INTRO QUIZ

Malaysian Government collects....

• direct taxes

• indirect taxes

• direct and indirect taxes

• not sure

The following are direct taxes EXCEPT

• stamp duty

• income tax

• real property gain tax

• service tax

This entity is NOT a Malaysian taxpayer.

• Company

• Salaried individual

• Partnership

• Unit trust

Revenue expenses are deductible from gross income.

• True

• False

An example of non-allowable expense is...

• staff salary

• factory maintenance expense

• purchase of a production machine

• specific provision of bad debt

Which of the following is about capital allowance?

• Deductible from statutory income.

• Allowance on qualifying capital expenditure.

• Allowable as double deduction.

• Computed at the beginning of a basis period.

If disposal value is higher than residual expenditure of an asset, the difference amount is called

• Balancing charge

• Consideration received

• Balancing allowance

• Loss on disposal

An individual who receives employment and rental income has to submit _____.

• Form C

• Form P

• Form B

• Form BE

Current year basis: Basis year 2022; Year of assessment 2022. Preceeding year basis: Basis year 2022; Year of assessment ?

• 2021

• 2022

• 2023

• Not sure

Leasing is a type of _____

• ways to obtain loan.

• ways to acquire asset.

• ways to finance a business.

• ways to increase profit.