Questions and Answers
Which of the following expenses is NOT considered an allowable expense for recruitment?
Which statement correctly describes the tax treatment of pre-commencement recruitment expenses?
Which condition must be met for employee recruitment expenses to be deductible?
Which of the following expenses is deductible under section 33 of the ITA 1967 for a company incorporated in Malaysia?
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What is a requirement regarding training grants for the deductibility of recruitment expenses?
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What is a prerequisite for claiming recruitment expenses for a business commencing operations?
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Which type of company is eligible to claim establishment and recruitment expenses?
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How should recruitment expenses incurred prior to business commencement be treated in terms of tax?
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Which recruitment expenses can be considered as establishment expenses for a company?
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Which of the following is NOT considered a deductible recruitment expense?
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Which of the following conditions must be satisfied for a company to deduct recruitment expenses?
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Which of the following can be categorized under pre-commencement expenses for company recruitment?
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What is the implication of not claiming double deduction for approved training expenses?
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What is a requirement for any individual to claim a deduction for payroll taxes?
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Which of the following best describes a pre-commencement expense requirement?
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What type of company is specifically mentioned as eligible for single deduction of establishment expenses?
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What percentage of an employee's remuneration is considered in the EPF and PRS contributions?
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What type of deduction applies to payroll tax expense paid on behalf of an employee?
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Which expense related to business income is not deductible?
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When was the application for the approval of an Islamic stock broking business made eligible?
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Which of the following is NOT related to employee remuneration expenses?
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For which type of employee income is the payroll tax expense deductible?
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Which of the following expenses can be categorized as a single deduction for business income?
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What does N/A stand for in the context of the deductible expenses?
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Study Notes
Recruitment Expenses
- Costs incurred within one year prior to business commencement are deductible.
- Single deduction applies for head-hunter fees if related to recruitment expenses.
- Deductible under section 33 of the ITA 1967 if they meet the specified conditions.
Company Eligibility for Claims
- Must be incorporated in Malaysia.
- Must be licensed under the Securities Industry Act 1983.
- Must be a resident company.
Establishment Expenses for Islamic Stock Broking Companies
- Incurred establishment expenditures are eligible for single deductions.
- Must apply for approval of the Islamic stock broking business between September 2, 2006, and December 31, 2009.
- Includes costs for feasibility studies and market research related to the business setup.
Employee-related Expenses
- Contributions to Employee Provident Fund (EPF) and Private Retirement Schemes (PRS) for employees are deductible.
- Payroll tax expense paid on behalf of employees is deductible for chargeable income.
Pre-commencement Business Training Expenses
- Training expenses incurred up to one year before the business starts can be deducted.
- Must meet specific qualifying conditions under section 33 of the ITA 1967.
- Must not be receiving government training grants or claiming double deductions for approved training expenses.
Job Fair Participation
- Expenses related to participation in job fairs and payments made to employment agencies for recruitment can be deductible as pre-commencement expenses.
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Description
Test your knowledge on the financial deductions related to recruitment and commencement of business. This quiz focuses on the expenses incurred prior to hiring head-hunters and employees. Understand the implications for your business accounting.