1. 'A tax to be known as income tax shall be charged for each year of assessment...
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Question:
1. 'A tax to be known as income tax shall be charged for each year of assessment upon the income of any person accruing in or derived from Malaysia or received in Malaysia from outside Malaysia' (Section 3, Income Tax Act 1967)
Required:
Elaborate on the above statement in context of income tax liability.
2- Explain in details any THREE (3) principles of a good taxation system as highlighted by the Organization for Economic Cooperation and Development (OECD).
3- Imposition of tax in Malaysia are on income, consumption, property, transactions and provision of services.
Required:
Provide an example for each of basis of taxation in Malaysia.
Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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