(a) Syafiq Rahim, a resident of Malaysia, is a freelance writer of articles and several books....
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(a) Syafiq Rahim, a resident of Malaysia, is a freelance writer of articles and several books. In 2021 he translated a literary work at the specific request of the Attorney General's Chamber's. In 2021, he also recorded a tape in the country and sentimental songs as required by Sing Sing Sdn Bhd. He received RM18,000 as royalties in respect of recording of tapes. His income from royalties and expenditures for the year ended 31 December 2021 are as follows: Income: From translation RM 45 000 Due Date Payment Date 17.04.2021 09.05.2021 From translation 30,000 01.06.2021 31.07.2021 From translation 33,000 01.05.2021 30.06.2021 From books 66 000 22.08.2021 03.09.2021 From books 75 000 22.10.2021 06.12.2021 From books 60,000 11.11.2021 31.12.2021 From books 25,000 15.11.2021 25.12.2021 Expenditure: Cost of computer 6 300 Cost of printer 300 Editing/typing expenses 7 500 Required: (b) i. Royalty income is assessed under s 4 (d) of the Income Tax Act 1967. Explain the scope of royalty as defined in s 2 of the Act. (5 marks) ii. Compute the adjusted income from royalties of Syafiq for the year of assessment 2021. (5 marks) Salmi is single and a tax resident of Malaysia. She has been employed as a bank executive since 1 January 2021 at a monthly salary of RM3,500. Her monthly payslips show there were deductions of RM385 per month for contributions to the employees' provident fund (EPF). During the year 2021, Salmi also derived monthly rental income of RM2,200, net of allowable expenses, from a property which was given to her by her father two years ago. In 2021, Salmi bought a laptop computer for her personal use for RM1,360 and a smart phone for RM3,000. Required: i. Compute the income tax payable by Salmi for the year of assessment 2021. (10 marks) (a) Syafiq Rahim, a resident of Malaysia, is a freelance writer of articles and several books. In 2021 he translated a literary work at the specific request of the Attorney General's Chamber's. In 2021, he also recorded a tape in the country and sentimental songs as required by Sing Sing Sdn Bhd. He received RM18,000 as royalties in respect of recording of tapes. His income from royalties and expenditures for the year ended 31 December 2021 are as follows: Income: From translation RM 45 000 Due Date Payment Date 17.04.2021 09.05.2021 From translation 30,000 01.06.2021 31.07.2021 From translation 33,000 01.05.2021 30.06.2021 From books 66 000 22.08.2021 03.09.2021 From books 75 000 22.10.2021 06.12.2021 From books 60,000 11.11.2021 31.12.2021 From books 25,000 15.11.2021 25.12.2021 Expenditure: Cost of computer 6 300 Cost of printer 300 Editing/typing expenses 7 500 Required: (b) i. Royalty income is assessed under s 4 (d) of the Income Tax Act 1967. Explain the scope of royalty as defined in s 2 of the Act. (5 marks) ii. Compute the adjusted income from royalties of Syafiq for the year of assessment 2021. (5 marks) Salmi is single and a tax resident of Malaysia. She has been employed as a bank executive since 1 January 2021 at a monthly salary of RM3,500. Her monthly payslips show there were deductions of RM385 per month for contributions to the employees' provident fund (EPF). During the year 2021, Salmi also derived monthly rental income of RM2,200, net of allowable expenses, from a property which was given to her by her father two years ago. In 2021, Salmi bought a laptop computer for her personal use for RM1,360 and a smart phone for RM3,000. Required: i. Compute the income tax payable by Salmi for the year of assessment 2021. (10 marks)
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b 1 Royalty income is assessed under s 4 d of the Income Tax Act 1967 Explain the scope of royalty as defined in s 2 of the Act Section 2 of the Income Tax Act 1967 provides the definition of royalty ... View the full answer
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Dynamic Business Law
ISBN: 9781260733976
6th Edition
Authors: Nancy Kubasek, M. Neil Browne, Daniel Herron, Lucien Dhooge, Linda Barkacs
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