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INTRODUCE OF MALAYSIAN TAXATION

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on 27 June 2016

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Transcript of INTRODUCE OF MALAYSIAN TAXATION

INTRODUCTION OF MALAYSIAN TAXATION

Income Tax Ordinance 1947. The provisions of the Ordinance were based substantially on the Model Colonial Territories Income Tax Ordinance 1922, which was designed for the British colonies at that time.
Type of Taxation
Scope of Changes of Malaysian Taxation
The scope of taxation of an individual depends on his resident status. An individual who is resident in Malaysia is taxable on all income accruing in or derived from Malaysia and on income received from outside Malaysia. Whereas for the non-resident is taxable on all income accruing in or derived from Malaysia only.

However, with effect from the year of assessment 2004, income received in Malaysia from outside Malaysia is exempted from tax. Hence, an individual, either resident or non-resident, is taxable only on income accruing in or derived from Malaysia.
Principles of Malaysian Taxation
Sources of Malaysian Taxation Law
Statue Law
Case Law
Practise of the Malaysian Inland Revenue Board (IRB)
Objectives of Taxation

History Background
of Malaysia Taxation
Income Tax Ordinance 1947 was subsequently revoked by the Income Tax Act 1967, which came into effect on 1 January 1968.
Collection of Revenue
Tax is the main source of revenue to finance governance expenditure especially on the provision of public goods such as maintenance of law and order and national defence.
Fairness and Equity
Ensure fairness and equity, i.e. the burden of tax is spread fairly and equitably among taxpayers.
Macroeconomic Control
Tax policy is also used to regulate the private sector of the economy to maintain the desired level of employment and increase economic development/growth.
Redistribution of Income
Regulate the distribution of income and wealth between different types and classes of citizens.
Direct Tax
Direct tax is a tax exacted directly from the taxpayer. Thus, direct taxes mean taxes, which are paid directly by those on whom they are levied.
E.g: Income Tax
Petroleum Income Tax
Real Property Gains Tax
Stamp Duty
Indirect Tax

Indirect tax is levied on goods or services rather than individuals and is ultimately paid by consumers in the form of higher prices.
E.g:
Sales Tax
Custom Duty
Simplicity
Tax assessment and computation should be able to understand by an average taxpayer.
Flexibility
Tax system should be flexible and taxes should be enforced in a manner that facilitates voluntary compliance as much as possible
Certainty
The amount of tax that each taxpayer needs to pay is not arbitrary (choice) but is certain.
Equity and Fairness
Taxes levied should equally burden all taxpayers in a similar economic situation.
DPA 3033 MALAYSIA TAXATION 1
PREPARED BY : NOR MARINI BINTI CHE HAT
01DAT15F1033

AH CHEE WAN QI
01DAT15F1075

NURATIKAH BINTI MUSA

01DAT15F1074
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