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QUESTION 2 Hutan Sdn Bhd . ( financial year end: 3 1 Dec ) is a company engaged in the business of timber extraction from
QUESTION
Hutan Sdn Bhdfinancial year end: Dec is a company engaged in the business of timber extraction from a forest in Malaysia. It was in business for several years. For the year ended December it incurred the following expenditure in respect of an area of forest from which it was granted a license to extract timber:
tableDateExpenditure,RMConstruction of road,Construction of administrative building,Construction of labor quarters,
On September Hutan Sdn Bhd ceased and disposed the timber extraction business permanently for RM
Required:
i Compute the forest allowance and charges due to Hutan Sdn Bhd for the relevant year of assessment.
ii Assuming the company made an election under the provision to Para of Schedule of the Income Tax Act as amended what is the forest charges for the relevant years of assessment?
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