1. In developing and promoting the Islamic Capital Market' products and services in the Malaysian market, a wide range of tax incentives are introduced. Basically, the tax incentives are categorized into (i) Sukuk; (ii) Islamic fund management; (iii) Islamic fund management (Business trust or Islamic real estate investment trust [REIT]); (iv) Business trust; and (v) Non-resident experts in Islamic finance.

REQUIRED:

Briefly explain FIVE (5) special tax incentives (one from each category) under the Islamic Capital Market range.

2. Imagine you are in an interview for a position of bank officer in one of the Islamic financial institutions. One of the Syariah board committee members asks you about the key principles to ensure Syariah compliant on Islamic based transactions.

REQUIRED:

Explain the FIVE (5) key principles of Islamic transaction that are applicable in taxation on Islamic-based transactions.

3.Under Islamic financing transactions, several stamp duties have been exempted in order to avoid any adverse tax as compared with conventional financing transactions.

REQUIRED:

Briefly explain THREE (3) exemptions of stamp duty as laid down in Stamp Duty Exemption Orders issued by the government.