted off against the capital allowances claimed in the year.

e) BPL paid late payment penalties of $500 to the Central Provident Fund (CPF) Board for the late lodging and payment of CPF contributions of its staff. A tax deduction has been claimed on this amount.

Required: State, giving reasons, whether or not Burlington Pte Ltds tax treatment of each of the items listed from (a) to (e) is correct.