taxPOD

Are the professional fees charged by tax agent on tax audit consultation and preparation of transfer pricing documents tax deductible?

August 19, 2024
taxPOD

Are the professional fees charged by tax agent on tax audit consultation and preparation of transfer pricing documents tax deductible? They are not tax deductible because they are not classified as tax filing fees.

August 19, 2024
taxPOD

During a tax audit, would the Inland Revenue Board (IRB) accept scanned invoices and receipts as supporting documents? Yes, IRB can accept scanned or photocopied supporting documents but also has the right to request for the original copy when necessary.

August 19, 2024
taxPOD

If we take our employees on a local trip and our company’s financial year end is on 31 December 2022, do we need to make the payment and depart for the trip before end of December in order to qualify for tax deductions in Year of Assessment (YA) 2022? As…

August 19, 2024
taxPOD

I have paid for a one-year newspaper subscription fee. The subscription period is from April 2021 to March 2022. Do I need to apportion the amount according to the year when claiming lifestyle relief? You can claim the full amount based on invoice date without needing to apportion the amount.

August 19, 2024
taxPOD

If a property belongs to an individual, but the loan is under a company’s name. Would the rental income be reported under the individual’s income tax? Yes, the rental income should be reported as the individual’s income. However, the loan interest incurred cannot be used to deduct against the rental…

August 19, 2024
taxPOD

If a property belongs to A & B as stated in the Sales and Purchase Agreement, but only A is stated in the rental agreement as the landlord, would the rental income only be declared as A’s income? No, if the property is owned by both A & B, the…

August 19, 2024
taxPOD

Company ABC purchased goods from China supplier and received an invoice written in Chinese, is this invoice valid? Under Malaysian law, a valid invoice must be shown in national language or English. So, Company ABC has to translate the invoice into national language or English, especially on the details of…

August 19, 2024
taxPOD

If a supplier is unable to provide a valid sales invoice, how should the company prove that the transaction is valid? The company can create a purchase order by stating the goods being purchased from the supplier, then get the supplier to sign on the purchase order and attach with…

August 19, 2024
taxPOD

Is bicycle eligible to be claimed as lifestyle relief? Yes, bicycle is eligible to be claimed as lifestyle relief, as it is a sports equipment. However, it does not include motorized bicycle.

Are the professional fees charged by tax agent on tax audit consultation and preparation of transfer pricing documents tax deductible?

During a tax audit, would the Inland Revenue Board (IRB) accept scanned invoices and receipts as supporting documents?

If we take our employees on a local trip and our company’s financial year end is on 31 December 2022, do we need to make the payment and depart for the trip before end of December in order to qualify for tax deductions in Year of Assessment (YA) 2022?

I have paid for a one-year newspaper subscription fee. The subscription period is from April 2021 to March 2022. Do I need to apportion the amount according to the year when claiming lifestyle relief?

If a property belongs to an individual, but the loan is under a company’s name. Would the rental income be reported under the individual’s income tax?

If a property belongs to A & B as stated in the Sales and Purchase Agreement, but only A is stated in the rental agreement as the landlord, would the rental income only be declared as A’s income?

Company ABC purchased goods from China supplier and received an invoice written in Chinese, is this invoice valid?

If a supplier is unable to provide a valid sales invoice, how should the company prove that the transaction is valid?

Is bicycle trainer set eligible to be claimed as lifestyle relief?

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