Annual Report 2011 - The Malaysian Institute Of Certified Public ...

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President’s Statement Financial Statement10314. TAXATION(a)For tax purposes, the Institute is treated as a “Trade Association” under section 53(3) of the Income Tax Act,1967 under which its income is taxed at scale rates.2011 2010RMRMIncome tax over provided in prior years (3,641) (305)No income tax has been provided for in the current financial year as the Institute’s chargeable income fromother activities has been fully set off by the current year’s tax losses.(b)The numerical reconciliation between the effective tax rate and the applicable tax rate of the Institute is asfollows:2011 2010% %Applicable tax rate 23.51 20.84Tax effects in respect of:Utilisation of unabsorbed tax losses - (2.88)Non taxable income (27.87) (54.81)Non allowable expenses 1.38 4.60Deferred tax income not recognised 2.98 32.25Effective tax rate - -(c)Subject to the agreement with the Inland Revenue Board, the Institute has unabsorbed tax losses andunutilised capital allowances amounting to RM1,247,396 (2010 : RM1,096,561) and RM156,846 (2010 : NIL)respectively which are available for set-off against future taxable surplus.
104Financial StatementPresident’s Statement15. DEFERRED TAXATIONDeferred tax, determined after appropriate offsetting is as follows:2011 2010RM RMDeferred tax liabilities 50,853 3,500Deferred tax assets (50,853) (3,500)Net deferred tax - -(a)The components and movements of deferred tax liabilities and assets during the financial year are as follows:RecognisedAs at in profit As at1 January or loss 31 December2011 RM RM RMDeferred tax liabilities:Excess of development cost of study manualsincurred over development cost amortised 3,500 (3,500) -Excess of capital allowances over depreciation - 50,853 50,8533,500 47,353 50,853Deferred tax assets:Excess of depreciation over capital allowances (1,300) 1,300 -Unutilised capital allowances - (36,874) (36,874)Unabsorbed tax losses (2,200) (11,779) (13,979)(3,500) (47,353) (50,853)RecognisedAs at in profit As at1 January or loss 31 December2010 RM RM RMDeferred tax liabilities:Excess of development cost of study manualsincurred over development cost amortised 4,920 (1,420) 3,500Excess of capital allowances over depreciation 4,810 (4,810) -9,730 (6,230) 3,500Deferred tax assets:Excess of depreciation over capital allowances - (1,300) (1,300)Unabsorbed tax losses (9,730) 7,530 (2,200)(9,730) 6,230 (3,500)
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PROGRESS THROUGH PARTNERSHIPSAnnual
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02notice of 54th AGMnotice of annua
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04objects, vision and missionobject
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06MICPA Council 2011 / 2012MICPA Co
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08committees 2011 / 2012Co-opted Me
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10committees 2011 / 2012Disciplinar
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12committees 2011 / 2012Financial S
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14committees 2011 / 2012Membership
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16committees 2011 / 2012Tax Practic
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18President’s StatementTalent is
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20President’s StatementfinanceThe
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22President’s Statement39%CPA Mem
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24President’s Statementprovisiona
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30President’s StatementThe MFRS F
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