Malaysian Taxation – Principles and Practice (2017, 23rd ed) is a complete and comprehensive tax reference source for both the accounting and legal professions. This 23rd edition is updated with the Finance Act 2017, together with the IRB Public Rulings and practice directions issued in 2016 and 2017.
This book carefully explores and analyses the Income Tax Act 1967, Real Property Gains Tax Act 1976, Goods and Services Tax Act 2014, translating and clarifying its principles and practical applications over 37 chapters with 442 examples, 23 flow charts and 12 tables. Three new chapters on business expense deductions have been added, providing a complete coverage on the computation of business adjusted income.
This book is an authoritative and indispensable reference for tax practitioners, auditors, accountants, legal practitioners, corporate tax managers, businessmen, and individuals. It is also a recommended textbook for university accounting and business students and those preparing for the ACCA, MICPA, ICSA examinations.
Income taxation is an inevitable cost to any one deriving Malaysian income. The concept, methodology and collection mechanism are complete and comprehensively dealt by the Income Tax Act 1967 (the Act). This legislation is never an easy piece of legislation even to a legal practitioners, let alone to accountants or tax professionals. The challenge is further enhanced by the continue tax changes via the annual Finance Act, IRB Public Rulings and Practices and the evolution of Court cases.
The computation aspects to derive the income tax payable by the different business entities on the various categories of income are meticulously provided by the Act. Failure to comprehend the mechanism is fatal. It attracts monetary penalties or imprisonment. It requires strict compliance and nothing lower than that suffice.
Malaysian Taxation – Principles and Practices strives to analyse the Act translating the practical application aspects through the vast employment of illustrations, tables, charts and practical examples. A total of 37 chapters with 536 examples are used. It aims to be the leading tax reference in both legal and accounting profession. Whenever possible, a personal opinion is rendered and pragmatic solutions are suggested.
The Finance Act 2017, PU(A) orders in 2016 / 2017 are completely discussed and incorporated. The IRB has issued a total of 12 Public Rulings in 2016, numerous practice directions and concessions given. All these have been incorporated in the 23 rd edition. 3 new chapters on business deductions are added to provide on computation on adjusted income of business.
The Act requires the records retention of 7 years, allowing IRB to carry out tax audit within 5 YAs after the expiration of that particular YA. The amount of vast updates and changes would not allow the new edition to encompass the previous 5 YAs changes and amendments. It is decided only pertinent changes of the past 2 years are retained in every edition, starting from 2017, 23 rd edition. It is important for tax practitioners to retain the previous editions of Malaysian Taxation for quick and easy reference.
This reference text is published in 1994. It is now in its 23 rd edition. The vast spread of information technology development and expansion in recent years has somewhat endangered the printed edition of books. The continuance publication of this works requires the generous supports of professional firm to acquire few copies in the library, also the student communities to acquire an original copy of the book in the course of pursuing professional examination or undergraduate studies. It remains the earnest prayer of the author that the practical knowledge, skills and experience can be continue shared with the readers in all years to come.
The topics covered include:
• Resident status
• Single tier dividend system
• Employment derivation & income
• Withholding tax
• Investment income
• Administration, collection, recoveries
• Business income
• Real property gains tax
• Reliefs and personal taxation
• Goods and services tax
• Business deductions
• Penalties and offences
• Capital allowance
• Tax planning on business income
• Self-assessment mechanism on |
• Agriculture and forest allowance individuals, companies
• Company taxation
The law is stated as at 15.4.2017.