1. Anne is employed as a chief financial officer in Bee Sdn Bhd. Anne is entitled to leave passage benefits as per her employment contract. In January 2021, she went to Korea as part of her leave passage and the leave passage cost amounted to RM3,100. In September 2021, she went to China and the leave passage cost amounted to RM3,900. She was on a business trip to Norway in December 2021 that cost RM8,600.

What is the amount of Ana’s assessable benefit arising from the leave passages under 13(1)(b) for the year of assessment 2021?

a.RM3,000

b.RM12,600

c.RM4,000

2. Mokhtar and Bong are partners sharing profits equally in a tax firm and each partner is entitled to a monthly salary of RM10,000.

Relevant details in respect of the partnership business for the year ending 31 December 2021 are as follows:

	RM
Cash donation paid to an approved charitable organisation by the partnership	2,000
Partners’ expenses
Partners’ salaries	240,000
Mokhtar’s holiday expenses	60,000
Provisional adjusted income	1,000,000
Capital allowances for the year of assessment	80,000

What is the statutory income of Mokhtar and Bong from the partnership business for the year of assessment 2021?

a.Mokhtar RM610,000; Bong RM610,000

b.Mokhtar RM489,000; Bong RM429,000

c.Mokhtar RM609,000; Bong RM609,000

d.Mokhtar RM490,000; Bong RM430,000

d.RM7,000

3. On 5 May 2015 Ball Sdn Bhd acquired a moulding machine for its manufacturing operations. The machine was disposed of on 3 June 2021 and the profit and loss account for the year ended 31 December 2021 recorded an accounting gain on the disposal of the machine of RM20,000. Which of the following describes the tax treatment for the gain of RM20,000 arising from the disposal of the machine for the year of assessment 2021?

i. The gain of RM20,000 on disposal is a capital receipt and not subject to income tax

ii. The gain of RM20,000 on disposal is a revenue receipt and would be subject to income tax

iii. The amount of RM20,000 would be adjusted by either reducing the profit before tax or increasing the loss before tax in arriving at the adjusted income or loss in the company’s tax computation

iv. The amount of RM20,000 would be adjusted by either increasing the profit before tax or reducing the loss before tax in arriving at the adjusted income or loss in the company’s tax computation

a.ii & iv

b.iii & iv

c.ii & iii

d.i & iii

e.i & iv

4.

Biz Sdn Bhd was incorporated in Malaysia on 11 February 2020 with an authorized capital of RM2 million. It commences a retail business dealing in hardware on 1 May 2020 and closed its accounts on 30 April 2021. The following incorporation expenses have been capitalized in its first balance sheet as of 30 April 2021.

Details of expenses Amount	RM
Preparation & printing of Memorandum & Articles of Association	1,000
Registration of company (including stamp duty)	3,500
Company seal	200
Company secretarial fee	2,000
Miscellaneous	500
TOTAL	7,200

How much incorporation expenses can be claimed by Biz Sdn Bhd for YA 2021?

a.RM4,700

b.RM7,200

c.RM6,700

d.RM0

5.

On 22 July 2021, Rompin Sdn Bhd, a Malaysian tax resident company, paid director's fees of RM100,000 to Jaque, a non-resident director.

What is the amount, and the due date, for Rompin Sdn Bhd to remit the monthly tax deduction to the Inland Revenue Board (IRB) for the payment to Jaque?

a.Amount due RM30,000; Due date 15 August 2022

b.Amount due RM30,000; Due date 15 August 2021

c.Amount due RM10,000; Due date 22 August 2021

d.Amount due RM30,000; Due date 22 August 2021

e.No tax payable

6. ABC Sdn Bhd is in the trading industry, a Malaysian tax resident company that closes its account on 31 December. On 2 February 2017, it acquired a non-commercial reconditioned car for RM120,000. On 20 December 2021, it disposed of the car for RM60,000. What is the balancing charge on this disposal for YA2021?

a.RM60,000

b.RM25,000

c.RM0

d.RM20,000

e.RM10,000

Answer rating: 100% (QA)

1 c 2 c 3 b 4 c 5 d 6 c Explanation 1 c The amount of Anas assessable benefit aris... View the full answer