REVISION QUIZ 1

Leasing transactions are governed by the Income Tax Leasing Regulation 1967.

• True

• False

Gross Income (lease rental) of the Lessor ............

• is deemed to accrue evenly for all leased assets.

• is deemed to accrue evenly throughout the leased period.

• is deemed as similar to actual lease rental received.

The followings are deemed sale arrangement except

• lease and buy back

• custom asset

• sale and leaseback

• selling price below market value

Income from construction business for a year of assessment is computed based on

• Director General's estimation

• completed project

• percentage of completion

Estimated loss of a construction project can be set off against actual gross profit.

• True

• False

The followings are expenses after completion of a construction contract except

• Defect liability

• Late ascertained damage

• Land survey fee

Non-banking business income is taxed on world income scope.

• True

• False

Income of a bank's subsidiry in foreign country will be taxed under world income scope.

• True

• False

Non-resident sea operators could enjoy 100% exemption on statutory income from Malaysia.

• True

• False

Business of transporting cargo by air is taxed under world income scope.

• True

• False