CUMICUMI Computer Sdn Bhd is a subsidiary of CUMICUMI Computer Ltd. Its management and control are...

     

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CUMICUMI Computer Sdn Bhd is a subsidiary of CUMICUMI Computer Ltd. Its management and control are exercised in Malaysia. The company has the following income for the year ended 31 December 2020: Income: Malaysia Business Interest from local financial institution Dividend from pioneer company Rental RM 1,350,000 350,000 250,000 170,000 Australia Dividends - remitted to Malaysia: Pioneer and exempted in Australia Other companies Goguland Dividends - remitted to Malaysia Dividends - not remitted to Malaysia 60,000 150,000 123,456 77,889 Notes: 1. The company make various approved donation amounted RM250,000 to various institutions: 2. The foreign income remitted is before deduction of foreign tax, where applicable; 3. Malaysia does not have a double taxation agreement with Goguland; 4. Assume that income tax charged in Goguland is 21.5%, whereas in Australia is 25% REQUIRED: Estimate income tax payable of CUMICUMI Computer Sdn Bhd for YA 2020. Notes: You are required to explain the available reliefs based on Section 132 and Section 133 of Income Tax Act 1967. CUMICUMI Computer Sdn Bhd is a subsidiary of CUMICUMI Computer Ltd. Its management and control are exercised in Malaysia. The company has the following income for the year ended 31 December 2020: Income: Malaysia Business Interest from local financial institution Dividend from pioneer company Rental RM 1,350,000 350,000 250,000 170,000 Australia Dividends - remitted to Malaysia: Pioneer and exempted in Australia Other companies Goguland Dividends - remitted to Malaysia Dividends - not remitted to Malaysia 60,000 150,000 123,456 77,889 Notes: 1. The company make various approved donation amounted RM250,000 to various institutions: 2. The foreign income remitted is before deduction of foreign tax, where applicable; 3. Malaysia does not have a double taxation agreement with Goguland; 4. Assume that income tax charged in Goguland is 21.5%, whereas in Australia is 25% REQUIRED: Estimate income tax payable of CUMICUMI Computer Sdn Bhd for YA 2020. Notes: You are required to explain the available reliefs based on Section 132 and Section 133 of Income Tax Act 1967.

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Answer Sure lets proceed step by step Calculate Total Income Total Income Malaysia Business Income Interest Income Dividend Income Rental Income Dividends Remitted from Australia Dividends Remitted fr... View the full answer