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Malaysia business

Malaysia business

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Published by joe
full version of how to operate business in Malaysia-more info please log to http://faizjoe.blogspot.com
full version of how to operate business in Malaysia-more info please log to http://faizjoe.blogspot.com

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Published by: joe on May 20, 2009
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08/21/2013

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The following sources of income are liable to tax:

• gains and profits from a trade, profession and business

• gains or profits from an employment (salaries, remunerations, etc.)

• dividends, interests or discounts

• rents, royalties or premiums

• pensions, annuities or other periodic payments

• other gains or profits of an income nature

Chargeable income is arrived at after adjusting for allowable expenses incurred in
the production of the income, capital allowances and incentives where applicable.
Section 34 of the Income Tax Act 1967 allows specific provisions for bad or
doubtful debts. However, no deduction for book depreciation is allowed although
capital allowances are granted. Unabsorbed business losses may be carried forward
indefinitely to offset against business income including companies with pioneer
status, provided that the cessation of the period falls on or after 30 September 2005.

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