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A company is resident in Malaysia is they have a permenant establishment in Malaysia. Is this statement true?
No
ABC Sdn Bhd appointed a salesperson in Malaysia tosign contract on behalf of them and managed goods. The salesperson is an independent agent. Do ABC Sdn Bhd have a place of business in Malaysia?
No
List down the conditions for a company to qualify for pioneer status
Resident and incorporated in Malaysia, producing promoted product/activity, no other incentives and it is a poineer product/activity.
Pioneer Status and ITA have the same conditions to qualify, however there are some slight differences. What is it?
ITA is an additonal capital allowance for qualifying capital expenditure incurred but pioneer status is the exemption on income earned from pioneer business.
What is the exemption available for pioneer status?
70% of statutory pioneer business income will be exempted.
What is the exemption available for ITA adn RA? What is the deduction mechanism?
60% of ITA or RA wil be deducted against 70% of statutory income
What are the conditions to claim MITC?
Resident, more than 10m annual sales, less than 20% of it is commodity, use local services, no other incentives, increased in export, 60%shares hold by Malaysia
What is the difference between allowance for increased export and allowance for significant increase in export?
Allowance for significant increase is only given if the increase in sales is more than 50% compare to last year whereas allowance for increase export is normal
What is the difference between R&D Company and Contract R&D Company?
Contract R&D company provide services to only non-related company and R&D company provides to all
List down some of the expenditures that qualifies for doubdle deduction for promotion of export.
Advertising overseas,flight, hotel, trade fairs, office in overseas,sample product supplies
What is the tax treatment if a leasing is considered a "deemed sale"
Lessor will not claim CA and the income will interest income, lessee claim CA on capital portion and deduct interest expenses
What are the perks you get if a comapny carry out R&D by themselves?
Double deduction, CA on capital expenditure and ITA on capital expenditure
Black Berhad bought a machine in Jan 2018 and sold of on Dec 2018 and leased it back.Is this sales and leaseback considered a deemed sale?
No
