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05-09 - CONFIDENTIAL MIAQE/MAR 2005 TAXATION GOLDEN SDN BHD...

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CONFIDENTIAL MIAQE/MAR 2005 TAXATION GOLDEN SDN BHD COMPUTATION OF TAX PAYABLE YA 2004 Answer 1 Sec 4 (a) Note RM’000 + RM’000 - Profit before taxation Cost of sales: Advertisement cost 1 20,884 NIL Stock obsolescence (7/93 x 465,000) 35 Compensation 300 Insurance money 2 NIL Wages and salaries : EPF ( 4/23 x 690,000) 3 120 Disabled employees 98 Bonus NIL Staff welfare : Air ticket - Sydney Accommodation Air Ticket – Langkawi Childcare – Building - Maintenance 4 9 NIL 110 NIL 10 Freight and Insurance 5 40 Subscriptions and Donations: Entrance fees Cash contributions (210,000 – 200,000) Cash donation – library (128,000 – 100,000) Cash donation – government 6 22 10 28 25 Lease Rental (6000 x 9) – 50,000 7 4 Provision for bad debts: Bad Debts written off Increase in specific provision Decrease in general provision 8 408 NIL 27 Foreign exchange loss Machinery – loss Trade debtors – loss Machinery - gain 9 40 NIL 20 1
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CONFIDENTIAL MIAQE/MAR 2005 Rental of premises 10 29 Legal & professional fees: Legal cost – bank loan Legal fees – agreement Legal fees – trade mark Fees – Company Shares 11 9 12 32 21 Motor Vehicles 12 210 Other income (90+210+54) Adjusted income 22,048 __(809) 21,239 354 809 (-) Capital allowance YA 2004 BF from YA 2003 Childcare centre 10% (110,000 + 380,000) Statutory income (-) Business loss b/f 205 240 49 (494) 20,745 (170) 20,575 (+) Other income: Interest – exempt Dividend (54 x 100/72) Rental Aggregate income (-) Approved donation – state government Total income / chargeable income NIL 75 210 20,860 (25) 20,835 Tax @ 28% x 20,835,000 (-) Tax credit (28% x 75,000) Tax Payable 5,833,800 (21,000) 5,812,800 (23 marks ) 2
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CONFIDENTIAL MIAQE/MAR 2005 Answer 2 (a) Residence Status of Mr. Delon YA 2004 YA 2005 In Malaysia 15.8.2004 – 23.12.2004 = 131 days Social visit 24.12.2004 – 7.1.2005 = 14 days Part of a day in Malaysia is considered a full day in Malaysia. Therefore, the days of departure from and arrival in Malaysia are counted as 2 full days. As the social visit did not exceed 14 days in aggregate, the period qualifies as a temporary absence i.e deemed to be present in Malaysia. Thus, there is a linkage to a period of more than 181 consecutive days in Malaysia.
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