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this is tax ,please do it in detail thank you QUESTION 4 Pawsitive Medical Supplies Sdn. Bhd. (PMSSB) was incorporated in the year 2017 with
this is tax ,please do it in detail thank you
QUESTION 4 Pawsitive Medical Supplies Sdn. Bhd. (PMSSB) was incorporated in the year 2017 with a factory in Ayer Hitam Industrial Park, Johor. It manufactures veterinary medical devices, which are listed by the Malaysian Investment Development Authority (MIDA) as promoted products eligible for tax incentive under the Promotion of Investment Act 1986. It also manufactures pet products and toys for the domestic market, which are not eligible for tax incentive under the same Act. The finance manager of PMSSB has prepared the following financial details: Financial Veterinary medical Pet products and toys Others year devices manufacturing manufacturing ended 31 Adjusted Capital Adjusted Capital Statutory Approved December income allowance income allowance interest cash (RM) (RM) (RM) (RM) income donations (RM) (RM) 2020 (60,760) 410,800 915,000 537,000 11.500 8,760 2021 970,000 447,100 947.000 612,000 9,760 12.030 The following table presents the qualifying capital expenditures incurred by PMSSB: Financial year ended Veterinary medical devices Pet products and toys 31 December manufacturing manufacturing 2020 RM1,001.100 RM859,000 2021 RM1,024,000 RM764,000 Required: Compute the chargeable income and amount, if any, to be credited to exempt income for all the relevant years of assessment if: i. Pawsitive Medical Supplies Sdn. Bhd. is to apply for pioneer status. 10 marks) QUESTION 4 Pawsitive Medical Supplies Sdn. Bhd. (PMSSB) was incorporated in the year 2017 with a factory in Ayer Hitam Industrial Park, Johor. It manufactures veterinary medical devices, which are listed by the Malaysian Investment Development Authority (MIDA) as promoted products eligible for tax incentive under the Promotion of Investment Act 1986. It also manufactures pet products and toys for the domestic market, which are not eligible for tax incentive under the same Act. The finance manager of PMSSB has prepared the following financial details: Financial Veterinary medical Pet products and toys Others year devices manufacturing manufacturing ended 31 Adjusted Capital Adjusted Capital Statutory Approved December income allowance income allowance interest cash (RM) (RM) (RM) (RM) income donations (RM) (RM) 2020 (60,760) 410,800 915,000 537,000 11.500 8,760 2021 970,000 447,100 947.000 612,000 9,760 12.030 The following table presents the qualifying capital expenditures incurred by PMSSB: Financial year ended Veterinary medical devices Pet products and toys 31 December manufacturing manufacturing 2020 RM1,001.100 RM859,000 2021 RM1,024,000 RM764,000 Required: Compute the chargeable income and amount, if any, to be credited to exempt income for all the relevant years of assessment if: i. Pawsitive Medical Supplies Sdn. Bhd. is to apply for pioneer status. 10 marks) Step by Step Solution
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