Q:
Is fixed deposit interest earned by a company or an individual subject to tax?
A:
Fixed deposit interest earned by a company is subject to
tax and should be reported as other income in the income tax return form. However, fixed deposit interest earned by an individual is exempted from tax.
Q:
What is the tax treatment to a director for receiving director’s allowance and director’s fee from a Sdn Bhd?
A:
If the director is receiving director’s allowance or director’s fee, they are both taxable income
of the director and the allowance and fee are both subject to monthly tax deduction (MTD) as well.
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!
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