Stage 1 (Team) Deloitte Tax Challenge 2019

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  • 1/158 Questions

    Evaluate: 3x7+4-6÷3-7+45÷5x4+49

    • 101
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    • 35
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About This Quiz

This quiz, titled 'Stage 1 (Team) Deloitte Tax Challenge 2019', tests knowledge on various aspects of Malaysian tax law, including deductions, allowances, and international tax agreements. It's designed for participants to apply tax principles in practical scenarios.

Stage 1 (Team) Deloitte Tax Challenge 2019 - Quiz

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  • 2. 

    The sum of two numbers is 15 and the sum of their squares is 113. The numbers are ?

    • 4 and 11

    • 5 and 10

    • 6 and 9

    • 7 and 8

    Correct Answer
    A. 7 and 8
    Explanation
    The sum of two numbers is 15, which means that if we add the two numbers together, the result will be 15. The sum of their squares is 113, which means that if we square each of the two numbers and then add them together, the result will be 113. By trying out different combinations of numbers, we find that the numbers 7 and 8 satisfy both conditions.

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  • 3. 

    Evaluate: 7+5-2 x (7+89)-94/2 + (33/3+9 x 2-7)/11

    • 245

    • -225

    • -235

    • 254

    Correct Answer
    A. -225
    Explanation
    The given expression involves addition, subtraction, multiplication, and division. Following the order of operations, we first evaluate the expressions inside parentheses. Then, we perform the multiplication and division from left to right. Finally, we perform the addition and subtraction from left to right. By simplifying the expression step by step, we find that the correct answer is -225.

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  • 4. 

    Evaluate: (8+4-2)x(17-12)x10-89

    • 3950

    • 411

    • 412

    • 3949

    Correct Answer
    A. 411
    Explanation
    To evaluate the expression, we follow the order of operations. First, we perform the addition inside the parentheses: 8+4 = 12. Then, we subtract 2 from 12, resulting in 10. Next, we subtract 12 from 17, giving us 5. We multiply 10, 5, and 10 together, obtaining 500. Finally, we subtract 89 from 500, which equals 411. Therefore, the correct answer is 411.

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  • 5. 

    Write the following numbers in descending order: 3/7, 2/11, 4/5, 3/2, 3/13, 3/4, 2/17

    •  3/2, 4/5, 3/4, 3/7, 3/13, 2/17,2/11

    •  3/2, 4/5, 3/4, 3/7, 3/13, 2/11,2/17

    •  3/2, 4/5, 3/7, 3/13, 2/11,2/17, 3/4

    • 3/2, 4/5, 3/4, 3/7, 3/13, 2/17,2/11

    Correct Answer
    A.  3/2, 4/5, 3/4, 3/7, 3/13, 2/11,2/17
    Explanation
    The given numbers are fractions. To arrange them in descending order, we compare the numerators and denominators of each fraction. The fraction with the largest numerator and smallest denominator will be placed first, followed by the fractions with gradually decreasing numerators and denominators. Therefore, the correct order is 3/2, 4/5, 3/4, 3/7, 3/13, 2/11, 2/17.

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  • 6. 

    Evaluate: (4+2-16/4+3)+{(1+8x7)/19}x[(3+5-4)+(17-9x4)]

    • -40

    • -225

    • 40

    • 335

    Correct Answer
    A. -40
    Explanation
    The given expression is evaluated using the order of operations (PEMDAS/BODMAS). First, we perform the operations inside the innermost parentheses: (1+8x7)/19 = 57/19 = 3. Next, we simplify the expression inside the outermost parentheses: (3+5-4)+(17-9x4) = 4+(-11) = -7. Then, we calculate the division: 16/4 = 4. Now, we substitute the values back into the original expression: (4+2-4+3)+3x(-7) = 5+3x(-7) = 5+(-21) = -16. Finally, we perform the remaining addition and multiplication: -16 + 3 x -16 = -16 + (-48) = -64. Therefore, the correct answer is -64, not -40.

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  • 7. 

    Wine.....made in Italy for thousands of years.

    • Have been

    • Is being

    • Has been

    • Are being

    Correct Answer
    A. Has been
    Explanation
    The correct answer is "has been" because it indicates that wine production in Italy started in the past and is still ongoing in the present. The use of "has been" suggests a continuous action that has been happening for a long period of time, which aligns with the fact that wine has been made in Italy for thousands of years.

