Malaysian Taxation (Fundamentals)

Description

About the Book

This book is intended primarily for those who want a summary of most of the provisions of the Income Tax Act 1967, the Real Property Gains Tax Act 1976, the Sales Tax Act 2018, the Service Tax Act 2018 and the Stamp Act 1949. It will be especially useful for students studying Malaysian Taxation at the beginner and intermediate levels for exams leading to a professional qualification, such as those of the Chartered Tax Institute of Malaysia and the Association of Chartered Certified Accountants.

This book starts with a chapter that provides an overview of Malaysian Tax legislation, followed by others that discuss the fundamentals of Income Tax, Real Property Gains Tax, Sales Tax, Service Tax and Stamp Duty in Malaysia. The book is comprehensively indexed.

Chapter arrangement:

1. Malaysian Tax Overview
2. Charge to Income Tax, Total Income & Chargeable Income
3. Tax Residence
4. Trading and Business Income
5. Employment Income
6 Dividends, Interest, Rent, Royalty & Other Income
7. Deductible Expenses
8. Allowances for Qualifying Expenditure
9. Partnerships
10. Withholding Tax
11. Inland Revenue Administration
12. Compliance with the Income Tax Act 1967
13. Real Property Gains Tax
14. Sales Tax & Service Tax — Scope & Registration
15. Sales Tax & Service Tax — Accounting, Returns & Payments
16. Sales Tax & Service Tax — Exemptions, Refunds & Rulings
17. Sales Tax & Service Tax — Enforcement, Trials & Proceedings
18. Sales Tax & Service Tax — General
19. Stamp Duty

This book is intended as an introduction to the Malaysian system of taxation and so does not discuss any provisions applicable to specialised industries, or for investment incentives available to certain industries. Double taxation agreements are discussed at an introductory level and transfer pricing is mentioned in relation to s.140A Income Tax Act 1967. Other more advanced aspects of taxation including tax audits and investigations are not discussed.

This book contains citations of over two hundred case law decisions (of which over one hundred are case summaries) and so will be useful where discussion of tax law is required. In addition, over one hundred and fifty references are made to specific paragraphs in over fifty five Public Rulings. The text incorporates extracts from the Schedules to each Act as well as the Regulations and Rules necessary for a clear working interpretation of the provisions of each Act. Also included are references to relevant Orders that have been made and Guidelines that have been issued.

About the Author

The author is a member of the Chartered Tax Institute of Malaysia and won the 2012 Exam Prize for Best Performance in ‘Specialised Industries’ {the ‘Advanced Tax I’ paper in the current CTIM syllabus).

The author is also a graduate of the Chartered Governance Institute in the UK and is a member of two other professional bodies relevant to securities trading and fund management.

The author holds an honors degree in applied physics from University College London and is a professional teacher, specializing at the tertiary level in the fields of corporate finance and taxation, whilst also teaching mathematics and physics at the secondary level.