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Calculate the tax liability for integrity bank bhd

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Reference no: EM133030149

Question - Integrity Bank Bhd., a Malaysian resident has been operating in banking industry for several years. Apart from Malaysian business income, the company also received income from domestic and foreign investments. The information on the company's income for year of assessment 2020 is as follows:

Income from Malaysia:

Adjusted business income RM6,510,000

Dividend (single tier) from Stay At Home Bhd. 190,000

Income from Australia:

Dividend RM220,000

Rental 98,000

Income from Cameroon:

Interest from fixed deposit RM100,000

Dividend 140,000

Additional information:

(i) Malaysia has a double taxation agreement with Australia but no such agreement with Cameroon.

(ii) The foreign income was fully remitted except for rental income from Australia, which was only RM56,000.

(iii) Tax paid on the income from Australia and Cameroon was RM105,000 and RM60,000 respectively.

Required - Calculate the tax liability for Integrity Bank Bhd for the year of assessment 2020.

Reference no: EM133030149

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