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  • 8. 

    Which would you.....have, gold or silver?

    • Prefer

    • Could

    • Rather

    • Better

    Correct Answer
    A. Rather
    Explanation
    "Rather" is the correct answer because it is used to express a strong preference or choice between two options. In this context, it implies that the speaker has a clear preference for one of the options (gold or silver) over the other. The word "rather" indicates a stronger preference than the other options provided, such as "prefer" or "could."

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  • 9. 

    A clock strikes once at 1 o’clock, twice at 2 o’clock, thrice at 3 o’clock and so on. How many times will it strike in 24 hours?

    • 78

    • 136

    • 156

    • 196

    Correct Answer
    A. 156
    Explanation
    In a 24-hour period, the clock strikes once at each hour from 1 to 12, and then repeats the same pattern in the second half of the day. So, it strikes 12 times in the first half and 12 times in the second half, totaling 24 strikes. Additionally, at each hour, it strikes the corresponding number of times (e.g., 3 times at 3 o'clock). Therefore, for the remaining 12 hours, it strikes once at each hour, adding another 12 strikes. Hence, the total number of strikes in 24 hours is 24 + 12 = 36.

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  • 10. 

    The average marks of a student in ten papers are 80. If the highest and the lowest scores are not considered, the average is 81. If his highest score is 92, find the lowest.

    • 55

    • 60

    • 62

    • 64

    Correct Answer
    A. 60
    Explanation
    Since the average marks of the student in ten papers is 80, and the average when the highest and lowest scores are not considered is 81, it means that the sum of the remaining 8 scores is 8*81 = 648. The sum of all ten scores is 10*80 = 800. Therefore, the sum of the highest and lowest scores is 800 - 648 = 152. Since the highest score is 92, the lowest score can be found by subtracting it from the sum: 152 - 92 = 60. Hence, the lowest score is 60.

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  • 11. 

    A student was asked to multiply a certain number by 4 and add 3 to it. Instead he divided it by 4 and subtracted 3 from it. If he got the answer 1, what should have been the correct answer ?

    • 65

    • 67

    • 62

    • 60

    Correct Answer
    A. 67
    Explanation
    The student made two mistakes in the given problem. First, instead of multiplying the number by 4, he divided it by 4. Second, instead of adding 3 to the result, he subtracted 3 from it. To find the correct answer, we need to reverse these mistakes. If we divide 1 by 4, we get 0.25. Adding 3 to 0.25 gives us 3.25. Therefore, the correct answer should have been 3.25, which is closest to 67.

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  • 12. 

    How is the residence status for a company determined under the Malaysian domestic law?

    • According to the citizenship of more than 50% of the directors

    • Country of incorporation of the company

    • Principal place of business of the company

    • Place of exercise of management and control

    Correct Answer
    A. Place of exercise of management and control
    Explanation
    The residence status for a company under Malaysian domestic law is determined by the place of exercise of management and control. This means that if the company's management and control activities are carried out in Malaysia, then the company will be considered a resident for tax purposes. The other options, such as the citizenship of the directors, country of incorporation, and principal place of business, may be relevant factors but the determining factor is the place where the management and control activities take place.

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  • 13. 

    A is 5 year younger than B who is 3 times as old as C. If C was 10 years old 4 years back. How old will A be after 6 years ?

    • 35

    • 43

    • 40

    • 30

    Correct Answer
    A. 43
    Explanation
    Based on the given information, we know that C is currently 10 + 4 = 14 years old. B is 3 times as old as C, so B is 3 * 14 = 42 years old. A is 5 years younger than B, so A is 42 - 5 = 37 years old currently. After 6 years, A will be 37 + 6 = 43 years old. Therefore, the correct answer is 43.

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  • 14. 

    Excise duty is applicable upon the import of :- I. Cars II. Cigarettes III. Liquor IV. Mobile phones

    • I and II

    • I, II and III

    • I and III

    • All of the above

    Correct Answer
    A. I, II and III
    Explanation
    Excise duty is a tax imposed on certain goods produced or manufactured within a country. In this case, the correct answer is I, II and III because excise duty is applicable on the import of cars, cigarettes, and liquor. These goods are subject to excise duty to generate revenue for the government and to discourage their consumption. Mobile phones, on the other hand, are not mentioned in the list and therefore not subject to excise duty upon import.

