Mr. James Bond is a British Citizen working with a multinational company based in Shah Alam: Taxation 1 Assignment, SU, Malaysia
|Sunway University (SU)
|Taxation 1 Assignment
Mr. James Bond is a British Citizen working with a multinational company based in Shah Alam. He has been working with this company since 2000. He is 65 years old. He will return to the UK permanently on 20 December 2022 as he is due to retire on 28 February 2023.
The following information was provided in his return for the year 2022.
Further information provided is as follows :-
- Bond was given the option to buy 20,000 units of the company’s shares at the price of RM10 per share on 1 October 2022. The market value at that time was RM13 per share. He exercised his option on 31 December when the price was RM15 per share.
- He incurred RM14,000 on entertainment expenditure on official duties. The travel allowance is for official duties . The entertainment and travelling allowances were paid up to the end of 31 December 2022.
- The company provided a bungalow till 31 December 2022. The rental RM 5,000 (including RM1,000 for full furnishings) was paid for by the company. The house was larger than what the family required. Bond estimates that 30% of the house was used for official entertainment.
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- He was provided with a luxury car costing RM360,000 when new for the year 2022. The employer did not bear the cost of fuel for Bond
- Bond took an interest-free loan of RM 100,000 from his employer to finance his second car. The loan was given from the equity funds of the employer. The interest of the said loan would have been borrowed from a commercial basis.
- Mrs. Bond is a housewife and they have three children. The first child aged 22 years is pursuing a degree in Medicine in Glasgow, UK. Bond contributed RM50,000 towards her upkeep during the year. She also receives RM 20,000 per annum from a trust setup by her maternal grandfather. The second child is continuing a degree course in accounting at Nottingham University in Malaysia and Bond incurred RM60,000 during the year. The third child is 16 years old and he is attending an international school located at Petaling Jaya. Bond fully supports the education of his two younger children.
- Bond is pursuing a postgraduate degree in Masters in Business Administration on a part time basis at a private university and he incurred a fees of RM18,000 in 2022
- Bond suffers from renal failure and had to go for a kidney transplant at a private medical centre in November 2022. Bond incurred medical expenses of RM 45,000 during the year. His employer paid RM40,000 of the expenses.
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- Bond made a cash donation of RM10,000 to an approved organization in Malaysia
- Bond made the normal contribution to the EPF, which was equivalent to 11% of his salary. He also pays life assurance premiums of RM18,000 per annum.
- He received dividends amounting to RM8,000 from his portfolio shares in the UK in 2022. He also receives rental income of RM100,000 from his family home in Edinburgh which is directly credited into his account in the UK. He also receives interest income from his deposits in Maybank of RM6,400.
- Bond bought a laptop computer for himself for RM3,600 and sports equipment for the family amounting to RM4,200. He has also bought books and magazines for the family for RM1,600. Bond has the necessary
- Bond bought a laptop computer for himself for RM 3,600 and sports equipment for the family amounting to RM 4,200. He has also bought books and magazines for the family for RM1,600. Bond has the necessary supporting documentation. The computer was purchased for the first time after four years.
Compute the aggregate income, total income, chargeable income and finally, income tax payable by Mr. James Bond for YA 2022
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