Curious about when goods and services become taxable? With reference to Section 24 of the Income Tax Act 1967 (ITA) and
Public Ruling No. 4/2020, this tax quick guide summarises when goods and services rendered should be included in the gross income of a person's business.
Note: Deposit received in advance shall be taxable if there is no obligation to refund as the ownership is deemed to have been transferred.
Not applicable to:-
•Services connected to “Construction Contract” or “Property Development”.
•Services provided by a non-resident person for Section 4A income
•Refundable security deposits* upon completion of
service.
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