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  • 15. 

    Which statements on exemption for an employee are correct? I. The exemption of leave passage is applicable as it was provided to Mr Chong (an employee), his wife, a two-year old child and his domestic helper II. The value of the discount on consumable goods will be exempted up to a maximum of RM1,000 III. The consumable goods are either goods manufactured by the employer or goods purchased for sale IV. The monthly bills for fixed line telephone in the employee’s house and paid by the employer is fully exempted  

    • I, II and III

    • I, III and IV

    • II, III and IV

    • All of the above

    Correct Answer
    A. II, III and IV
    Explanation
    The correct answer is II, III and IV. This is because statement II states that the value of the discount on consumable goods will be exempted up to a maximum of RM1,000, statement III states that the consumable goods can be either goods manufactured by the employer or goods purchased for sale, and statement IV states that the monthly bills for fixed line telephone in the employee's house and paid by the employer is fully exempted. Therefore, all three statements are correct.

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  • 16. 

    The exemption granted for waste treatment, waste recovery or waste recycling in a Waste Eco Park is subject to conditions. Which is not one of the conditions?

    • The Waste Eco Park has been approved by the relevant authorities, the State Government and the local authority

    • The operator should maintain records of all wastes and products flowing in and out of the Waste Eco Park for submission to the manager

    • The waste obtained from within and outside Malaysia may be treated in the Waste Eco Park

    • None of the above

    Correct Answer
    A. The waste obtained from within and outside Malaysia may be treated in the Waste Eco Park
    Explanation
    The exemption granted for waste treatment, waste recovery, or waste recycling in a Waste Eco Park is subject to conditions. One of the conditions is that the waste obtained from within and outside Malaysia may be treated in the Waste Eco Park. This means that the park is allowed to treat waste from both domestic and international sources. However, this is not one of the conditions.

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  • 17. 

    Which of the following statements relating to investment in a bionexus status company is incorrect?

    • The bionexus status company is engaged in a business of life sciences

    • Life sciences includes living organisms and their life process

    • The investment should be made between 01.01.2017 until 31.12.2020

    • A deduction is allowed in the basis period on the actual value of investment made in the basis period

    Correct Answer
    A. The investment should be made between 01.01.2017 until 31.12.2020
    Explanation
    The investment should not be made between 01.01.2017 until 31.12.2020.

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  • 18. 

    A new workshop had the following record of events. When did the workshop commence business?

    • First rented its premises on 15 January 2018

    • First hired its staff on 1 March 2018

    • First opened the premises to the public on 15 March 2018

    • First car serviced on 18 March 2018

    Correct Answer
    A. First opened the premises to the public on 15 March 2018
    Explanation
    The workshop commenced business on 15 March 2018 when it first opened its premises to the public. This is the first event mentioned that indicates the workshop is ready to start serving customers. The previous events of renting the premises and hiring staff are necessary steps in preparation for opening to the public, but it is the actual opening to the public that marks the beginning of the workshop's business operations. The first car being serviced on 18 March 2018 further confirms that the workshop was already in operation by that time.

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  • 19. 

    I.....told him if I had known he was your brother.

    • Hadn't

    • Wouldn't

    • Wouldn't have

    • Don't have

    Correct Answer
    A. Wouldn't have
    Explanation
    The correct answer is "wouldn't have." This is because the sentence is a conditional statement in the past. The speaker is expressing regret for not informing someone about something in the past. The correct form of the verb to use in this context is "wouldn't have," which shows the hypothetical outcome that would have occurred if the speaker had known about the person's relationship.

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  • 20. 

    (-1) is multiplied 12 times by itself. What will be the number?

    • (-1)

    • 1

    • 12

    • (1/12)

    Correct Answer
    A. 1
    Explanation
    When a negative number is multiplied by itself an even number of times, the result is always positive. In this case, (-1) is multiplied 12 times by itself, so the negative signs cancel out and the result is 1.

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  • 21. 

    Which of the following are duty free islands as at 31.12.2018? I. Pulau Langkawi II. Pulau Pangkor III. Pulau Labuan IV. Pulau Tioman

    • I and III

    • II and III

    • I, II and III

    • I, III and IV

    Correct Answer
    A. I, III and IV
    Explanation
    Pulau Langkawi, Pulau Labuan, and Pulau Tioman are duty-free islands as of December 31, 2018.

