(A) The following chargeable persons have Malaysian sources of income and remittances of foreign sources of...

 

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(A) The following chargeable persons have Malaysian sources of income and remittances of foreign sources of income for the basis year of 2020: Chargeable persons Mr Yeo (Resident) Ms Janet (Non-resident) Gold Berhad (Resident company in specialised business) ABC Ltd. (Non-resident company) Malaysian source of income (RM) 30,000 40,000 530,000 100,000 Foreign source of income received / remitted to Malaysia (RM) 28,000 56,000 900,000 800,000 Required: Explain whether the Malaysian sources and foreign sources of incomes are chargeable to Malaysian tax for the year of assessment 2020, and if taxable, indicate the applicable tax rate. (B) Cinta Alam Sdn Bhd (Cinta), a tax resident company, has been in operation for many years and closes its accounts on 31 December annually. Cinta's tax estimate for the years of assessment 2019 and 2020 were RM300,000 and RM600,000 respectively. The final tax payable for the year of assessment 2020 was RM890,000. Required: In respect of Cinta Alam Sdn Bhd for the year of assessment 2020: (a) State and explain the due date of submission for its tax return. (b) State and explain the date by which it should furnish its initial tax estimate. (c) State and explain the minimum amount of estimate it must furnish. (d) State when the tax estimate may be revised. (e) Compute the final tax payable and the under-estimation penalty, if any. (A) The following chargeable persons have Malaysian sources of income and remittances of foreign sources of income for the basis year of 2020: Chargeable persons Mr Yeo (Resident) Ms Janet (Non-resident) Gold Berhad (Resident company in specialised business) ABC Ltd. (Non-resident company) Malaysian source of income (RM) 30,000 40,000 530,000 100,000 Foreign source of income received / remitted to Malaysia (RM) 28,000 56,000 900,000 800,000 Required: Explain whether the Malaysian sources and foreign sources of incomes are chargeable to Malaysian tax for the year of assessment 2020, and if taxable, indicate the applicable tax rate. (B) Cinta Alam Sdn Bhd (Cinta), a tax resident company, has been in operation for many years and closes its accounts on 31 December annually. Cinta's tax estimate for the years of assessment 2019 and 2020 were RM300,000 and RM600,000 respectively. The final tax payable for the year of assessment 2020 was RM890,000. Required: In respect of Cinta Alam Sdn Bhd for the year of assessment 2020: (a) State and explain the due date of submission for its tax return. (b) State and explain the date by which it should furnish its initial tax estimate. (c) State and explain the minimum amount of estimate it must furnish. (d) State when the tax estimate may be revised. (e) Compute the final tax payable and the under-estimation penalty, if any.

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Question A For the chargeable persons with Malaysian sources of income and remittances of foreign sources of income for the basis year of 2020 the tax... View the full answer