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Tax Planning Company Guna Profit and Loss Acc MCM Company Tax

- The document discusses the financial statements of MyFTistooOhsem Bhd for the year ended 31 March 2019, which showed a gross profit of RM790,000 and net profit of RM303,850 after accounting for various revenues, expenses, and donations. - It requests a discussion of 10 tax planning strategies that could minimize the company's income tax liability. Effective strategies could include maximizing tax deductions for qualifying expenses, making donations to approved bodies, claiming capital allowances, and structuring investments and financing arrangements to reduce taxable income. - Proper tax planning is important for MyFTistooOhsem Bhd to legally minimize its tax burden and maximize post-tax profits.

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Aman Redha
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60 views1 page

Tax Planning Company Guna Profit and Loss Acc MCM Company Tax

- The document discusses the financial statements of MyFTistooOhsem Bhd for the year ended 31 March 2019, which showed a gross profit of RM790,000 and net profit of RM303,850 after accounting for various revenues, expenses, and donations. - It requests a discussion of 10 tax planning strategies that could minimize the company's income tax liability. Effective strategies could include maximizing tax deductions for qualifying expenses, making donations to approved bodies, claiming capital allowances, and structuring investments and financing arrangements to reduce taxable income. - Proper tax planning is important for MyFTistooOhsem Bhd to legally minimize its tax burden and maximize post-tax profits.

Uploaded by

Aman Redha
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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REVISION ON TAX PLANNING FOR COMPANY

MyFTistooOhsem Bhd is a manufacturer of candy called as ‘5zalOhsem’. For the financial


year ended 31 March 2019, the Statement of Comprehensive Income showed as following :

RM RM
Sales 1,200,000
Less : Cost of goods sold
Depreciation of machinery 25,000
Provision for general doubtful debts 80,000
Purchase of stocks 300,000
Provision for obsolete stock 5,000

GROSS PROFIT 790,000

Add : Revenue 250,000


Dividend from Adrenalin Ltd, International Investment 75,000
Company
Dividend from Super Hero Bhd 50,000
Interest from Bank Bikers Kental* 25,000
Rental of shop houses in Kodiang, Kedah 100,000 250,000
* new bank in Malaysia

Less : Operating expenses


Accounting and audit fees 15,000
Taxation fees 8,500
Company secretarial fees 7,500
Cost of installing a ramp to provide access for
3,500
disabled employees
Purchasing of assets 415,000
Purchasing of office’s stationary 850
Provision of repairs and maintenance 2,850
Registration of trademarks 5,500
Fees for designing company’s logo 3,450
Fine imposed for violation of law 1,000
Donation to Majlis Perbandaran Kodiang, Kedah 10,000
Donation to kain batik and pelekat to Rumah Org Tua 15,000
Donate 200 bicycle to SK Kodiang for Hari Kanak2 25,000
Business zakat 23,000
Annual dinner for client and company’s members 10,000
Annual leave passage to Bali, Indonesia 50,000
Upgrade the machine with the advanced functions 40,000
Renovate main lobby and entrance area 100,000 (736,150)
NET PROFIT 303,850

You are required to discuss TEN (10) tax planning strategies for MyFTistooOhsem Bhd
which will minimize the income tax liability.

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