POP QUIZ of Business Income

What is business income?

• total revenue or earnings generated by a business

• total revenue or earnings generated by disposal of assets

• total expenses generated by a business

What are the two item as a dealer who carries on business or profession.

• 1. 1.Statement of tax

  2. 2.Statement of audit

• 1. 1.Accounting record

  2. 2.Statement of comprehensive income

• 1. 1.Statement of tax

  2. 2.Statement of comprehensive income

Is income earned from a business located outside of Malaysia taxable in Malaysia?

• Yes, all income earned by Malaysian tax residents is subject to Malaysian taxation
• No, income earned from a business located outside of Malaysia is not subject to Malaysian taxation
• Only income earned from a business located in a tax haven country is taxable in Malaysia
• Only income earned from a business that has a permanent establishment in Malaysia is taxable in Malaysia

If an individual is considered a non-tax resident in Malaysia, what income will they be taxed on?

• Only income earned in Malaysia
• Only income earned outside of Malaysia
• Both income earned in Malaysia and income remitted into Malaysia
• No income will be subject to taxation in Malaysia

Can non-resident individuals or companies have chargeable income in Malaysia?

• No, only tax residents are subject to chargeable income in Malaysia
• Yes, non-residents are taxed on their income sourced in Malaysia
• Yes, non-residents are taxed on their worldwide income
• No, non-residents are exempt from taxation in Malaysia

You are the owner of a business, which type of form are you entitle to submit your tax return?

• Form BE

• Form B

• Form C

As an individual how do you register as a tax payer?

• link Register file

• manual form

• deal with LHDNM Officer

How many year do you keep all business records?

• 10

• 9

• 8

• 7