Beruflich Dokumente
Kultur Dokumente
INCOME TAX
CHARGING SECTION
SEC. 3 ITA 1967;
Subject to and in accordance with this act , a
tax to be known as income tax shall be
charged for each year assessment (Y/A) upon
the income of any person accruing in or
derived from Malaysia or received in Malaysia
from outside Malaysia.
SOURCES OF INCOME
a)
b)
c)
d)
e)
f)
SCOPE OF CHARGE
Refers to the limit or parameters within which
income would be taxable in a country
In general, there are 3 categories of scope of
charge to tax;
Non-resident
Territorial or derived basis
DEFINITION OF PERSON.
SEC. 2, ITA 1967;
Person include;
A company,
A body of person
A corporation sole
A body of person;
Unincorporated body of person ;
individual person;
Trust body; Club;
Executor ;
Co-operative society
example
Company
28%
Individual;
Tax resident
- 0-28% (scaled rate)
Non-tax resident - 28%
Trust body
- 28%
Club, trade association - 0-28% (scaled rate,
same as individuals scaled rate)
Co-operative society - 0-28% (scaled rate,
different from individuals scaled rate)
Basis of Assessment
Basis year vs. Basis period
Basis year refer to the calendar year
Basis period is the calendar period (12
months)
Ex. Basis year 2001 is a period starting from 1
Jan. 2001 to 31 Dec 2001.
Basis of Assessment
Tax is assessed in respect of a year of
assessment; i.e a calendar year.
before year 2000 - Preceding year
assessment
starting from year 2000 - Current year
assessment