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  • 22. 

    Which of the following personal reliefs available for year of assessment 2018 are correct? I. Medical treatment for parents can be claimed up to RM6,000 II. Basic supporting equipment for taxpayer or wife who is disabled can be claimed up to RM6,000 III. Medical expenses for taxpayer or wife who is suffering from serious disease can be claimed up to RM6,000 IV. Deposit by taxpayer for his child in a Skim Simpanan Pendidikan Nasional account can be claimed up to RM6,000

    • I and III

    • II and IV

    • II, III and IV

    • All of the above

    Correct Answer
    A. II, III and IV
    Explanation
    Personal reliefs available for year of assessment 2018 include claiming medical treatment expenses for parents up to RM6,000 (I), claiming basic supporting equipment for a disabled taxpayer or spouse up to RM6,000 (II), claiming medical expenses for a taxpayer or spouse suffering from a serious disease up to RM6,000 (III), and claiming a deposit for a child in a Skim Simpanan Pendidikan Nasional account up to RM6,000 (IV). Therefore, the correct answer is II, III and IV.

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  • 23. 

    Which of the following statements is incorrect?

    • The determination of residence status applies to Malaysians and non-Malaysians.

    • An individual arriving at KLIA at 11 pm is considered as present in Malaysia on that day

    • The resident status of an individual for a basis year for a YA is determined by reference to his physical presence in Malaysia

    • All are correct

    Correct Answer
    A. All are correct
    Explanation
    The given answer is incorrect. The correct answer is "All are correct." The first statement is correct as the determination of residence status applies to both Malaysians and non-Malaysians. The second statement is also correct as an individual arriving at KLIA at 11 pm is considered present in Malaysia on that day. The third statement is correct as the resident status of an individual for a basis year for a YA is determined by their physical presence in Malaysia. Therefore, all the statements are correct, not incorrect.

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  • 24. 

    Simone, a British citizen and a Malaysian permanent resident, had purchased a shoplex in Sri Hartamas in January 2014 and is currently contemplating to dispose of the shoplex in December 2018 with a view to realise a capital gain of RM5 million. Please state the RPGT rate applicable on the gain arising from the said disposal if he were to sell in December 2018

    • 30%

    • 15%

    • 5%

    • 0%

    Correct Answer
    A. 15%
    Explanation
    The RPGT rate applicable on the gain arising from the disposal of the shoplex in December 2018 is 15%. This means that Simone would need to pay 15% of the capital gain of RM5 million as tax.

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  • 25. 

    Please identify which part of the sentence below is wrong : The woman who / has been perpetually hesitating / which of the two books / she will read first will probably read none and will suffer.

    • The woman who

    • Has been perpetually hesitating

    • Which of the two books

    • She will read first will probably read none and will suffer

    • No error

    Correct Answer
    A. She will read first will probably read none and will suffer
    Explanation
    The given sentence is a complex sentence that contains a relative clause starting with "which". However, the word "which" should be replaced with "about" to make the sentence grammatically correct. Therefore, the correct answer is "which of the two books she will read first" as it should be "about which of the two books she will read first".

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  • 26. 

    Generis Sdn Bhd organized a family trip to Pulau Langkawi for its employees in July 2018. The total cost is RM70,000 comprising cost of travel fares amounting to RM40,000 and cost of meals and accommodation amounting to RM30,000. Please select the correct statement regarding the tax treatment of the expense:-

    • Generis Sdn Bhd is allowed a deduction for the cost of meals and accommodation of RM30,000 only as leave passage is specifically disallowed by the Act

    • Generis Sdn Bhd is allowed a deduction for the total cost of RM70,000 as the RM40,000 is not a leave passage

    • Generis Sdn Bhd is allowed a deduction for the full cost of RM70,000 where the family trip is held yearly within Malaysia

    • None of the above

    Correct Answer
    A. Generis Sdn Bhd is allowed a deduction for the full cost of RM70,000 where the family trip is held yearly within Malaysia
  • 27. 

    Accelerated capital allowance is allowed for automation equipment. Which of the following statements is not correct?

