CHAPTER 3

What is the primary purpose of taxes?

• To increase individual disposable income.

• To fund public services and achieve social/economic objectives.

• To reduce government debt.

• To promote individual wealth accumulation.

How do taxes primarily affect an individual's personal finances?

• They increase investment returns.

• They reduce disposable income and affect cash flow.

• They eliminate the need for financial planning.

• They only impact large corporations, not individuals.

Which of the following income categories is generally exempt from tax in Malaysia?

• Salaries from employment.

• Profits from business operations.

• Dividends from Malaysian companies or cooperatives.

• Rental income from properties.

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What defines taxable income?

• The amount of income subject to tax by the government.

• Income exclusively from employment.

• Income that is exempt from all taxes.

• The total gross income before any deductions.

Which of the following actions is NOT considered a tax offense in Malaysia?

• Failing to register with the Inland Revenue Board of Malaysia (IRBM).

• Failing to file tax returns by the stipulated due date.

• Failing to pay taxes by the due date.

• Claiming all eligible tax deductions and exemptions.