QUESTION 1
New Town Manufacturing Sdn Bhd a Malaysian tax resident company is engaged in the business of manufacturing paper products. Its factory is located in Labu, Negeri Sembilan and its head office is in Cyberjaya, Selangor.
NTM commenced its business in September 2016 and prepares its accounts on 30 June every year. The company has paid-up ordinary share capital amounted to RM3,000,000, of which all are owned by Malaysians.
NTM’s Income Statement for the year ended 30 June 2021 is as follows:
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