Q:
A company overpaid the supplier, if the company wants to write off the overpaid amount as expense, is this expense tax deductible?
A:
No, the overpayment is not tax deductible as it is not incurred in the production of gross income.
Q:
Jason is working overseas, and he has a property in Malaysia. If he wants to remit the money from his overseas bank account to repay his loan instalment, is he required to declare the remitted money as taxable income in Malaysia?
A:
No, if the income is derived from outside Malaysia, even if the money is remitted back to Malaysia, it is not taxable under Paragraph 28, Schedule 6 of the Income Tax Act 1967.
Wishing you plentiful tax savings!
Zen Chow
YYC Tax Guru
P.S. I've received a lot of tax questions, so now I am answering the frequently asked questions and sharing them with you weekly!
P.P.S. One more thing. I have a FREE Tax Livestream that you won't want to miss out. Because you can learn how to SAVE TAX for business! Reserve your FREE seat here: bit.ly/zen-taxlive