P6 Acca

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Advanced Taxation (Malaysia) Monday 6 June 2011 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A – BOTH questions are compulsory and MUST be attempted Section B – TWO questions ONLY to be attempted Tax rates and allowances are on pages 2–4 Do NOT open this paper until instructed by the supervisor. During reading and planning time only the question paper may be annotated. You must NOT write in your answer booklet until instructed by the supervisor. This question paper must not be removed from the examination hall. The Association of Chartered Certified Accountants Paper P6 (MYS) Professional Level – Options Module SUPPLEMENTARY INSTRUCTIONS…show more content…
In 2009, Buatan started to export its furniture to Europe. Buatan has not been granted any tax incentives for the year of assessment 2010. The financial controller of Buatan now seeks tax advice from Excellent Tax Services regarding the tax incentive available for the export of manufactured products. In 2010, Buatan acquired a retail food business which incurred an adjusted loss of RM15,000 for the year of assessment 2010. During a preliminary meeting with the financial controller a few days ago, the tax principal of Excellent Tax Services gathered the following information regarding the manufacturing business: Year to 31 December Domestic sales revenue Exports (free-on-board) sales revenue Gross Malaysian dividend income (franked) Interest income Statutory income from manufacturing business Cash donations to an approved institution Unabsorbed manufacturing business loss carried forward 2009 RM’000 2,500 1,000 – – – – (10) 2010 RM’000 3,000 1,450 100 20 70 80 – The financial controller also confirmed that since November 2009 Buatan has consistently attained more than

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