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Evasion Of Stamp Duty

I am buying a property. Can I price the sale and purchase agreement lower than the actual purchase price, in order to pay a lesser stamp duty? I would like to remind you that tax evasion is an offence....

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Stamp Duty For Property Transaction

I am buying a property. How much stamp duty do I need to pay? The stamp duty payable on a property transaction is levied by Stamp Act 1949. It is an ‘ad valorem’ duty, i.e. depends on the value of the...

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Stamp Duty For Property Loan

I am getting a loan from bank to finance my purchase of a property. How much stamp duty do I need to pay on the loan? The stamp duty payable on a loan or facility agreement is levied by Stamp Act 1949....

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Tax Relief: Medical Expenses On Parents

I share part of my father’s medical bills with my other siblings. Am I entitled for any relief from my personal income tax? Yes. You are entitled the relief of medical expenses on parents, as provided...

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Tax Relief: Child Relief (1)

I have 3 children. One of them is legally adopted and is disabled. Could you advice me on the child relief that I am entitled? S48 Income Tax Act 1967 provides the child relief to the parent. S48(9)...

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Tax Relief: Child Relief (2)

Can you show me the computation of child relief? Sure. Let me illustrate the computation of child relief as below: 24 years old, disable child and stay at home – Relief of RM 5,000 (Note: Relief for a...

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Tax Relief: Child Relief (3)

I have 3 children, and my wife and I opt for separate assessment. So, can both of us share the child relief? Sorry, I do not have the clear answer for this. Kwai Fatt, one of the leading tax experts,...

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Failure To File A Tax Return

I am a businessman and I have a business income. I did not file the tax return of 2010. So, did I commit an offence and what are the consequences? I assume you are fully aware of the filing date. If...

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Incorrect Returns On Tax Filing

How serious it could be if I understate my income on my tax return? I do not want my spouse to know my actual income. I hope Inland Revenue Board will accept your explanation, but I do not think they...

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Failure To Notify A Change Of Address For Tax Returns

I have relocated to Kuala Lumpur. Do I need to inform Inland Revenue Board about change of address? Yes, if you are a chargeable person under Income Tax Act 1967. S 89 provides that chargeable person...

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Failure To Notify Chargeability Of Income Tax

My income has been increased to RM 3,500 recently. Previously I am not a chargeable person. So, do I need to inform Inland Revenue Board about this change, or should I just sit and wait? Well, you have...

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Capital Expenditure vs Revenue Expenditure

In the law of taxation of Malaysia, how we classify the expenditure on assets either as capital expenditure or revenue expenditure? Dr. Choong Kwai Fatt, in his book “Malaysian Taxation – Principles...

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Employment Income Derived From Overseas

I am posted in China by my company, to serve as a branch manager at there for a year. Do I need to submit my income tax return to Malaysia? Yes, you have to. S 13 of the Income Tax 1967 defines the...

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Badges Of Trade

I am an engineer. My company sends me to Hong Kong for training for 2 weeks. I plan to take advantage of this, by buying 10 units of IPhone 5, and resell them to my friends with a little profit. Is the...

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Interest From Fixed Deposit Taxable?

I am going to retire by next January. I plan to make a lump sum withdrawal from my account with the Employee Provident Fund, and deposit it as fixed deposit with commercial bank. Is the interest earn...

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