Question

In: Accounting

Indicate whether the following entertainment expenses are fully allowable or 50% allowable or fully disallowed under...

Indicate whether the following entertainment expenses are fully allowable or 50% allowable or fully disallowed under Public Ruling 3/2008.

(i) Entertainment given to a potential customer in a closed transaction.

(ii) Entertainment given to a potential or existing customer during the launching of the company’s new product.

(iii) Wedding gift to employee of customer.

(iv) Entertainment to employees of related company.

(v) Entertainment to Annual General Meeting of the company.

(vi) Cash contribution for annual dinner of a trade debtor.

(vii) Annual dinner given to employees of the company.

(viii) Gifts with business logo for customer’s annual dinner.

(ix) Free trips as an incentive to sales agents for achieving sales target.

(x) Gift of flower for congratulating customer for opening of new outlet.

Expert Solution

As per the Malaysian Public Ruling 3/2008:

i. fully disallowed as it is not wholly and exclusively incurred under subsection 33(1) of the ITA

ii.100% fully allowable as per Provison (vii) paragraph 39(1)(l) of the ITA

iii. fully disallowed as it is not wholly and exclusively incurred under subsection 33(1) of the ITA

iv. fully disallowed as it is not wholly and exclusively incurred under subsection 33(1) of the ITA

v. fully disallowed as it is not wholly and exclusively incurred under subsection 33(1) of the ITA

vi. fully disallowed as it is not wholly and exclusively incurred under subsection 33(1) of the ITA

vii. 100% fully allowable as per Provison (i) paragraph 39(1)(l) of the ITA

viii. 100% fully allowable as per Provison (vi) paragraph 39(1)(l) of the ITA

ix. 100% fully allowable as per Provison (vii) paragraph 39(1)(l) of the ITA

x. 50% allowable as it is not included under provisions (i) to (viii) of paragraph 39(1)(l) of the ITA

ekkarill92 answered 2 years ago

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