    • The company is engaged in a manufacturing activity in compliance with the Industrial Co-ordination Act 1975

    • The company holds a business license issued by the relevant local authority

    • The company has carried on a qualifying project for a period of at least twenty-four months;

    • The company has made an application for capital allowance through MIDA

    Correct Answer
    A. The company has carried on a qualifying project for a period of at least twenty-four months;
    Explanation
    The correct answer is "The company has carried on a qualifying project for a period of at least twenty-four months." This statement is not correct because there is no requirement for the company to have carried on a qualifying project for a specific period of time in order to be eligible for accelerated capital allowance for automation equipment. The other statements are all correct and relevant to the eligibility criteria for accelerated capital allowance.

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  • 28. 

    A, B, C, D, E, F and G are the members of a family consisting of 4 adults and 3 children, two of whom, F and G are girls, A and D are brothers and A is doctor. E is an engineer married to one of the brothers and has two children. B is married to D and G is their child. Who is C ?

    • G's father

    • F's Father

    • E's daughter

    • A's son

    Correct Answer
    A. A's son
    Explanation
    C is A's son. Since A is a brother to D and A is also a doctor, it can be inferred that A is the father of C.

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  • 29. 

    If I ......I would go out more.

    • Wasn't married

    • Didn't marry

    • Wouldn't marry

    • Haven't married

    Correct Answer
    A. Wasn't married
    Explanation
    The correct answer is "wasn't married" because it is in the past tense and matches the conditional structure of the sentence. The speaker is expressing a hypothetical situation in the past, suggesting that if they were not married, they would go out more. The other options ("didn't marry," "wouldn't marry," "haven't married") do not fit the grammatical structure or the tense of the sentence.

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  • 30. 

    Which of the following statements are true regarding a private retirement scheme (PRS):- I. An individual who makes contributions to the scheme is allowed to claim a deduction on the amount contributed subject to a maximum of RM3,000 in a year of assessment II. The tax deduction is effective until the year of assessment 2020 III. The RM3,000 deduction for PRS is calculated separately from premiums paid for deferred annuity IV. Employers can contribute to the PRS on behalf of their employees and claim a deduction subject to a maximum

    • I and II

    • I and IV

    • II and IV

    • I, II and IV

    Correct Answer
    A. I and IV
    Explanation
    An individual who contributes to a private retirement scheme (PRS) is allowed to claim a deduction on the amount contributed, up to a maximum of RM3,000 in a year of assessment. This means that the individual can reduce their taxable income by the amount contributed to the PRS, resulting in a lower tax liability. Additionally, employers can also contribute to the PRS on behalf of their employees and claim a deduction, subject to a maximum limit. This encourages individuals and employers to save for retirement and provides tax incentives to do so. The statement about the tax deduction being effective until the year of assessment 2020 is not mentioned in the explanation.

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  • 31. 

    Which of the following statements is correct regarding the returning expert programme?

    • The tax rate under the returning expert programme is 15%

    • The option to be taxed at a special rate should be made in the following year of assessment of the return of the individual to Malaysia

    • The returning expert programme is managed by MIDA and approved by the Government

    • All of the above

    Correct Answer
    A. The tax rate under the returning expert programme is 15%
    Explanation
    The correct answer is "The tax rate under the returning expert programme is 15%." This means that individuals participating in the returning expert programme will be subject to a tax rate of 15%.

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  • 32. 

    The following capital expenditure incurred for an agricultural project is eligible for re-investment allowance:- I. The clearing and preparation of land II. The planting of crop III. Structural improvements on land IV. The construction of access roads

    • I & II only

    • III & IV only

    • I, II & III only

    • All of the above

    Correct Answer
    A. All of the above
    Explanation
    All of the mentioned capital expenditures in the agricultural project are eligible for re-investment allowance. This includes the clearing and preparation of land, planting of crops, structural improvements on land, and the construction of access roads. These expenses are considered necessary for the development and enhancement of the agricultural project, making them eligible for the re-investment allowance.

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  • 33. 

