FOR OFFSHORE COMPANIES
Zakat on business income paid by the Labuan offshore companies is also given as an Income tax rebate.
This rebate is equivalent to the amount of business zakat paid to the religious authority .
It is subject subject to a maximum of 3% of netprofit or RM 20000 which effective from the assessment year of 2004
FOR COMPANIES
For company, effective from YA 2005, the Government had
allowed the amount of zakat paid by a company is to be
treated as deduction of up to 2.5% of the Aggregate Income
– Sec 44(11A)
Example :
Azam Sdn. Bhd. recorded a statutory income of RM50,000.00 for the year ended 31 December, 2012. Losses which was not deducted from last year’s income is RM10,000.00.
In November 2012, thecompany paid zakat on business of RM1,250.00
Tax calculation for YA 2012 for Azam Sdn. Bhd. is shown below:
Business statutory income 50,000.00
Less: losses carried forward 10,000.00
Aggregate income 40,000.00
Less: Zakat on business (limited to 2.5% of RM40,000.00) 1,000.00
Total taxable income 39,000.00
Tax @ 20% 7,800.00
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发表于 29-4-2014 03:57 PM
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