Different Types of Taxes in Malaysia
How many types of taxes are in Malaysia? There are two types of taxes in Malaysia which consists of direct tax and indirect tax. Direct Tax Direct tax is a tax that is levied on a person or enterprise’s income. The taxpayer is paid directly to the tax collector. Inland Revenue Board Malaysia (IRBM) is […]
3 Purposes of Taxation in Modern Economy
3 Purposes of Taxation in a Modern Economy How Taxation impact the economy ? The purpose of taxation is to finance government expenditures and activities that are necessary and beneficial to society. One of the most important uses of taxes is to finance public goods and services, such as streetlights, street cleaning, hospitals etc. […]
Capital & Revenue Tax
[vc_row][vc_column][vc_column_text]What is the difference between capital and revenue tax. Which one is taxable? The conceptual difference between capital and revenue tax is that tax paid on income earned from wages, rent, interest and business are termed as revenue tax whereas capital tax is generally referred to tax paid on sale or exchange of an asset […]
Tax Residence of a Company
[vc_row][vc_column][vc_column_text]Let us discuss the determination of tax resident status of a Malaysian company. Section 8(1)(b) of the Income Tax Act refers to a resident status of a company. A company is said to be a resident if the control and management of its business are exercised in Malaysia. Control and management does not necessarily equate […]
