Q:
Is company trip tax deductible?
A:
According to Subparagraph 39(1)(l)(viii) of the Income Tax Act 1967, only a company trip which is a yearly event within Malaysia that involves the employer, the employee and the immediate family members of that employee is deductible.
Q:
If I make an online bank transfer using my company’s bank account to an existing customer to sponsor their company annual dinner and they have provided supporting documentation for the sponsor. Can my company claim tax deduction for the sponsored amount?
A:
All cash sponsors to customer or supplier without benefits in return such as advertisement are disallowed expenses.
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. If you're liking these little tips, you can't imagine how much you'll get out of my course! View the course here: bit.ly/youaskzenlah