    Which of the following statements are correct? I. Penalty on conviction for omitting income is a maximum fine of RM10,000 and a special penalty of twice the amount of tax omitted II. Penalty on conviction for not filing a return form is a maximum fine of RM10,000 or imprisonment of maximum 6 months or both III. Penalty on conviction for not permitting the entry of authorized officers of the Inland Revenue Board to office premises is a maximum fine of RM10,000 or imprisonment of maximum one year or both IV. Penalty on conviction for failure to furnish an estimate of tax payable is a maximum fine of RM10,000 or imprisonment of maximum 6 months or both

    • I and II

    • I and III

    • I, III and IV

    • None of the above

    Correct Answer
    A. I and III
    Explanation
    The correct answer is I and III. This is because statement I states that the penalty for omitting income is a maximum fine of RM10,000 and a special penalty of twice the amount of tax omitted. Statement III states that the penalty for not permitting authorized officers of the Inland Revenue Board to office premises is a maximum fine of RM10,000 or imprisonment of maximum one year or both. Statements II and IV are not correct as they do not match the penalties mentioned in the question.

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  • 34. 

    Which features shown below will indicate the existence of an employment? I. A contract which does not disallow a party from contracting with others II. The person performing the work is free to delegate the work to another person III. A person is told what work to perform, how and where to perform IV. The person does not share in the profits or losses

    • I and II

    • II and III

    • II, III and IV

    • III and IV

    Correct Answer
    A. III and IV
    Explanation
    The features III and IV indicate the existence of an employment. Feature III states that a person is told what work to perform, how, and where to perform, which suggests a level of control and direction typically seen in an employment relationship. Feature IV states that the person does not share in the profits or losses, which is a common characteristic of an employment arrangement where the individual is not directly invested in the financial outcomes of the business.

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  • 35. 

    In the following transactions, the disposal price is deemed equal to the acquisition price under the RPGTA 1976. Which is incorrect?

    • The compulsory acquisition of an asset under the law

    • The transfer of asset to a trustee of a trust created under a will

    • A transfer of asset by a citizen of Singapore to a Malaysian company controlled by him

    • All are correct

    Correct Answer
    A. A transfer of asset by a citizen of Singapore to a Malaysian company controlled by him
    Explanation
    The correct answer is "A transfer of asset by a citizen of Singapore to a Malaysian company controlled by him." This is incorrect because under the RPGTA 1976, the disposal price is deemed equal to the acquisition price in the given transactions. However, a transfer of asset by a citizen of Singapore to a Malaysian company controlled by him involves a change in ownership and control, indicating that the disposal price may not be equal to the acquisition price.

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  • 36. 

    Which of the following statements is not correct regarding the returning expert programme?

    • The individual is an expert in a field such as agriculture and financial services as determined by the Minister

    • The individual has not derived any employment income in Malaysia for at least 24 consecutive months prior to the date of application

    • The application should be submitted when the individual is still living and working abroad

    • All are correct

    Correct Answer
    A. The individual has not derived any employment income in Malaysia for at least 24 consecutive months prior to the date of application
    Explanation
    The correct answer is "The individual has not derived any employment income in Malaysia for at least 24 consecutive months prior to the date of application." This statement is not correct because the individual is actually required to have derived employment income in Malaysia for at least 24 consecutive months prior to the date of application in order to be eligible for the returning expert programme.

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  • 37. 

    Two trains are separated by 200km. One leaves at 6:00 am from Kuala Lumpur and reaches Penang at 10:00 am. Another train leaves from Penang at 8:00 am and reaches Kuala Lumpur at 11:30 am. At what time two trains meet each other ?

    • 8.50 a.m

    • 9.00 a.m

    • 8.56 a.m

    • 9.05 a.m

    Correct Answer
    A. 8.56 a.m
    Explanation
    The first train takes 4 hours to reach Penang, so it travels at a speed of 50 km/h. The second train takes 3.5 hours to reach Kuala Lumpur, so it travels at a speed of 57.14 km/h. The total distance between the two trains is 200 km. To find the time when they meet, we can use the formula: time = distance / relative speed. The relative speed of the two trains is 50 km/h + 57.14 km/h = 107.14 km/h. Therefore, the time when the two trains meet is 200 km / 107.14 km/h = 1.87 hours. Converting this to minutes, we get 1.87 hours * 60 minutes/hour = 112.2 minutes. Since the first train leaves at 6:00 am, the two trains meet at 6:00 am + 112.2 minutes = 8:56 am.

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  • 38. 

