Compute the malaysian income tax payable by xyz insurance

Assignment Help Taxation

Reference no: EM132751287

Question: XYZ Insurance Berhad (XYZ), a resident company, is being assessed to Malaysian income tax on worldwide basis under the ITA 1967.
Details of its results for the financial year ended on 31 December 2020 are:

(a) Adjusted income ascertained for Malaysian tax purposes:
RM Branches in Malaysia 250,000 Branch in country Zee 100,000 [No DTA with Malaysia]

(b) XYZ received a net dividend of RM9,450 from the country Winterland, after deduction of shareholder tax of 10% in Winterland. Assume the DTA between Malaysia and Winterland provides for full tax credit for Winterland tax.
RM Profit before taxation 100,000 Corporation tax (25,000) Profit after tax but before dividend 75,000

(d) Issued and paid up capital at 1 January 2020 are RM5million.

Required: Compute the Malaysian income tax payable by XYZ Insurance Berhad for YA 2020. (Use corporate income tax rate of 24%.)

Reference no: EM132751287

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