TAX CONCEPTS / PRINCIPLES / TECHNICAL TERMS
the following are tax concepts/principles/technical terms that you have to know for paper 3.2 (mys)
by mr chong (tar)
especially for those who are resitting tax paper.
A
Accrual basis / Receivable basis (of taxing income)
Acceptable ratio certificate method
Anti-avoidance provisions / DGIR's power to disregard or vary transactions
Arm's length principle / transaction at arm's length price
B
Badges of trade
Basic period / Basis year
C
Capital expense / Capital receipts
Current year basis
Compared aggregate
Compared total
Connected persons
Contract payment
Controiled sale / controlled transfer
D
Derived from Malaysia
Disposer's final period
Disposal price deemed equal to acquisition prize.
Divisible income
Distributable income
Double deduction of expenses
Dual -purpose expense
E
Excluded expenditure
Exempt income account
F
Field audit
Foreign source (of income)
Four heads of charity (based on the British Common Law)
Further source
I
Immediate family
In the ordinary / normal course of business
Incurred
Initial expenditure
Initial repair
Interest in suspense account
Isolated transaction
M
Market value
Management & control are exercised in Malaysia in the basis year for a year of assessment
Means Test (for tax investigation)
N
'No gains no loss' treatment
0
Ordinary source
Offshore business activity
Offshore trading activity
Offshore non-trading activity
P
Permanent establishment (of a non-resident person) in Malaysia
Permanent loss (unabsorbed capital allowance / business loss / expenses ...)
Permitted expenses
Preceding year basis (applicable for Labuan offshore companies)
Prescribed establishment & Prescribed services
Principle of Mutuality
Promoted areas
Promoted activity / promoted products
Progress payment method
Percentage of completion method
Pioneer period / tax relief period
Pioneer (business) loss
Q
Qualifying Project (for RA)
R
Real property
Real property company
Receivable basis
Relatives
Remittance basis
Residual expenditure / 'tax written down value)
Revocable settlement
S
Special classes of income
Special purpose asset
Stock in trade (definition & basis of valuation)
T
Tax avoidance / tax evasion
Tax credit under s110 / bilateral credit / unilateral credit
Tax efficient corporate structure & two-tier exempt dividend(s)
Tax haven / tax shelter
Taxable person
Taxable goods
Tax implications / tax treatments / tax consequences
Temporary absence
Total tangible assets (real property company)
Transfer pricing
V
Vehicles of business / means of carrying on a business (sole-trader, partnership or company)
W
Withholding tax(es)
Work in progress (trading stock)
World income scope / wherever derived basis
Wholly and exclusively incurred
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