    Which of the following is the basis for the valuation of unquoted shares for stamp duty purposes? I. Sale consideration II. Net tangible asset value III. Cost plus

    • I

    • I and II

    • I and III

    • All of the above

    Correct Answer
    A. I and II
    Explanation
    The valuation of unquoted shares for stamp duty purposes is based on the sale consideration and the net tangible asset value. Sale consideration refers to the price at which the shares are sold in the market, while net tangible asset value refers to the value of the company's tangible assets minus its liabilities. Both of these factors are important in determining the value of unquoted shares for stamp duty purposes. Cost plus, on the other hand, is not mentioned as a basis for valuation in this context.

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  • 39. 

    Which building is not considered an industrial building under the Income Tax Act 1967?

    • A building used to process materials to produce a product

    • A building used to produce electricity which is then used in the processing of materials

    • A building used for the repair of goods by a company that sells those goods

    • A building located beside a factory and used as a store for raw materials

    Correct Answer
    A. A building used for the repair of goods by a company that sells those goods
    Explanation
    According to the Income Tax Act 1967, a building used for the repair of goods by a company that sells those goods is not considered an industrial building. This implies that the other three options - a building used to process materials, a building used to produce electricity for processing materials, and a building used as a store for raw materials beside a factory - are all considered industrial buildings under the Act.

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  • 40. 

    Which of the following statements regarding a public entertainer is correct?

    • A public entertainer is a self-employed individual

    • A football goal-keeper employed by the club is not a public entertainer

    • A lecturer is a public entertainer

    • All of the above

    Correct Answer
    A. A lecturer is a public entertainer
    Explanation
    The correct answer is "A lecturer is a public entertainer." This statement is correct because a lecturer is someone who delivers speeches or presentations to an audience, with the intention of entertaining and educating them. Lecturers often use various techniques and strategies to engage their audience and make the learning experience enjoyable. Therefore, they can be considered as public entertainers.

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  • 41. 

    In a company there were 75 % skilled employees and the remaining unskilled. 80% of the skilled and 20% of the unskilled were permanent. If the temporary employees were 126 find the total number of employees.

    • 340

    • 400

    • 380

    • 360

    Correct Answer
    A. 360
    Explanation
    The total number of employees can be found by first calculating the number of skilled and unskilled employees. Since 75% of the employees are skilled, we can calculate that 25% are unskilled.

    Next, we can calculate the number of permanent employees. 80% of the skilled employees are permanent, so we can find the number of permanent skilled employees by multiplying 75% (skilled employees) by 80%. Similarly, 20% of the unskilled employees are permanent, so we can find the number of permanent unskilled employees by multiplying 25% (unskilled employees) by 20%.

    Adding the number of permanent skilled and unskilled employees will give us the total number of permanent employees. Subtracting the total number of permanent employees from the total number of employees (temporary employees) will give us the number of temporary employees.

    Finally, we can add the number of permanent and temporary employees to find the total number of employees, which is 360.

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  • 42. 

    A can do a piece of work in 15 days and B alone can do it in 10 days. B works at it for 5 days and then leaves. A alone can finish the remaining work in:-

    • 2 days

    • 2.5 days

    • 3.5 days

    • 3 days

    Correct Answer
    A. 2.5 days
    Explanation
    Since A can do the work in 15 days and B can do it in 10 days, their combined work rate is 1/15 + 1/10 = 1/6.
    B works for 5 days, so the work completed by B is 5/10 = 1/2.
    The remaining work is 1 - 1/2 = 1/2.
    Since A can do the remaining work alone, it will take him 2 times his regular work rate to complete it.
    Therefore, A can finish the remaining work in 2 * 15 = 30 days, which is equivalent to 2.5 days.

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  • 43. 

    Who among the following is not a public entertainer?

    • A professional cyclist in a cycling competition

    • A model in a fashion show

    • A preacher in a religious programme broadcast via satellite

    • A producer of a singing competition

    Correct Answer
    A. A producer of a singing competition
    Explanation
    A producer of a singing competition is not considered a public entertainer because their role is behind the scenes, organizing and managing the competition rather than actively performing or entertaining the audience. While the other options involve individuals who directly engage with the public and entertain them, the producer's role is more administrative and logistical in nature.

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  • 44. 

