this is principle of taxation question
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QUESTION 3 (15 MARKS: 34 MINUTES) Yusof is a Malaysian resident, employed by Carigali Sdn Bhd (CSB) as chemical engineer since 15 September 2015. He resigned under the voluntary separation scheme (VSS) on 31 August 2020 when CSB underwent restructuring and downsizing due to pandemic Covid-19. Following are the details of income and benefits received from CSB for the year 2020: 1. A monthly salary of RM12,460 after deduction of 11% employee provident fund. 2. A monthly allowance of RM1,000 and RM2,000 for parking and travelling, respectively. He claimed that RM25,000 was used for official purposes on travelling. 3. One-year gross salary on compensation under the VSS option. 4. Two-months gross salary on bonus for the year 2019. He did not receive a bonus for the year 2020. 5. Income tax of RM18,000 for the year of assessment 2019. 6. Insurance premium on Yusof's life worth of RM24,000. The beneficiaries of the policy were his wife and children. 7. In 2018, Yusof was granted an option to acquire 3,000 of the CSB's shares at RM2 per share, which the market value of the shares on the date was RM6 per share. On 15 September 2020, Yusof exercised the option of which the market price on that date was RM5 per share. 8. Tuition fees amounting to RM80,000 for his eldest child and child-care allowance of RM5,000 for his 6-year-old child. 9. Individual membership of executive golf club with an annual fee of RM1,500. 10. A house with furniture (including air conditioner) was provided by CSB until his resignation. CSB rented the house for RM3,500 per month including the rental of furniture at RM1,500 each month. However, he was given an accommodation at a hotel in February 2020 as the house requires renovation. The hotel rate is RM300 per night. 11. Contribution to an unapproved fund by CSB amounting to RM200,000. Yusof withdrew the amount upon his resignation. 12. Yusof had appointed a domestic helper and gardener with a monthly salary of RM1,200 and RM1,000, respectively, and CSB reimbursed the full amount to him. Both domestic helper and gardener were given unpaid leave while the house under renovation. A driver was employed by CBS and provided to Yusof and family at a salary of RM1,500 a month. 13. Yusof was provided with a six (6) years old BMW car for official and private used. The cost of the car when it was new was RM328,000. Based on prescribed method guideline issued by Inland Revenue Board of Malaysia, the annual value of the car is RM15,000. He used two third of the car for official purposes. He purchased this car from the company on 31 August 2020 and paid RM60,000. The market value at time of purchase was RM90,000. 14. Credit card usage of RM120,000, of which two-third (2/3) was exclusively related to his duties. Annual membership fee for the card was RM400. 15. A gift voucher was provided by CSB for each year, value at RM2,000, but Yusof never redeem the voucher. 16. Total utilities bill was provided and paid by CSB amounted to RM15,000. 17. A total of medical benefits amounted to RM12,500, which 80% of the amount was related to his wife and children. REQUIRED: Compute the adjusted employment income for Yusof for the year of assessment 2020. Indicate NIL for non-taxable income or non-allowable expenses. (15 Marks) QUESTION 3 (15 MARKS: 34 MINUTES) Yusof is a Malaysian resident, employed by Carigali Sdn Bhd (CSB) as chemical engineer since 15 September 2015. He resigned under the voluntary separation scheme (VSS) on 31 August 2020 when CSB underwent restructuring and downsizing due to pandemic Covid-19. Following are the details of income and benefits received from CSB for the year 2020: 1. A monthly salary of RM12,460 after deduction of 11% employee provident fund. 2. A monthly allowance of RM1,000 and RM2,000 for parking and travelling, respectively. He claimed that RM25,000 was used for official purposes on travelling. 3. One-year gross salary on compensation under the VSS option. 4. Two-months gross salary on bonus for the year 2019. He did not receive a bonus for the year 2020. 5. Income tax of RM18,000 for the year of assessment 2019. 6. Insurance premium on Yusof's life worth of RM24,000. The beneficiaries of the policy were his wife and children. 7. In 2018, Yusof was granted an option to acquire 3,000 of the CSB's shares at RM2 per share, which the market value of the shares on the date was RM6 per share. On 15 September 2020, Yusof exercised the option of which the market price on that date was RM5 per share. 8. Tuition fees amounting to RM80,000 for his eldest child and child-care allowance of RM5,000 for his 6-year-old child. 9. Individual membership of executive golf club with an annual fee of RM1,500. 10. A house with furniture (including air conditioner) was provided by CSB until his resignation. CSB rented the house for RM3,500 per month including the rental of furniture at RM1,500 each month. However, he was given an accommodation at a hotel in February 2020 as the house requires renovation. The hotel rate is RM300 per night. 11. Contribution to an unapproved fund by CSB amounting to RM200,000. Yusof withdrew the amount upon his resignation. 12. Yusof had appointed a domestic helper and gardener with a monthly salary of RM1,200 and RM1,000, respectively, and CSB reimbursed the full amount to him. Both domestic helper and gardener were given unpaid leave while the house under renovation. A driver was employed by CBS and provided to Yusof and family at a salary of RM1,500 a month. 13. Yusof was provided with a six (6) years old BMW car for official and private used. The cost of the car when it was new was RM328,000. Based on prescribed method guideline issued by Inland Revenue Board of Malaysia, the annual value of the car is RM15,000. He used two third of the car for official purposes. He purchased this car from the company on 31 August 2020 and paid RM60,000. The market value at time of purchase was RM90,000. 14. Credit card usage of RM120,000, of which two-third (2/3) was exclusively related to his duties. Annual membership fee for the card was RM400. 15. A gift voucher was provided by CSB for each year, value at RM2,000, but Yusof never redeem the voucher. 16. Total utilities bill was provided and paid by CSB amounted to RM15,000. 17. A total of medical benefits amounted to RM12,500, which 80% of the amount was related to his wife and children. REQUIRED: Compute the adjusted employment income for Yusof for the year of assessment 2020. Indicate NIL for non-taxable income or non-allowable expenses. (15 Marks)
