Part1 2019

Q. a) Explain the principle of " Rebus Sic Stantibus " in carrying out valuation for the purpose of rating for a local authority. (15 marks) b) "Are Federal Government buildings subject to the payment of rates under the Local Government Act 1976?" Explain. (10 marks) (25 marks, 2019 Q1) A. Ref:

Q. The National Budget for the year 2019 has reviewed items on Stamp Duty and Real Property Gains Tax. There were also clauses regarding a moratorium period in their implementations. Explain the matters that have been approved by Parliament pertaining to these issues and the rates that have been proposed. (25 marks, 2019 Q2) A. Ref:

Q. a) Lot 456, Section 5, Town of Kuala Lumpur with the land area of 20,000 square feet is zoned for commercial use with the plot ration of 1:7.0 and plinth area of 60%. The owner has proposals for a building with a built-up area of 250,000 square feet and 150 car parking bays. Due to the location of the lot close to a MRT Station it is classified as a TOD development and therefore gets a relief of 50% for the car parking bay requirement. The Development Charge imposed by DBKL is at RM15.00 per square foot for every additional square foot floor area and RM60,000 for every shortfall of car parking bay. Calculate the development charge levy if the proposed development is granted planning permission. (15 marks) b) With examples explains another two (2) situations where Development Charge may be levied other than 3 (a). (10 marks) (25 marks, 2019 Q3) A. Ref:

Q. i. A planning application by Encik Yusof to develop his land has been rejected on the grounds that the land is zoned for public purpose. His appeal has also been rejected. ii. Encik Chong has received a stop work order from the local planning authority for his development which has been granted a planning permission. A new condition has been imposed with requires him to reduce the built-up area from 500,000 square feet to 400,000 square feet due to objections by neighbouring lot owners. Encik Chong disagrees with the new terms as it will affect the viability of the project. His appeal on this matter has also been rejected. Discuss the actions that can be taken by Encik Yusof and Encik Chong with reference to the Town and Country Planning Act 1976 (Act 172). (25 marks, 2019 Q4) A. Ref:

Q. Encik Ali owns two (2) pieces of land in Malaysia. He plans to develop the land as follows: i. Lot 222 has a title in perpetuity with an agricultural category of land use and a total land area of 10 acres. This lot will be developed into a housing scheme comprising 120 units of single storey terrace houses and 10 units of double storey shop houses. ii. Lot 345 has a leasehold title with a remaining tenure of 20 years. The category of land use is building for commercial use and the total land area is 35,000 square feet. This lot is to be developed with a retail block and office. Encik Ali will apply for a new lease of 99 years. With reference to any State Land Rules: a) Calculate the premium or additional premium for the above lots. (10 marks) b) Explain the procedure involved for these cases. (15 marks) (25 marks, 2019 Q5) A. Ref:

Q. a) With reference to the Income Tax Act 1967, explain the following: i. Chargeable Income ii. Capital Allowance (6 marks) b) State two (2) conditions that need to be fulfilled by Malaysian Residents in order to pay income tax for the year of assessment 2018. (5 marks) c) State eight (8) reliefs that can be claimed for the year of assessment 2018. (8 marks) d) Explain the income tax rates for firms/corporations for the year of assessment 2018. (6 marks) (25 marks, 2019 Q6) A. Ref:

Q. Velerom Sdn Bhd was a controlled Real Estate company formed on 1 March 2015 with the paid up capital of 200,000 ordinary shares of RM1 per share unit. Hany Enterprise owned 40,000 share units in the company. On 1 January 2017, Velerom Sdn Bhd acquired an interest in real property worth RM700,000. On that date, the total tangible a of the company was worth RM1,500,000. On 1 June 2017, Hany Enterprise acquired an additional 20,000 share units from another shareholder at RM80,000. Given that the property was situated close to a newly developed business centre, Velerom Sdn Bhd had the property revalued. At the same time, the company had increased its paid up capital to 300,000 share units. From the excess reserve realised through the revaluation, 100,000 units were issued in the form of bonus shares to existing shareholders. Of this Hany Enterprise received 20,000 share units on 1 Jan 2018. On 1 March 2018, Hany Enterprise sold 40,000 share units at RM250,000 and followed with an...