    With reference to Malaysian tax legislation, an investment holding company refers to:-

    • A company which holds investments like shares and houses only

    • A company which receives passive income only

    • A company that has gross income of 80% or more from the holding of investments

    • A company listed on Bursa Malaysia that holds shares of more than 80% in subsidiary companies

    Correct Answer
    A. A company that has gross income of 80% or more from the holding of investments
    Explanation
    The correct answer is "A company that has gross income of 80% or more from the holding of investments." This means that an investment holding company is a company that primarily generates income from holding investments such as shares and houses. This definition distinguishes it from other types of companies that may receive passive income or hold shares in subsidiary companies.

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  • 45. 

    Which of the following statements are correct regarding a non-trade association? I. The rental income received by the association from its member who operates a cafe within the association’s premise is taxable II. Fees received for hire of the association’s hall to the public are taxable III. Income from transactions with the spouse of members are not subject to tax IV. The payment by a vending machine operator to the association for placing the vending machine in the premises is taxable

    • I and II

    • I, II and IV

    • II, III and IV

    • All of the above

    Correct Answer
    A. I, II and IV
    Explanation
    I. The rental income received by the association from its member who operates a cafe within the association's premise is taxable. This is because rental income is generally considered taxable income.

    II. Fees received for hire of the association's hall to the public are taxable. This is because fees received for services provided, such as renting out a hall, are typically considered taxable income.

    III. Income from transactions with the spouse of members are not subject to tax. This statement is not mentioned in the options.

    IV. The payment by a vending machine operator to the association for placing the vending machine in the premises is taxable. This is because any form of payment or income received is usually considered taxable.

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  • 46. 

    “Financial assistance” in the context of Section 140C would include the following:- I. A loan with a 5% interest per annum provided by a related company incorporated in Singapore. II. A trade credit owing to a related company incorporated in Indonesia without interest being charged. III. A loan of 4% interest per annum provided by Malayan Banking Berhad and the loan is guaranteed by the holding company that is incorporated in Japan. Which statements are correct?

    • I & II

    • I & III

    • II & III

    • All of the above

    Correct Answer
    A. I & III
    Explanation
    The correct answer is I & III. In the context of Section 140C, "financial assistance" would include a loan with a 5% interest per annum provided by a related company incorporated in Singapore (statement I) and a loan of 4% interest per annum provided by Malayan Banking Berhad and guaranteed by the holding company incorporated in Japan (statement III). Statement II, which mentions a trade credit owing to a related company incorporated in Indonesia without interest being charged, is not included in the definition of "financial assistance" in this context.

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  • 47. 

    Please identify which part of the sentence below is wrong : Ram was / senior to / Sam in college.

    • Ram was

    • Senior to

    • Sam in college

    • No error

    Correct Answer
    A. No error
    Explanation
    The given sentence is grammatically correct. There is no error in any part of the sentence.

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  • 48. 

    Which of the following statements regarding the development of an approved node in Iskandar Development Region are true? I. An approved developer is exempted from payment of income tax on income arising from sale of rights over any land in an approved node until year of assessment 2016 II. An approved developer is exempted from payment of income tax on rental of building located in an approved node until year of assessment 2020 III. An approved developer is exempted from payment of income tax on sale of building located in an approved node until year of assessment 2018 IV. An approved developer is exempted from payment of income tax on the provision of management and supervisory services to a developer undertaking a project located in an approved node until year of assessment 2018  

    • I

    • II

    • III

    • None of the above

    Correct Answer
    A. II
    Explanation
    An approved developer in Iskandar Development Region is exempted from payment of income tax on rental of buildings located in an approved node until the year of assessment 2020. This means that the developer does not have to pay income tax on the rental income generated from the buildings in the approved node until 2020. This exemption provides a financial incentive for developers to invest in and develop buildings in the Iskandar Development Region.

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  • 49. 

    A company needs to fulfill certain conditions before the rental income from a building can be considered a business source. Which is incorrect?

    • The maintenance services can be provided by the company

    • Another company can be hired to provide maintenance services

    • The services should include security, cleaning and repairs

    • None of the above

    Correct Answer
    A. None of the above
    Explanation
    The given answer is "None of the above". This means that all of the statements mentioned in the options are correct. In order for the rental income from a building to be considered a business source, the company can provide maintenance services themselves or hire another company to provide them. Additionally, the services should include security, cleaning, and repairs.

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Quiz Review Timeline (Updated): Mar 21, 2023 +

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  • Mar 21, 2023
    Quiz Edited by
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  • Sep 11, 2019
    Quiz Created by
    Mydtc
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